<SUBMISSION>
<ACCESSION-NUMBER>0001125282-06-005989
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20060927
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20060927
<DATE-OF-FILING-DATE-CHANGE>20060927
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BRANDYWINE REALTY TRUST
<CIK>0000790816
<ASSIGNED-SIC>6798
<IRS-NUMBER>232413352
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-09106
<FILM-NUMBER>061111684
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>14 CAMPUS BLVD
<STREET2>STE 100
<CITY>NEWTOWN SQUARE
<STATE>PA
<ZIP>19073
<PHONE>6103255600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>TWO GREENTREE CENTRE
<STREET2>SUITE 100
<CITY>MARLTON
<STATE>NJ
<ZIP>08053
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>LINPRO SPECIFIED PROPERTIES
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>p414988_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<title>Prepared and filed by St Ives Financial</title>

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<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:12pt;text-align:center;'><b><font size=2>Pursuant To Section 13 or 15(d)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>of the Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2><b>Date
       of Report (Date of earliest event reported): September
        27, 2006</b></font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size="5">B</font><font size="4">RANDYWINE</font>
  <font size="5">R</font><font size="4">EALTY</font> <font size="5">T</font><font size="4">RUST</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>

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        <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>1-9106</font></b><br>
            <font size=2>(Commission file number)</font><br>
<font size=2>&nbsp;</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</font><br>
<font size=2>Number)</font><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, Pennsylvania 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>



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<p style='margin-left:0pt;text-indent:0pt;text-align:left;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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<p style='margin-left:0pt;text-indent:0pt;text-align:left;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>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;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>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;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>
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<p align="center">&nbsp;</p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font size=2>Item 8.01</font></b></p> </td>

        <td valign=top style='padding:12.0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font size=2>Other Events</font></b></p> </td> </tr></table>
</div>




<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font size=2>Brandywine
    Realty Trust (the &#147;Company&#148;)
    is re-issuing its unaudited historical financial statements for the quarter
    ended March 31, 2006 in connection with Statement of Financial Accounting
    Standards No. 144, &#147;Accounting
    for the Impairment or Disposal of Long-Lived Assets&#148; (&#147;SFAS 144&#148;).
    During the quarter ended June 30, 2006, the Company sold one property and
    classified
    another property as held for sale and in compliance with SFAS 144 has reported
    revenue and expenses of these properties as discontinued operations in its
    quarterly report for the quarter ended June 30, 2006. These two properties
    were acquired as part of the Company&#146;s merger with Prentiss on January
    5, 2006. This reclassification has no effect on the Company&#146;s
    reported net income statement of cash flows or financial position. Since
    these properties were acquired in January 2006, there is no impact on financial
    statements filed prior to the quarter ended March 31, 2006.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font size=2>This Report on Form 8-K updates Part I &#150; Items 1 and 2 and Part II &#150; Item 6 of the Company&#146;s March 31, 2006 Form 10-Q filed on May 10, 2006, to reflect the property sold and the property classified as held for sale during the quarter ended June 30, 2006 as discontinued operations. All other items of the March 31, 2006 Form 10-Q remain unchanged. The unchanged and updated sections of the Company&#146;s
    March 31, 2006 Form 10-Q are attached hereto as Exhibit 99.1. No attempt
    has been made to update matters in the Form 10-Q except to the extent expressly
provided above.</font></p>



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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font size=2>Item 9.01</font></b></p> </td>

        <td valign=top style='padding:12.0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font size=2>Financial
      Statements and Exhibit</font></b></p> </td> </tr></table>
</div>




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

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


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        <td width="14%" valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>99.1</font></p> </td>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>Brandywine Realty Trust Updated March 31, 2006 Form 10-Q</font></p> </td> </tr></table>
</div>




<p align="center">&nbsp;</p>

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<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:5%;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>


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        <td width="45%" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Date:
    September 27, 2006</font></p> </td>

        <td width="3%" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

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

        <td colspan="2" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>B<small>RANDYWINE</small> R<small>EALTY</small> T<small>RUST</small></p> </td> </tr>
    <tr>

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

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

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

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

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

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

        <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><br>
          <font size=2>/s/ Gerard H. Sweeney</font></p>
      </td> </tr>
    <tr>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

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

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

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

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

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

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<HR noshade width="100%" color="Gray" size="1"> </td> </tr>
    <tr>

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

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

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

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

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

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

        <td valign=top style='padding:0pt 0pt 0pt 0pt;'>

<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;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">&nbsp;</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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        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font size=1>Exhibit</font>
          <font size=1>No.</font></p>
      </td>
      <td width="2%" valign=bottom style='padding:0pt 0pt 0pt 0pt;'>&nbsp;</td>
      <td valign=bottom style='padding:0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1><b>Description</b></font></p>
      </td>
    </tr>
    <tr style='height:3.6pt;'>
      <td valign=top style='padding:0pt 0pt 0pt 0pt; height:3.6pt;'>
        <hr noshade align="center" width="100%" size="1">
      </td>
      <td valign=top style='padding:0pt 0pt 0pt 0pt; height:3.6pt;'>&nbsp;</td>
      <td valign=top style='padding:0pt 0pt 0pt 0pt; height:3.6pt;'>
        <hr noshade align="center" width="100%" size="1">
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      <td valign=top style='padding:0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font size=2>99.1</font></p>
      </td>
      <td valign=top style='padding:0pt 0pt 0pt 0pt;'>&nbsp;</td>
      <td valign=top style='padding:0pt 0pt 0pt 0pt;'>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>Brandywine
          Realty Trust Updated March 31, 2006 Form 10-Q</font></p>
      </td>
    </tr>
  </table>
</div>




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<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BRANDYWINE
REALTY TRUST</B><BR>
<B>TABLE OF CONTENTS</B> </FONT></P>
<TABLE ALIGN=CENTER  BORder=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px" >
<TD WIDTH="9%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="80%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Page</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A1">PART I -
  FINANCIAL INFORMATION</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A2">Item 1.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A2">Financial Statements (unaudited)</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A3">Consolidated Balance Sheets as of
  March 31, 2006 and December 31, 2005</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>3</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A4">Consolidated Statements of Operations
  for the three-month periods ended March 31, 2006 and March 31, 2005</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><A
HREF="#A5">Consolidated
  Statements of Other Comprehensive Income for the three-month periods ended
  March 31, 2006 and March 31, 2005</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>5</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A6">Consolidated Statements of Cash Flows
  for the three-month periods ended March 31, 2006 and March 31, 2005</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>6</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A7">Notes to Unaudited  Consolidated Financial
Statements</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>7</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A8">Item 2.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A8">Management&#146;s Discussion and Analysis
  of Financial Condition and Results of Operations</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>25</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A9">Item 3.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A9">Quantitative and Qualitative
  Disclosures about Market Risk</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>36</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A10">Item 4.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A10">Controls and Procedures</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>36</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A11">PART II
  - OTHER INFORMATION</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A12">Item 1.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A12">Legal Proceedings</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>37</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A13">Item 1A.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A13">Risk Factors</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>37</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A14">Item 2.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A14">Unregistered Sales of Equity
  Securities and Use of Proceeds</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>37</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A15">Item 3.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A15">Defaults Upon Senior Securities</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>37</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A16">Item 4.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A16">Submission of Matters to a Vote of
  Security Holders</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>37</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A17">Item 5.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A17">Other Information</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>37</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A18">Item 6.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><A HREF="#A18">Exhibits </A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>38</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Signatures</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><A NAME=A1></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>PART I - FINANCIAL INFORMATION</B></FONT><BR>
<A NAME=A2></A><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Item 1. - Financial
Statements</B> </FONT></P>
<TABLE ALIGN=CENTER  BORder=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px" >
<TD WIDTH="100%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>BRANDYWINE REALTY TRUST</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>CONSOLIDATED BALANCE SHEETS</B><A NAME=A3></A></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>(unaudited, in thousands, except share and per share
  information)</B></FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE   BORder=0 CELLSPACING=0 CELLPADDING=0 width=100%>
  <TR style="font-size:1px" >
    <TD VALIGN=BOTTOM>
      <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>March 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>December 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>ASSETS</B></FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Real estate investments:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
properties</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,694,451</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,560,061</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Accumulated
depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(436,212</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(390,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating real
estate investments, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,258,239</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,169,728</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Construction-in-progress</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>296,049</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>273,240</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Land held for
development</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>142,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>98,518</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total real
estate investments, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,696,551</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,541,486</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>36,301</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,174</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Escrowed cash</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>20,345</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>18,498</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Accounts receivable, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>24,786</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>12,874</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Accrued rent receivable, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>54,129</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>47,034</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Marketable securities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>189,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Asset held for sale</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>22,735</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Investment in real estate
  ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>79,055</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>13,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Deferred costs, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>44,873</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>37,602</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Intangible assets, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>370,264</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>78,097</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>62,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>49,649</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,600,878</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,805,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>LIABILITIES
  AND BENEFICIARIES&#146; EQUITY</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Mortgage notes payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>915,454</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>494,777</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Unsecured notes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,047,584</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>936,607</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Unsecured credit facility</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>90,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Accounts payable and
  accrued expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>86,358</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>52,635</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Distributions payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>42,091</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>28,880</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Tenant security deposits
  and deferred rents</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>38,346</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>20,953</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Acquired below
market leases, net of accumulated amortization of $12,457
  and $6,931</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>108,075</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>34,704</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>16,593</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,466</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Mortgage notes payable and
  other liabilities held for sale</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>14,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,368,626</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,663,022</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Minority interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>140,388</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>37,859</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Commitments and
  contingencies  (Note 15)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Beneficiaries&#146; equity:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Preferred
Shares (shares authorized-20,000,000):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>7.50% Series C
Preferred Shares, $0.01 par value; issued and
  outstanding-2,000,000 in 2006 and 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>7.375% Series
D Preferred Shares, $0.01 par value; issued and
  outstanding-2,300,000 in 2006 and 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Common Shares
of beneficial interest, $0.01 par value;  shares authorized 200,000,000; issued and
  outstanding-90,900,778 in 2006 and 56,179,075 in 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>909</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>562</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Additional
paid-in capital</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,395,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,369,913</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Cumulative
earnings</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>410,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>413,282</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Accumulated
other comprehensive income (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>846</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,169</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Cumulative
distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(716,104</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(675,767</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
beneficiaries&#146; equity</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,091,864</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,104,864</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
liabilities and beneficiaries&#146; equity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,600,878</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,805,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>The accompanying
notes are an integral part of these consolidated financial statements.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>3</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<TABLE ALIGN=CENTER  BORder=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px" >
<TD WIDTH="100%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>BRANDYWINE
  REALTY TRUST</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>CONSOLIDATED
  STATEMENTS OF OPERATIONS</B><A NAME=A4></A></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>(unaudited,
  in thousands, except share and per share information)</B></FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE   BORder=0 CELLSPACING=0 CELLPADDING=0 width=100%>
  <TR style="font-size:1px" >
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>For the three-month periods <BR>ended March 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Revenue:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Rents</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>141,085</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>81,228 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Tenant
  reimbursements</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>17,892</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>12,082 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Other</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,379</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,016 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>163,356</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>99,326 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Operating Expenses:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Property
  operating expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>48,194</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>29,879 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Real estate
  taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>16,546</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,657 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Depreciation
and
  amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">59,331</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>28,435 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Administrative
  expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,752 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total operating
  expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>132,561</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>72,723 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Operating income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>30,795</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>26,603 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Other Income (Expense):</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interest
income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>378 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interest
expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(40,967</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(17,797</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Equity in
income
  of real estate ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>965</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>558 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Income (loss) before minority interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(6,557</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,742 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Minority interest - partners&#146; share of consolidated
  real estate ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>286</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Minority interest attributable to continuing
  operations - LP units</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>376</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(327</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Income (loss) from continuing operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Discontinued operations:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income from
  discontinued operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,596</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority
  interest - partners&#146; share of consolidated real estate ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(187</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority
  interest attributable to discontinued operations - LP units</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(156</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Income from discontinued operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">3,253</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Net income (loss)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,642</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Income allocated to Preferred Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,998</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,998</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Income (loss) allocated to Common
  Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,417 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Basic earnings per Common Share:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Continuing
  operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Discontinued
  operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Diluted earnings per Common Share:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Continuing
  operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Discontinued
  operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Dividends declared per common share</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.44 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Basic weighted average shares
  outstanding</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>89,299,967</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,441,773 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Diluted weighted average shares
  outstanding</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>89,742,981</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,682,792 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>The accompanying
notes are an integral part of these consolidated financial statements.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>4</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><A NAME=A5></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>BRANDYWINE
      REALTY TRUST<br>
    CONSOLIDATED
STATEMENTS OF OTHER COMPREHENSIVE INCOME<BR>
(unaudited, in thousands)</B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
  <TR style="font-size:1px" >
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>For the three-month periods<BR>
  ended March 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net income
  (loss)</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,642</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Other comprehensive
income:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Unrealized gain on derivative
financial
  instruments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,758</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Less:
    minority interest - consolidated real estate venture partner&#146;s share
    of unrealized gain on derivative financial instruments</FONT></P></TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(513</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Realized gain on derivative
financial
  instruments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,266</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Reclassification
    of realized
gains/losses
  on derivative financial instruments to operations, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>113</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Unrealized gain (loss) on
  available-for-sale securities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(592</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>192</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total other comprehensive
income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,015</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>305</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Comprehensive
  income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,373</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>The accompanying notes are an integral part of these consolidated
financial statements.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>5</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><A NAME=A6></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>BRANDYWINE REALTY TRUST<BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(unaudited, in thousands)</B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
  <TR style="font-size:1px" >
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Three-month periods<BR>
  ended March 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Cash flows from operating activities:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,642</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Adjustments to reconcile net
income to net cash from operating
  activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>41,079</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>21,203</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Amortization:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Deferred
  financing costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>480</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>644</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Deferred
  leasing costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,166</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Acquired
  above (below) market leases, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,939</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(505</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Assumed
  lease intangibles</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>16,806</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,282</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Deferred
  compensation costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>776</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>691</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Straight-line rent</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(7,708</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,275</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Provision for doubtful
accounts</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,056</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Real estate venture income in
excess of distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(486</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(146</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(319</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>327</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Changes in assets and
liabilities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Accounts
  receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,018</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(213</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other
  assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(7,028</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,437</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Accounts
  payable and accrued expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,356</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Tenant
  security deposits and deferred rents</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,918</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(416</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other
  liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,681</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:51.85PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net cash from operating
activities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,692</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>26,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Cash flows from investing activities:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Acquisition of
Prentiss, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(935,856</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Acquisition of properties</FONT></P>
</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(12,480</FONT></P>
  </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P></TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(11,629</FONT></P>
  </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Sales of properties,
net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>134,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Capital expenditures</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(52,364</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(33,247</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Investment in unconsolidated
Real Estate Ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(358</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Escrowed cash</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(454</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(811</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Cash distributions from
unconsolidated Real Estate Ventures in excess
  of equity in income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,717</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>190</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Leasing costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,621</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,182</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:51.85PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net cash from investing
activities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(868,352</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(48,727</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Cash flows from financing activities:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Proceeds from Credit Facility
borrowings</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>215,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>48,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Repayments of Credit Facility
borrowings</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(205,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Proceeds from mortgage notes
payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>20,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Repayments of mortgage notes
payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(6,807</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,905</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Proceeds from term
loan</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>750,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Repayments of term
loan</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(750,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Proceeds from unsecured
notes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>847,818</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Proceeds from forward starting swap termination</FONT></P>
</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,266</FONT></P>
  </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
  </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Repayments on employee stock
loans</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Debt financing costs</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,581</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(59</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Exercise of stock
options</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,923</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,120</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Repurchases of Common Shares
and minority interest units</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(239</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Distributions paid to
shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(27,985</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(26,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Distributions to minority
interest holders</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,377</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,132</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:51.85PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net cash from financing
activities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>841,787</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>22,379</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:51.85PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Increase in cash and cash
  equivalents</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>29,127</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>127</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents
  at beginning of period</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,174</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>15,346</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Cash and cash equivalents
  at end of period</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>36,301</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>15,473</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Supplemental disclosure:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
  <TD VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Cash paid for interest, net of
capitalized interest</FONT></P></TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P></TD>
  <TD VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>39,191</FONT></P></TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P></TD>
  <TD VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,828</FONT></P></TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
</TR>
<TR>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Supplemental disclosure of non-cash activity:</FONT></P>
</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Common shares issued in the Prentiss acquisition</FONT></P>
</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,021,269</FONT></P></TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
  <TD VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P></TD>
  <TD VALIGN=BOTTOM>&nbsp;</TD>
</TR>
<TR>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating Partnership units issued in the Prentiss acquisition</FONT></P>
</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>64,103</FONT></P>
  </TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">
 <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P></TD>
  <TD VALIGN=BOTTOM bgcolor="#EAF9E8">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Mortgage notes payable assumed in the Prentiss acquisition</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>532,607</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>The accompanying notes are an integral part of these consolidated
financial statements.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>6</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><A NAME=A7></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED
CONSOLIDATED FINANCIAL STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP COLSPAN=2>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;<U>THE COMPANY</U></FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Brandywine Realty Trust, a
Maryland real estate investment trust (collectively with its subsidiaries, the
&#147;Company&#148;), is a self-administered and self-managed real estate investment
trust, or REIT active in acquiring, developing, redeveloping, leasing and
managing office and industrial properties. As of March 31, 2006, the Company
owned 279 office properties, 23 industrial facilities and 1 mixed-use property
(collectively, the &#147;Properties&#148;) containing an aggregate of approximately 30.3
million net rentable square feet. As of March 31, 2006, the Company owned
economic interests in ten unconsolidated real estate ventures that contain
approximately 2.7 million net rentable square feet (the &#147;Real Estate Ventures&#148;)
and in four consolidated real estate ventures that own 16 office properties
containing approximately 1.6 million net rentable square feet. The Properties
are located in or areas surrounding Philadelphia, Pennsylvania; Wilmington,
Delaware; Austin, Texas; Dallas, Texas; Richmond, Virginia; Northern and
Southern California; Southern and Central New Jersey and Northern Virginia. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>
As more fully described in Note 3, on January 5, 2006, the Company acquired Prentiss Properties Trust (&#147;Prentiss&#148;) under an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) that the Company entered into with Prentiss on October 3, 2005.
</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company owns its assets
through Brandywine Operating Partnership, L.P. a Delaware limited partnership
(the &#147;Operating Partnership&#148;). The Company is the sole general partner of the
Operating Partnership and, as of March 31, 2006, owned a 95.7% interest in the
Operating Partnership. The Company conducts its third-party real estate
management services business primarily through four management companies
(collectively, the &#147;Management Companies&#148;), Brandywine Realty Services
Corporation (&#147;BRSCO&#148;), BTRS, Inc., Brandywine Properties I Limited, Inc.
(&#147;BPI&#148;), and Brandywine Properties Management, L.P. (&#147;BPM&#148;). BRSCO, BTRS, Inc.
and BPI are taxable REIT subsidiaries. The Operating Partnership owns a 95%
interest in BRSCO and the remaining 5% interest is owned by a partnership
comprised of a current executive and former executive of the Company, each of
whom is a member of the Company&#146;s Board of Trustees. The Company owns 100% of
BTRS, Inc. BPM is a limited partnership that is 99% owned by Brandywine
Acquisition Partners, L.P. The other 1% of BPM is owned by BPI. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2006, the
Management Companies were managing properties containing an aggregate of
approximately 44.2 million net rentable square feet, of which approximately
30.3 million net rentable square feet related to Properties owned by the
Company and approximately 13.9 million net rentable square feet related to
properties owned by third parties and certain Real Estate Ventures. </FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP COLSPAN=2>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;<U>SUMMARY OF SIGNIFICANT
  ACCOUNTING POLICIES</U></FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Basis
of Presentation</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The consolidated financial
statements have been prepared by the Company without audit except as to the
balance sheet as of December 31, 2005, which has been derived from audited
data, pursuant to the rules and regulations of the U.S. Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
the financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been condensed or
omitted pursuant to such rules and regulations, although the Company believes
that the included disclosures are adequate to make the information presented
not misleading. In the opinion of management, all adjustments (consisting
solely of normal recurring matters) for a fair statement of the financial
position of the Company as of March 31, 2006, the results of its operations for
the three-month periods ended March 31, 2006 and 2005 and its cash flows for
the three-month periods ended March 31, 2006 and 2005 have been included. The
results of operations for such interim periods are not necessarily indicative
of the results for a full year. These consolidated financial statements should
be read in conjunction with the Company&#146;s consolidated financial statements and
footnotes included in the Company&#146;s 2005 Annual Report on Form 10-K. Certain
prior period amounts have been reclassified to conform to the current period
presentation. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Principles
of Consolidation</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The accompanying
consolidated financial statements include all accounts of the Company, and its
majority-owned and/or controlled subsidiaries. The portion of these entities
not owned by the Company is presented as minority interest as of and during the
periods consolidated. All intercompany accounts and transactions have been
eliminated in consolidation. </FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>7</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>When the Company obtains an
economic interest in an entity, the Company evaluates the entity to determine
if the entity is deemed a variable interest entity (&#147;VIE&#148;), and if the Company
is deemed to be the primary beneficiary, in accordance with FASB Interpretation
No. 46R, &#147;Consolidation of Variable Interest Entities&#148; (&#147;FIN 46R&#148;). The Company
consolidates (i) entities that are VIEs where the Company is deemed to
be the primary beneficiary and (ii) entities that are non-VIEs which the
Company controls. Entities that the Company accounts for under the equity
method (i.e., at cost, increased or decreased by the Company&#146;s share of earnings
or losses, less distributions) include (i) entities that are VIEs where
the Company is not deemed to be the primary beneficiary and (ii) entities that
are non-VIEs which the Company does not control, but over which the Company has
the ability to exercise significant influence. The Company will reconsider its
determination of whether an entity is a VIE and who the primary beneficiary is
if certain events occur that are likely to cause a change in the original
determinations. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Use
of Estimates</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The preparation of financial
statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period.
Actual results could differ from those estimates. Management makes significant
estimates regarding revenue, impairment of long-lived assets, allowance for
doubtful accounts and deferred costs. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Operating
Properties</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Operating properties are
carried at historical cost less accumulated depreciation and impairment losses.
The cost of operating properties reflects their purchase price or development
cost. Costs incurred for the acquisition and renovation of an operating
property are capitalized to the Company&#146;s investment in that property. Ordinary
repairs and maintenance are expensed as incurred; major replacements and
betterments, which improve or extend the life of the asset, are capitalized and
depreciated over their estimated useful lives. Fully-depreciated assets are
removed from the accounts. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Purchase
Price Allocation</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company allocates the
purchase price of properties to net tangible and identified intangible assets
acquired based on fair values. Above-market and below-market in-place lease
values for acquired properties are recorded based on the present value (using
an interest rate which reflects the risks associated with the leases acquired)
of the difference between (i) the contractual amounts to be paid pursuant to
the in-place leases and (ii) the Company&#146;s estimate of the fair market lease
rates for the corresponding in-place leases, measured over a period equal to
the remaining non-cancelable term of the lease. Capitalized above-market lease
values are amortized as a reduction of rental income over the remaining
non-cancelable terms of the respective leases. Capitalized below-market lease
values are amortized as an increase to rental income over the remaining
non-cancelable terms of the respective leases, including any fixed-rate renewal
periods. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other intangible assets also
include amounts representing the value of tenant relationships and in-place
leases based on the Company&#146;s evaluation of the specific characteristics of
each tenant&#146;s lease and the Company&#146;s overall relationship with the respective
tenant. The Company estimates the cost to execute leases with terms similar to
the remaining lease terms of the in-place leases, including leasing
commissions, legal and other related expenses. This intangible asset is
amortized to expense over the remaining term of the respective leases. Company
estimates of value are made using methods similar to those used by independent
appraisers or by using independent appraisals. Factors considered by the
Company in this analysis include an estimate of the carrying costs during the
expected lease-up periods considering current market conditions and costs to
execute similar leases. The Company also considers information obtained about
each property as a result of its pre-acquisition due diligence, marketing and
leasing activities in estimating the fair value of the tangible and intangible
assets acquired. The Company also uses the information obtained as a result of its pre-acquisition due diligence as part of its consideration of FIN 47, and when necessary, will record a conditional asset retirement obligation as part of its purchase price. In estimating carrying costs, the Company includes real estate
taxes, insurance and other operating expenses and estimates of lost rentals at
market rates during the expected lease-up periods, which primarily range from
three to twelve months. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Characteristics considered
by the Company in allocating value to its tenant relationships include the
nature and extent </FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>8</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>of the Company&#146;s business
relationship with the tenant, growth prospects for developing new business with
the tenant, the tenant&#146;s credit quality and expectations of lease renewals,
among other factors. The value of tenant relationship intangibles is amortized
over the remaining initial lease term and expected renewals, but in no event
longer than the remaining depreciable life of the building. The value of
in-place leases is amortized over the remaining non-cancelable term of the
respective leases and any fixed-rate renewal periods. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In the event that a tenant
terminates its lease, the unamortized portion of each intangible, including
market rate adjustments, in-place lease values and tenant relationship values,
would be charged to expense. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Revenue
Recognition and Accounts Receivable</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Rental revenue is recognized
on the straight-line basis from the later of the date of the commencement of
the lease or the date of acquisition of the property subject to existing
leases, which averages minimum rents over the terms of the leases. The
cumulative difference between lease revenue recognized under this method and
contractual lease payment terms is recorded as &#147;accrued rent receivable&#148; on the
accompanying balance sheets. The straight-line rent adjustment increased
revenue by approximately $7.7 million and $3.3 million for the three-month
periods ended March 31, 2006 and 2005. Tenant receivables and accrued rent
receivables are carried net of the allowances for doubtful accounts of $6.9
million as of March 31, 2006 and $4.9 million as of December 31, 2005. The
allowance is based on management&#146;s evaluation of the collectability of
receivables, taking into account tenant specific considerations as well as the
overall credit of the tenant portfolio. The leases also typically provide for
tenant reimbursement of a portion of common area maintenance and other
operating expenses. Other income is recorded when earned and is primarily
comprised of termination fees received from tenants, bankruptcy settlement
fees, third party leasing commissions, and third party management fees. During
the three-month periods ended March 31, 2006 and 2005, other income includes
net termination fees of $0.6 million and $4.0 million, respectively. Deferred
rents represent rental revenue received from tenants prior to their due dates. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Beginning in 2002, SFAS No.
144, <I>Accounting for the Impairment or
Disposal of Long-Lived Assets</I>, required us to separately report as
discontinued operations the historical operating results attributable to
operating properties sold or held for sale and the applicable gain or loss on
the disposition of the properties. The consolidated statements of operations
for prior periods are also adjusted to conform with this classification. There
is no impact on our previously reported consolidated financial position, net
income or cash flows. In all cases, gains and losses are recognized using the
full accrual method of accounting. Gains relating to transactions which do not
meet the requirements of the full accrual method of accounting are deferred and
recognized when the full accrual method of accounting criteria are met. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Stock-based Compensation Plans</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company maintains a shareholder-approved equity incentive plan that authorizes various equity-based awards including incentive stock options. The terms and conditions of option awards are determined by the Board of Trustees or the Compensation Committee of the Board. Incentive stock options may not be granted at exercise prices less than fair value of the stock at the time of grant. Options granted by the Company generally vest over two to five years. All options awarded by the Company to date are non-qualified stock options. As of March 31, 2006 the Company was authorized to issue 6,600,000 common shares under the incentive plan of which 2.7 million shares remained available for future award under the plan.
</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On January 1, 2002, the Company began to expense the fair value of stock-based compensation awards granted subsequent to January 1, 2002, over the applicable vesting period as a component of general and administrative expenses in the Company s consolidated statements of income. In the three months ended March 31, 2006 and 2005, the Company recognized $776,000 and $691,000 of stock-based compensation expense, respectively.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>For stock-based compensation awards granted prior to 2002, the Company accounted for stock options issued under the recognition and measurement provisions of APB No.25, <i>Accounting for Stock Issued to Employees and Related Interpretations</i>. Under this method, no stock-based compensation expense was recognized. Because stock options granted prior to 2002 vested over a three-year term, the resulting compensation cost based on the fair value of the awards on the date of grant, on a pro forma basis would have been expensed in 2003, 2004, and 2005. Accordingly, had the Company applied the fair value recognition provisions of SFAS 123, the net income applicable to common shares would remain the same on a pro forma basis for the quarter ended March
31, 2006, and would have been reduced by $139,000 for the quarter ended March 31, 2005, with no change in basic or diluted net income per share.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>9</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company s primary share-based compensation plan is restricted stock which is issued under a shareholder approved equity incentive plan that authorizes various equity-based awards. As of March 31, 2006, 378,653 restricted shares were outstanding and vest over five years. The remaining compensation expense to be recognized associated with the 378,653 restricted shares outstanding at March 31, 2006 was approximately $10.2 million. That expense is expected to be recognized over a weighted average remaining vesting period of 2.4 years. For the three months ended March 31, 2006, the Company recognized $776,000 of compensation expense related to our outstanding restricted stock. The following table summarizes our restricted stock activity for the
first three months of 2006:</FONT></P>
<table cellspacing="0" cellpadding="0" align="center" border="0" width="100%">
  <tr valign="top" bgcolor="#FFFFFF">
<td align="left"></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2" face="serif"><b><font face="serif" size="1">Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="2" face="serif"><b><font face="serif" size="1">Weighted</font></b></font><br>
      <font size="2" face="serif"><b><font face="serif" size="1">Average Grant<br>
  Date Fair Value</font></b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
<tr valign="top">
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#EAF9E8">
<td align="left"><font size="2" face="serif">Nonvested at January 1, 2006</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td align="right" width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="serif">316,134</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td align="right" width="1%"><font size="2" face="serif">&nbsp;</font></td>

    <td align="right" width="8%"><font size="2" face="serif">$ 25.62</font></td>
    <td align="left" width="2%">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Granted</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">227,113</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
      <td align="right"><font size="2" face="serif">30.49</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#EAF9E8">
<td align="left"><font size="2" face="serif">Vested</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(156,274</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
      <td align="right"><font size="2" face="serif">26.19</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Forfeited</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(8,320</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
      <td align="right"><font size="2" face="serif">29.49</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#EAF9E8">
<td align="left"><font size="2" face="serif">Nonvested at March 31, 2006</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">378,653</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
      <td align="right"><font size="2" face="serif">$28.22</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">At March 31, 2006, the Company had 1,698,648 options outstanding under the shareholder approved equity incentive plan. No options are unvested as of March 31, 2006 and therefore there is no remaining unrecognized compensation expense associated with these options.   Option activity as of March 31, 2006 and changes during the three months ended March 31, 2006 were as follows: </font></p>
<table cellspacing="0" cellpadding="0" align="center" border="0" width="100%">
  <tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="2" face="serif"><b><font face="serif" size="1">Weighted</font></b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">Average</font></b></font><br><font size="2" face="serif"><b><font face="serif" size="1">Exercise Price</font></b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="2" face="serif"><b><font face="serif" size="1">Weighted
      Average<br>
Remaining  Contractual<br>
Term (in years)</font></b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="2" face="serif"><b><font face="serif" size="1">Aggregate
      Intrinsic<br>
  Value (in 000&#146;s)</font></b></font></td>
    <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="bottom" bgcolor="#EAF9E8">
<td align="left"><font size="2" face="serif">Outstanding at January 1, 2006</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td align="right" width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="serif">1,276,722</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td align="right" width="1%"><font size="2" face="serif">$</font></td>
    <td align="right" width="8%"><font size="2" face="serif"> 26.82</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td align="right" width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="serif">2.15</font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td align="right" width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="serif">1,888</font></td>
    <td align="left" width="2%">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Prentiss options converted to Company options as part of the Prentiss acquisition (See Note 3)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">496,037</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">22.00</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">0.87</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,841</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#EAF9E8">
<td align="left"><font size="2" face="serif">Exercised</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(74,111</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">24.41</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">0.94</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">545</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Forfeited</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade size="1"></td>
  <td align="right"><hr noshade size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade size="1"></td>
  <td align="right"><hr noshade size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade size="1"></td>
  <td align="right"><hr noshade size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade size="1"></td>
  <td align="right"><hr noshade size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#EAF9E8">
<td align="left"><font size="2" face="serif">Outstanding at March 31, 2006</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,698,648</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.52</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2.17</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">10,601</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade size="2"></td>
  <td align="left"><hr noshade size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade size="2"></td>
  <td align="left"><hr noshade size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade size="2"></td>
  <td align="left"><hr noshade size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade size="2"></td>
  <td align="left"><hr noshade size="2"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#EAF9E8">
<td align="left"><font size="2" face="serif">Vested and expected to vest at March 31, 2006</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,698,648</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 25.52</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2.17</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">10,601</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#EAF9E8">
<td align="left"><font size="2" face="serif">Exercisable at March 31, 2006</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,698,648</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 25.52</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2.17</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">10,601</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="left"><font size="2" face="serif">There were no option awards granted to employees during the three-months ended March 31, 2006 and 2005.</font></p>
<p align="left"><font size="2" face="serif">As of March 31, 2006, $10.2 million of total unrecognized compensation expense cost related to non-vested stock-based compensation awards is expected to be recognized over a weighted-average period of 2.4 years.</font></p>
<p align="left"><font size="2" face="serif">The Company has the ability and intent to issue shares upon stock option exercises. Historically, the Company has issued new common stock to satisfy such exercises.</font></p>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Accounting
for Derivative Instruments and Hedging Activities</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company accounts for its
derivative instruments and hedging activities under SFAS No. 133 (&#147;SFAS 133&#148;), <I>Accounting for Derivative Instruments and Hedging Activities</I>, and its
corresponding amendments under SFAS
No. 138, <I>Accounting for Certain Derivative
Instruments and Hedging Activities &#150; An Amendment of SFAS 133</I>. SFAS
133 requires the Company to measure every derivative instrument (including
certain derivative instruments embedded in other contracts) at fair value and
record them in the balance sheet as either an asset or liability. For
derivatives designated as fair value hedges, the changes in fair value of both
the derivative instrument and the hedged item are recorded in earnings. For
derivatives designated as cash flow hedges, the effective portions of changes
in the fair value of the derivative are reported in other comprehensive income.
Changes in fair value of derivative instruments and ineffective portions of
hedges are recognized in earnings in the current period. For the three-month
periods ended March 31, 2006 and 2005, the Company was not party to any
derivative contract designated as a fair value hedge. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company actively manages
its ratio of fixed-to-floating rate debt. To manage its fixed and floating rate
debt in a cost-effective manner, the Company, from time to time, enters into interest
rate swap agreements as cash flow hedges, under which it agrees to exchange
various combinations of fixed and/or variable interest rates based on agreed
upon notional amounts. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Income
Taxes</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company and a subsidiary
REIT elect to be taxed as real estate investment trusts under Sections 856-860
of the Internal Revenue Code. In order to maintain its qualification as a REIT,
the Company is required, among other things, to distribute at least 90% of its
REIT taxable income to its shareholders and meet certain tests regarding the
nature of its income and assets. As a REIT, the Company is not subject to
federal income tax with respect to that portion of its income which meets
certain criteria and is distributed annually to the shareholders. Accordingly,
no provision for federal income taxes is included in the accompanying
consolidated financial statements. The Company plans to continue to operate so
that it meets the requirements for taxation as a REIT. Many of these
requirements, however, are highly technical and complex. If the Company were to
fail to meet these requirements, the Company would be subject to federal income
tax. The Company is subject to certain state and local taxes. Provision for
such taxes has been included in general and administrative expenses in the
Company&#146;s consolidated statements of operations. </FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>10</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>New
Pronouncements</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In February 2006, the FASB
issued SFAS No.155, <I>Accounting for Certain Hybrid
Financial Instruments &#150; An Amendment of FASB No. 133 and 140.</I> The
purpose of SFAS No.155 is to simplify the accounting for certain hybrid
financial instruments by permitting fair value re-measurement for any hybrid
financial instrument that contains an embedded derivative that otherwise would
require bifurcation. SFAS No. 155 also eliminates the restriction on passive
derivative instruments that a qualifying special-purpose entity may hold. SFAS
No. 150 is effective for all financial instruments acquired or issued after the
beginning of an entity&#146;s first fiscal year beginning after September 15, 2006.
The Company does not expect the adoption of this standard on January 1, 2007 to
have a material effect on the consolidated financial statements. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In March 2006, the FASB
issued SFAS No. 156, <I>Accounting for
Servicing of Financial Assets, an Amendment of SFAS No. 140.</I> SFAS
No. 156 requires separate recognition of a servicing asset and a servicing
liability each time an entity undertakes an obligation to service a financial
asset by entering into a service contract. This statement also requires that
servicing assets and liabilities be initially recorded at fair value and
subsequently adjusted to the fair value at the end of each reporting period.
This statement is effective in fiscal years beginning after September 15, 2006.
The Company does not expect the adoption of this standard on January 1, 2007 to
have a material effect on the consolidated financial statements. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In May 2005, the FASB issued
SFAS No. 154, &#147;Accounting Changes and Error Corrections&#148; (&#147;SFAS 154&#148;). SFAS 154
replaces APB No. 20, &#147;Accounting Changes&#148; and SFAS No. 3, &#147;Reporting Accounting
Changes in Interim Financial Statements&#148; and establishes retrospective
application as the required method for reporting a change in accounting
principle. SFAS 154 provides guidance for determining whether a retrospective
application of a change in accounting principle is impracticable and for
reporting a change when retrospective application is impracticable. SFAS 154 is
effective for accounting changes and corrections of errors made in fiscal years
beginning after December 15, 2005. The Company adopted SFAS 154 on January 1,
2006 and this adoption had no effect on the Company&#146;s financial position and
results of operations. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In June 2005, the Emerging
Issues Task Force issued EITF 04-05, &#147;Determining Whether a General Partner, or
the General Partners as a Group, Controls a Limited Partnership or Similar
Entity When the Limited Partners Have Certain Rights&#148; (&#147;EITF 04-05&#148;). The scope
of EITF 04-05 is limited to limited partnerships or similar entities that are
not variable interest entities under FIN 46R. The Task Force reached a
consensus that the general partners in a limited partnership (or similar
entity) are presumed to control the entity regardless of the level of their
ownership and, accordingly, may be required to consolidate the entity. This
presumption may be overcome if the agreements provide the limited partners with
either (a) the substantive ability to dissolve (liquidate) the limited
partnership or otherwise remove the general partners without cause or (b)
substantive participating rights. If it is deemed that the limited partners&#146;
rights overcome the presumption of control by a general partner of the limited
partnership, the general partner shall account for its investment in the
limited partnership using the equity method of accounting. EITF 04-05 was
effective immediately for all arrangements created or modified after June 29,
2005. For all other arrangements, application of EITF 04-05 is required
effective for the first reporting period in fiscal years beginning after
December 15, 2005 (i.e., effective January 1, 2006 for the Company) using
either a cumulative-effect-type adjustment or using a retrospective
application. The adoption of EITF 04-05 did not have an effect on the Company&#146;s
consolidated financial statements. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In December 2004, the FASB
issued SFAS No. 123 (R), &#147;Share-Based Payment&#148; (&#147;SFAS 123(R)&#148;). SFAS 123(R) is
an amendment of SFAS 123 and requires that the compensation cost relating to
share-based payment transactions be recognized in the financial statements. The
cost is required to be measured based on the fair value of the equity or
liability instruments issued. SFAS 123(R) also contains additional minimum
disclosures requirements including, but not limited to, the valuation method
and assumptions used, amounts of compensation capitalized and modifications
made. The effective date of SFAS 123(R) was subsequently amended by the SEC to
be as of the beginning of the first interim or annual reporting period of the
first fiscal year that begins on or after December 15, 2005, and allows several
</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>11</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>different methods of
transition. The Company adopted SFAS 123(R) using the prospective method on
January 1, 2006. This adoption did not have a material effect on our
consolidated financial statements. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In March 2005, the FASB
issued FIN 47, <I>Accounting for Conditional
Asset Retirement Obligations</I>, an interpretation of FASB Statement
No. 143, <I>Asset Retirement Obligations</I>.
FIN 47 provides clarification of the term &#147;conditional asset retirement
obligation&#148; as used in SFAS 143, defined as a legal obligation to perform an
asset retirement activity in which the timing and/or method of settlement are
conditional on a future event that may or may not be within the control of the
company. Under this standard, a company must record a liability for a
conditional asset retirement obligation if the fair value of the obligation can
be reasonably estimated. FIN 47 became effective in the Company&#146;s fiscal
quarter ended December 31, 2005. The Company adopted FIN 47 as required
effective December 31, 2005 and the initial application of FIN 47 did not have
a material effect on the consolidated financial statements of the Company. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In October 2005, the FASB
issued Staff Position No. 13-1 &#147;Accounting for Rental Costs Incurred during a
Construction Period&#148; (&#147;FSP FAS 13-1&#148;). FSP FAS 13-1 addresses the accounting
for rental costs associated with operating leases that are incurred during the
construction period. FSP FAS 13-1 makes no distinction between the right to use
a leased asset during the construction period and the right to use that asset
after the construction period. Therefore, rental costs associated with ground
or building operating leases that are incurred during a construction period
shall be recognized as rental expense, allocated over the lease term in
accordance with SFAS No. 13 and Technical Bulletin 85-3. The terms of FSP FAS
13-1 are not applicable to lessees that account for the sale or rental of real
estate projects in accordance with SFAS No. 67, &#147;Accounting for Costs and
Initial Rental Operations of Real Estate Projects.&#148; FSP FAS 13-1 was effective
for the first reporting period beginning after December 15, 2005. Retrospective
application in accordance with SFAS 154 is permitted but not required. The
adoption of FSP FAS 13-1 did not have a material effect on the consolidated
financial statements of the Company. </FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP COLSPAN=2>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.&nbsp;<U>REAL ESTATE INVESTMENTS</U> </FONT> </P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2006 and
December 31, 2005, the carrying value of the Company&#146;s operating properties was
as follows: </FONT></P>
<TABLE align=center BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="450">
<TR style="font-size:1px" >
<TD WIDTH="7%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="53%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>March 31, 2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM NOWRAP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>December 31, 2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>(amounts in thousands)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Land</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>738,657</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>456,736</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Building and
  improvements</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,661,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,951,252</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Tenant
  improvements</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>293,934</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>152,073</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,694,451</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,560,061</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Less:
  accumulated depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(436,212</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(390,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Operating
  real estate investments, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,258,239</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,169,728</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I><U>Acquisitions and Dispositions</U></I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company&#146;s acquisitions
are accounted for by the purchase method. The results of each acquired property
are included in the Company&#146;s results of operations from their respective
purchase dates. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I><U>2006</U></I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On January 5, 2006, the
Company acquired Prentiss under  the Merger Agreement that the Company entered into with
Prentiss on October 3, 2005. In conjunction with the Company&#146;s acquisition of
Prentiss, designees of The Prudential Insurance Company of America
(&#147;Prudential&#148;) acquired certain of Prentiss&#146; properties that contain an
aggregate of approximately 4.32 million net rentable square feet for a total
consideration of approximately $747.7 million. Through its acquisition of
Prentiss (and after giving effect to the Prudential acquisition of certain of
Prentiss&#146; properties), the Company acquired a portfolio of 79 office
properties (includes 13 properties that are owned by consolidated joint
ventures and 7 properties that are owned by an</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>12</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>unconsolidated joint
venture) that contain an aggregate of 14.0 million net rentable square feet.
The results of the operations of Prentiss have been included in the Company&#146;s
condensed consolidated financial statements since January 5, 2006. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Subsequent to its
acquisition of Prentiss and the related sale of certain properties to
Prudential, the Company sold eight of these acquired properties that contained
an aggregate of 1.6 million net rentable square feet. One additional property
acquired in the acquisition of Prentiss is classified as held for sale at March
31, 2006. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company funded the
approximately $1.05 billion cash portion of the merger consideration, related
transaction costs and prepayments of approximately $543.3 million in Prentiss
mortgage debt at the closing of the merger through (i) a $750 million unsecured
term loan that matures on January 4, 2007; (ii) approximately $676.5 million of
cash from Prudential&#146;s acquisition of certain of the Prentiss properties; and
(iii) approximately $195.0 million through borrowing under the revolving credit
facility. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following table
summarizes the fair value of the assets acquired and liabilities assumed at the
date of acquisition (in thousands): </FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="400">
<TR style="font-size:1px" >
<TD WIDTH="73%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM NOWRAP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>At January
  5, 2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Real
  estate investments</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Land - operating</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>282,584</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Building and
improvements</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,942,728</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Tenant improvements</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>120,610</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Construction in progress and
land inventory</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>57,329</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total real estate investments
acquired</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,403,251</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;
</P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Rent
  receivables</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,031</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Other
  assets acquired:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Intangible assets:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>In-place leases</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>187,907</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Relationship values</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>98,382</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Above-market leases</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>26,352</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total intangible assets
acquired</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>312,641</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Investment in real estate
ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>66,921</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Investment in marketable securities</FONT></P>
</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>193,089</FONT></P>
</TD>
  <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Other assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,868</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total other assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>581,519</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Total
  assets acquired</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,990,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Liabilities
  assumed:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Mortgage notes
payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>532,607</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Unsecured notes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>264,726</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Security deposits and deferred
rent</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Other liabilities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Below-market leases</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>78,911</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Other liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>43,995</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total other liabilities
assumed</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>122,906</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total liabilities
assumed</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>926,714</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>104,658</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Net assets
  acquired</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,959,429</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In the acquisition of
Prentiss, each then outstanding Prentiss common share was converted into the
right to receive 0.69 of a Brandywine common share and $21.50 in cash (the &#147;Per
Share Merger Consideration&#148;) except that 497,884 Prentiss common shares held in
the Prentiss Deferred Compensation Plan converted solely into 720,737 Brandywine
common shares. In addition, each then outstanding unit (each, a
&#147;Prentiss OP Unit&#148;) of limited partnership interest in</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>13</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE
REALTY TRUST</U></B></FONT></P>
<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</B></U> </FONT> </P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March
31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>the Prentiss operating partnership
    subsidiary was, at the option of the holder, converted into Prentiss Common
    Shares with the right
to receive the Per Share Merger Consideration or 1.3799 Class A Units of the
Operating Partnership (&#147;Brandywine Class A Units&#148;). Accordingly, based
on 49,375,723 Prentiss common shares outstanding and 139,000 Prentiss OP Units
electing to receive merger consideration at closing of the acquisition, the
Company issued 34,541,946 Brandywine common shares and paid an aggregate of
approximately $1.05 billion in cash for the accounts of the former Prentiss
shareholders. Based on 1,572,612 Prentiss OP Units outstanding at closing of
the acquisition, the Operating Partnership issued 2,170,047 Brandywine Class
A
Units. In addition, options issued by Prentiss that were exercisable for an
aggregate of 342,662 Prentiss common shares were converted into options
exercisable for an aggregate of 496,037 Brandywine common shares at a weighted
average exercise price of $22.00 per share. Through the Company&#146;s acquisition
of Prentiss we also assumed approximately $611.2 million in aggregate principal
amount of Prentiss debt.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Each Brandywine Class A Unit that was issued in the
merger is subject to redemption at the option of the holder. At the Operating
Partnership&#146;s option, they may satisfy the redemption either for an amount, per
unit, of cash equal to the then market price of one Brandywine common share (based
on the prior ten-day trading average) or for one Brandywine common share. The
Brandywine Class A Units issued in the merger were not registered under the
Securities Act of 1933, or any state securities laws, and may not be offered or
sold in the United States absent registration or an applicable exemption from
registration.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>For purposes of computing the total purchase price, the common shares, operating partnership units, restricted shares and options that were issued in the Prentiss transaction were valued based on the average trading price per Brandywine share of $29.54. The average trading price was based on the average of the high and low trading prices for each of the two trading days before, the day of and the two trading days after the merger was announced (i.e., September 29, September 30, October 3, October 4, and October 5).</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company considered the
    provisions of FIN 47 for these acquisitions and where necessary, recorded
    a conditional asset retirement
obligation as part of the purchase price. The aggregate asset retirement recorded
  in connection with the Prentiss acquisition was approximately $2.7 million.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Pro forma information relating to the acquisition of
Prentiss is presented below as if Prentiss was acquired and the related
financing transactions occurred on January 1, 2005. These pro forma results are
not necessarily indicative of the results which actually would have occurred if
the acquisition had occurred on the first day of the periods presented, nor
does the pro forma financial information purport to represent the results of operations
for future periods (in thousands, except per share amounts):</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="75%">
<TR style="font-size:1px">
<TD WIDTH="66%" VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Three-month
  periods<BR>ended March 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>(unaudited</B><FONT Face="Times New Roman, Times, Serif"
SIZE=1><B>)</B></FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Pro forma revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>166,760</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>169,921</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Pro forma loss from continuing operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,546</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(628</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Pro forma loss allocated to common shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,291</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,645</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Earnings per common share from continuing operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Basic &#151; as
  reported</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Basic &#151; as pro
  forma</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Diluted - as
  reported</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Diluted - as
pro
  forma</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Earnings per common share</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Basic &#151; as
  reported</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Basic &#151; as pro
  forma</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Diluted - as
  reported</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Diluted - as
pro
  forma</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>During the three-months ended March 31, 2006, the
Company also acquired one office property containing 92,980 net rentable square
feet for $10.2 million.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>14</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE
REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March
31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I><U>2005</U></I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>During the three-month period ended March 31, 2005,
the Company acquired 6.9 acres of developable land for an aggregate purchase
price of $11.6 million.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>4. <U>INVESTMENT IN UNCONSOLIDATED REAL ESTATE
VENTURES</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2006, the Company had an aggregate
investment of approximately $76.7 million in ten unconsolidated Real Estate
Ventures (net of returns of investment). The Company and Prentiss formed these
ventures with unaffiliated third parties to develop office properties or to
acquire land in anticipation of possible development of office properties. Nine
of the Real Estate Ventures own 15 office buildings that contain an aggregate
of approximately 2.7 million net rentable square feet, one Real Estate Venture
developed a hotel property that contains 137 rooms and one Real Estate Venture
is developing an office property located in Charlottesville, Virginia. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company also has investments in four real estate
ventures that are variable interest entities under FIN No. 46R and of which the
Company is the primary beneficiary.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company accounts for its non-consolidating
interests in its Real Estate Ventures using the equity method.
Non-consolidating ownership interests range from 6% to 50%, subject to
specified priority allocations in certain of the Real Estate Ventures. The
Company&#146;s investments, initially recorded at cost, are subsequently adjusted
for the Company&#146;s share of the Real Estate Ventures&#146; income or loss and cash
contributions and distributions. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The amounts reflected below
    (except for the Company&#146;s share of equity and income) are based on the
    historical financial information of the individual Real Estate Ventures.
    One of the Real Estate Ventures, acquired in connection with the Prentiss
    acquisition, had
    a
    negative
    equity
    balance on a historical cost basis as a result of historical depreciation
    and distribution of excess financing proceeds. The Company reflected its
    acquisition of this Real Estate Venture interest at its relative fair value
    as of the date of the purchase of Prentiss. The difference between allocated
    cost and the underlying equity in the net assets of the investee is accounted
    for as if the entity were consolidated (i.e., allocated to the Company&#146;s
    relative share of assets and liabilities with an adjustment to recognize
    equity in earnings for the appropriate additional depreciation/amortization).</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following is a summary of the financial position
of the Real Estate Ventures as of March 31, 2006 and December 31, 2005 (in
thousands):</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="74%">
<TR style="font-size:1px">
<TD WIDTH="62%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>March 31,<BR>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>December
  31,</B><BR>
  <FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Operating property, net of accumulated depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>358,727</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>286,601</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>50,284</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>32,267</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>25,582</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>24,855</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>331,987</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>205,018</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Equity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>51,442</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>88,995</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Company&#146;s investment in real estate ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>76,712</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>13,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In addition to its investment in the ten unconsolidated
Real Estate Ventures, the Company also has an investment of $2.3 million in
Prentiss Properties Capital Trust I and Prentiss Properties Capital Trust II
that is accounted for using the cost method of accounting.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following is a summary of results of operations of
the Real Estate Ventures for the three-month periods ended March 31, 2006 and
2005 (in thousands):</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="65%">
<TR style="font-size:1px">
<TD WIDTH="66%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Three-month
  periods<BR>ended March 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>19,724</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,120</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Operating expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,994</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,930</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Interest expense, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,994</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,785</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,873</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,218</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,862</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,187</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Company&#146;s share of income (Company basis)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>965</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>558</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2006, the Company had guaranteed
repayment of approximately $0.6 million of loans for the Real Estate Ventures.
The Company also provides customary environmental indemnities in connection
with construction and permanent financing both for its own account and on
behalf of the Real Estate Ventures.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>15</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE
REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March
31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>5. <U>INTANGIBLE ASSETS </U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2006 and December 31, 2005, the
Company&#146;s intangible assets were comprised of the following (in thousands):</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="79%">
<TR style="font-size:1px">
<TD WIDTH="42%" VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>March 31, 2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Total Cost</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Accumulated <BR>
  Amortization</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Deferred Costs, <BR>
  net</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In-place lease value</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>236,905</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(27,284</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>209,621 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Tenant relationship value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>136,027</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(9,202</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>126,825 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Above market leases acquired</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>41,686</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(7,868</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>33,818 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>414,618</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(44,354</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>370,264 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="79%">
<TR style="font-size:1px">
<TD WIDTH="42%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>December 31, 2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Total Cost</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Accumulated <BR>
  Amortization</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Deferred Costs,<BR>
  net</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In-place lease value</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>47,965</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(12,575</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>35,390 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Tenant relationship value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>37,845</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,606</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>32,239 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Above market leases acquired</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>14,404</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,936</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,468 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100,214</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(22,117</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>78,097 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>6. <U>MORTGAGE NOTES PAYABLE</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following table sets forth information regarding
our mortgage indebtedness outstanding at March 31, 2006 and December 31, 2005
(in thousands):</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>16</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE
REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March
31, 2006</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
  <TR style="font-size:1px">
    <TD VALIGN=BOTTOM>
      <P>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P align=center><FONT Face="Times New Roman, Times, Serif"   SIZE=1><B>Property /
Location</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>March 31,<BR>
  2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>December 31,<BR>
  2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Effective<BR>
  Interest<BR>
  Rate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Maturity Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>111 Arrandale
  Blvd</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,028</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,043</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="8%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8.65</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="1%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="8%">
      <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Aug-06</FONT></P>
</TD>
    <TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" width="2%">
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>429 Creamery Way</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,885</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,927</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Sep-06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interstate
  Center</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>715</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>766</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Mar-07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>440 &amp; 442
  Creamery Way</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,542</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,581</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jul-07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Norriton Office
  Center</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,191</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Oct-07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>481 John Young
  Way</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,344</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,360</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Nov-07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>400 Commerce
  Drive</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,945</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,989</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jun-08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Two Logan Square</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>72,196</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>72,468</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jul-09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>The Bluffs</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jul-09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Pacific Ridge</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>14,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Aug-09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Pacific
  View/Camino</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>26,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Aug-09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Computer
  Associates Building</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>31,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Aug-09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>200 Commerce
  Drive</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,893</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,911</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jan-10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Presidents Plaza</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>30,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>May-10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>1333 Broadway</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>24,848</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>May-10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>The Ordway</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>46,683</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Aug-10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>World Savings
  Center</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>27,783</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Nov-10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Plymouth Meeting
  Exec.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>44,545</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>44,687</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Dec-10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Four Tower
  Bridge</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,729</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,763</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Feb-11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Arboretum I, II,
  III &amp; V</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>23,119</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>23,238</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.59</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jul-11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Midlantic
  Drive/Lenox Drive/DCC I</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>63,504</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>63,803</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Oct-11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Research Office
  Center</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>42,682</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Oct-11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Concord Airport
  Plaza</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>39,080</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jan-12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Six Tower Bridge</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>14,999</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>15,083</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Aug-12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Newtown
  Square/Berwyn Park/Libertyview</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>64,164</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>64,429</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>May-13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Southpoint III</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,314</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,431</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Apr-14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Tysons Corner</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Aug-15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Grande A</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>60,792</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>61,092</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jul-27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Grande A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,511</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jul-27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Grande A</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>458</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,551</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jul-27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Grande B</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>78,651</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>79,036</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jul-27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Coppell
  Associates</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>16,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Mar-16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Coppell
  Associates</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Dec-13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Principal
  balance outstanding</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>898,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>488,805</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Plus:
  unamortized fixed-rate debt premiums</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>17,279</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,972</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total mortgage
  indebtedness</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>915,454</FONT></P>
</TD>
<TD VALIGN=BOTTOM nowrap>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>494,777</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Loans were assumed upon acquisition of the related
  property. Interest rates presented above reflect the market rate at the time
  of acquisition. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>For loans that bear interest at a variable rate, the
  rates in effect at March 31, 2006 have been presented.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>During the three-month periods ended March 31, 2006
  and 2005, the Company&#146;s weighted-average interest rate on its mortgage notes
  payable was 6.3% and 7.1%, respectively.</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>7. <U>UNSECURED NOTES</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On March 28, 2006, the Operating
    Partnership consummated the public offering of (1) $300,000,000 aggregate
    principal amount of its unsecured floating rate notes due 2009 (the &#147;2009
    Notes&#148;), (2) $300,000,000 aggregate principal amount of its 5.75% notes
    due 2012 (the &#147;2012 Notes&#148;) and (3) $250,000,000 aggregate principal
    amount of its 6.00% notes due 2016 (the &#147;2016 Notes&#148;). The Company
    guaranteed the payment of principal and interest on the 2009 Notes, the 2012
    Notes and
    the 2016 Notes.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following table sets forth information regarding
our unsecured notes outstanding (in thousands):</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>17</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE
REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March
31, 2006</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="14%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Year of
      Maturity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>March 31,<BR>
  2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>December 31,<BR>
  2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD  VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Maturity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Stated<BR>
  Interest Rate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Effective Interest Rate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD  VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="95%" NOSHADE  ALIGN=LEFT>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2007</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD width="10%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>184,647</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD width="10%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="10%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Feb-07</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="10%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.46</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="10%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>113,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>113,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Dec-08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2009</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Apr-09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>Libor + 0.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.41</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2009</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>275,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>275,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Nov-09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2010</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Dec-10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.625</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>300,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Apr-12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>250,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>250,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Nov-14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2016</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>250,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Apr-16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2035</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>27,062</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Mar-35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>Libor + 1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2035</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>25,774</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Apr-35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>Libor + 1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2035</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>25,774</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Jul-35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>Libor + 1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total face
  amount</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,051,257</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>938,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Less:
  unamortized discounts</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,673</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,393</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total unsecured
  notes</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,047,584</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>936,607</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)  Rates
include the effect of amortization related to discounts and costs related to
settlement of treasury lock agreements.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)  Loans were
assumed as part of the acquisition of Prentiss.  Interest rates presented above reflect the market rate at time of
acquisition.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The indenture relating to the $300 million 2009, $275
million 2009, $300 million 2010, $300 million 2012, $250 million 2014 and $250
million 2016 unsecured notes contains various financial restrictions and
requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured
debt leverage ratio not to exceed 40%, (3) a debt service coverage ratio of
greater than 1.5 to 1.0, and (4) an unencumbered asset value of not less than
150% of unsecured debt. In addition, the note purchase agreement relating to
the 2008 unsecured notes contains covenants that are similar to the above
covenants.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The loan with a maturity date of February 2007 is the
result of a voluntary defeasance that was completed in the fourth quarter of
2005 by Prentiss. On October 7, 2005, Prentiss exercised the right to complete
a voluntary defeasance of their $180.1 million PPREFI portfolio loan
collateralized by certain properties acquired by the Company. Pursuant to the
defeasance, Prentiss transferred the mortgage loan to an unrelated successor
entity along with the proceeds necessary to acquire U.S. Treasury Securities
sufficient to cover debt service including both interest and principal payments
from the defeasance date through maturity of the loan. The U.S. Treasury Securities
are included in investment in marketable securities on the balance sheet. The
loan may be repaid at par beginning in November 2006. Management intends to
elect to prepay the loan at par when allowed to do so, at which point it
expects to receive a portion of the proceeds of the sales of the securities in
excess of the loan balance.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>8. <U>UNSECURED CREDIT FACILITY</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company utilizes credit facility borrowings for general business
purposes, including the acquisition, development and redevelopment of properties
and the repayment of other debt. In December 2005, the Company replaced its
then existing credit facility with a $600.0 million unsecured credit facility
(the &#147;Credit Facility&#148;) that matures in December 2009, subject to a one-year
extension option. Borrowings under the Credit Facility generally bear interest
at LIBOR plus a spread over LIBOR ranging from 0.55% to 1.10% based on the
Company&#146;s unsecured senior debt rating. The Company has the option to increase
the Credit Facility to $800.0 million subject to the absence of any defaults
and the Company&#146;s ability to acquire additional commitments from our existing
lenders or new lenders. As of March 31, 2006, the Company had $100.0 million of
borrowings and $10.7 million of letters of credit outstanding under the Credit
Facility, leaving $489.3 million of unused availability. For the three-month
periods ended March 31, 2006 and 2005, the weighted-average interest rate on
the Company&#146;s unsecured credit facilities, including the effect of interest
rate hedges, was 5.4% during 2006 and 3.4% during 2005.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>18</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Credit Facility requires the maintenance of
certain ratios related to minimum net worth, debt-to-total capitalization and
fixed charge coverage and various non-financial covenants.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>9. <U>RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Risk Management</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In the normal course of its on-going business
operations, the Company encounters economic risk. There are three main
components of economic risk: interest rate risk, credit risk and market risk.
The Company is subject to interest rate risk on its interest-bearing
liabilities. Credit risk is the risk of inability or unwillingness of tenants
to make contractually required payments. Market risk is the risk of declines in
the value of properties due to changes in rental rates, interest rates or other
market factors affecting the valuation of properties held by the Company.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Use of Derivative
Financial Instruments</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company&#146;s use of derivative instruments is limited
to the utilization of interest rate agreements or other instruments to manage
interest rate risk exposures and not for speculative purposes. The principal
objective of such arrangements is to minimize the risks and/or costs associated
with the Company&#146;s operating and financial structure, as well as to hedge
specific transactions. The counterparties to these arrangements are major
financial institutions with which the Company and its affiliates may also have
other financial relationships. The Company is potentially exposed to credit
loss in the event of non-performance by these counterparties. However, because
of the high credit ratings of the counterparties, the Company does not
anticipate that any of the counterparties will fail to meet these obligations
as they come due. The Company does not hedge credit or property value market
risks.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company formally assesses, both at inception of
the hedge and on an on-going basis, whether each derivative is highly-effective
in offsetting changes in cash flows of the hedged item. If management
determines that a derivative is not highly-effective as a hedge or if a
derivative ceases to be a highly-effective hedge, the Company will discontinue
hedge accounting prospectively.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Concentration of Credit
Risk</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Concentrations of credit risk arise when a number of
tenants related to the Company&#146;s investments or rental operations are engaged
in similar business activities, or are located in the same geographic region,
or have similar economic features that would cause their inability to meet
contractual obligations, including those to the Company, to be similarly
affected. The Company regularly monitors its tenant base to assess potential
concentrations of credit risk. Management believes the current credit risk
portfolio is reasonably well diversified and does not contain any unusual
concentration of credit risk. No tenant accounted for 5% or more of the
Company&#146;s rents during the three-month periods ended March 31, 2006 or
2005.  </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>10. <U>DISCONTINUED OPERATIONS</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>For the three-month period
  ended March 31, 2006, income from discontinued operations relates to 10 properties
  that the Company sold during 2006 and one property designated as held-for-sale
  as of March 31, 2006. These properties were acquired by the Company as part
  of its acquisition of Prentiss. For the three month-period ended March 31, 2005,
  the Company had no discontinued operations. The following table summarizes the
  balance sheet information for the one property identified as held for sale at
  March 31, 2006 (in thousands):</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>19</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR style="font-size:1px" >
<TD WIDTH="82%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Real Estate Investments:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
  Properties</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>23,282</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Accumulated
  depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,066</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>22,216</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>519</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total Assets
  Held for Sale</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>22,735</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Mortgage note payable and other liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>14,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following table summarizes the revenue and expense
information for properties classified as discontinued operations for the
three-month period ended March 31, 2006 (in thousands):</FONT></P>
<table align=CENTER  border=0 cellspacing=0 cellpadding=0 width=600>
  <tr style="font-size:1px" >
    <td width="73%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="4%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="19%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="Times New Roman, Times, Serif" size=1><b>Three-month
        period<br>
        ended March 31, 2006</b></font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td valign=BOTTOM >
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"
size=2><b>Revenue:</b></font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"
size=2>Rents</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=2>$</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">6,697</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td valign=BOTTOM >
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Tenant
        reimbursements</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=2>1,211</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"
size=2>Other</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">206</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td valign=BOTTOM >
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Total
        revenue</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">8,114</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"
size=2><b>Expenses:</b></font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td valign=BOTTOM >
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Property
        operating expenses</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">2,191</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Real
        estate taxes</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">1,148</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size="2">Depreciation
        and amortization</font></p>
    </td>
    <td valign=BOTTOM>&nbsp;</td>
    <td valign=BOTTOM>&nbsp;</td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">1,003</font></p>
    </td>
    <td valign=BOTTOM>&nbsp;</td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM >
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Total
        operating expenses</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">4,342</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2><b>Operating
        income</b></font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=2>3,772</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM >
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Interest
        expense</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=2>(176</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Income
        from discontinued operations before gain on sale of interests in real
        estate and minority interest</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=2>3,596</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM >
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Net
        gain on sale of interests in real estate</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&#151;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Minority
        interest - partners&#146; share of consolidated real estate venture</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=2>(187</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM >
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Minority
        interest attributable to discontinued operations - LP units</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM >
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size=2>(156</font></p>
    </td>
    <td valign=BOTTOM >
      <p><font face="Times New Roman, Times, Serif" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif"   size=2>Income
        from discontinued operations</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=2>$</font></p>
    </td>
    <td valign=BOTTOM>
      <p align=RIGHT><font face="Times New Roman, Times, Serif" size="2">3,253</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
    <td valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td valign=BOTTOM>
      <p><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></p>
    </td>
  </tr>
</table>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Discontinued operations have not been segregated in
the consolidated statements of cash flows. Therefore, amounts for certain captions
will not agree with respective data in the consolidated statements of
operations.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>11. <U>MINORITY INTEREST</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On March 15, 2006, the Operating Partnership declared
a $0.42 per unit cash distribution to holders of Class A Units totaling $1.7
million. The Operating Partnership also paid a $0.02 per unit cash distribution
in January 2006 for unitholders of record for the period January 1, 2006
through January 4, 2006.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>12. <U>BENEFICIARIES&#146; EQUITY </U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On March 15, 2006, the Company declared a distribution
of $0.42 per Common Share, totaling $38.3 million, which was paid on April 17,
2006 to shareholders of record as of April 5, 2006. The Company also paid a
distribution of $0.02 per Common Share in January 2006 for shareholders of
record for the period January 1, 2006 through January 4, 2006. On April 15,
2006, the Company declared distributions on its Series C Preferred Shares and
Series D Preferred Shares to holders of record as of April 5, 2006. These
shares are entitled to a preferential return of 7.50% and 7.375%, respectively.
Distributions paid on April 17, 2006 to holders of Series C Preferred Shares
and Series D Preferred Shares totaled $0.9 million and $1.1 million,
respectively.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>20</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>13. <U>EARNINGS PER COMMON SHARE</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following table details the number of shares and
net income used to calculate basic and diluted earnings per share (in
thousands, except share and per share amounts; results may not add due to
rounding):</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR style="font-size:1px" >
<TD WIDTH="36%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="22" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Three-month periods ended March 31,</B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="22" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="10" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="10" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="10" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="10" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Basic</B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Diluted</B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Basic</B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Diluted</B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income (loss)
  from continuing operations</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,895</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,895</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income from
  discontinued operations</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,253</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,253</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income
allocated
  to Preferred Shares</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,998</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,998</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,998</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,998</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net income
  available to common shareholders</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,640</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,640</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,417</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,417</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Weighted-average
  shares outstanding</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>89,299,967</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>89,299,967</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,441,773</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,441,773</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Options</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>443,014</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>241,019</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
  weighted-average shares outstanding</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>89,299,967</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>89,742,981</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,441,773</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,682,792</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Earnings per
  Common Share:</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Continuing
  operations</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.09</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.09</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Discontinued
  operations</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.04</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.04</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD    WIDTH="0%">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Securities (including Class A Units of the Operating
Partnership) totaling 4,115,314 and 2,052,959 as of March 31, 2006 and 2005,
respectively, were excluded from the earnings per share computations because
their effect would have been antidilutive.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>14. <U>SEGMENT INFORMATION</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company currently manages its portfolio within
nine segments: (1) Pennsylvania&#151;West, (2) Pennsylvania&#151;North, (3) New Jersey,
(4) Urban, (5) Virginia, (6) California&#151;North, (7) California&#151;South, (8)
Mid-Atlantic and (9) Southwest. The Pennsylvania&#151;West segment includes
properties in Chester, Delaware and Montgomery counties in the Philadelphia
suburbs of Pennsylvania. The Pennsylvania&#151;North segment includes properties
north of Philadelphia in Berks, Bucks, Cumberland, Dauphin, Lehigh and Montgomery
counties. The New Jersey segment includes properties in counties in the
southern part of New Jersey including Burlington, Camden and Mercer counties
and in Bucks County, Pennsylvania. The Urban segment includes properties in the
City of Philadelphia, Pennsylvania and the state of Delaware. The Virginia
segment includes properties primarily in Albemarle, Chesterfield and Henrico
counties, the City of Richmond and Durham, North Carolina. The California&#151;North
segment includes properties in the City of Oakland and Concord. The
California&#151;South segment includes properties in the City of Carlsbad and San
Diego. The Mid-Atlantic segment includes properties in Northern Virginia and
the City of Bethesda and Rockville, Maryland. The Southwest segment includes properties
in Collin, Dallas, and Travis counties of Texas. Corporate is responsible for
cash and investment management, development of certain real estate properties
during the construction period, and certain other general support functions.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Segment information as of and for the three-month
periods ended March 31, 2006 and 2005 is as follows (in thousands):</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>21</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Segment information as of and for the three-month periods
ended March 31, 2006 and 2005 is as follows (in thousands):</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR style="font-size:1px" >
<TD WIDTH="28%" VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Pennsylvania &#151;<BR>West</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Pennsylvania &#151;<BR>North</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>New Jersey</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Urban</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Virginia</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>California &#151;  North</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><U>As of March
31, 2006:</U></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Real estate
investments, at cost:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
properties</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>877,392</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>566,674</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>591,563</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>357,019</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>222,118</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>393,119</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Construction-in-progress</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Land held for
development</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><U>As of
December 31, 2005:</U></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Real estate
investments, at cost:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
properties</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>867,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>558,803</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>562,832</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>351,407</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>219,930</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Construction-in-progress</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Land held for
development</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><U>For the
three-months ended March 31, 2006:</U></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>29,134</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>19,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>25,160</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>19,560</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,483</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>13,678</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Property
operating expenses and real estate taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,416</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,395</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,413</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,871</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,966</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,137</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net operating
income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>18,722</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,173</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>14,751</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,692</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,518</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,543</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><U>For the
three-months ended March 31, 2005:</U></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>30,110</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>19,470</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>25,265</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>15,956</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,203</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Property
operating expenses and real estate taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,282</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,187</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,673</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,864</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net operating
income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>19,828</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,283</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>14,592</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,426</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,339</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR style="font-size:1px" >
<TD WIDTH="35%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>California &#151; <BR>
  South</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Mid-Atlantic</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Southwest</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Corporate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><U>As of March
31, 2006:</U></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Real estate
investments, at cost:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
properties</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>95,777</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,055,117</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>536,101</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,694,880</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Construction-in-progress</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>296,049</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>296,049</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Land held for
development</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>142,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>142,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><U>As of
December 31, 2005:</U></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Real estate
investments, at cost:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
properties</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,560,061</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Construction-in-progress</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>273,240</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>273,240</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Land held for
development</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>98,518</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>98,518</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><U>For the
three-months ended March 31, 2006:</U></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,674</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>26,157</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>19,216</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>729</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>163,356</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Property
operating expenses and real estate taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,103</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,270</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,201</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,032</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>64,740</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net operating
income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,571</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>16,890</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10,015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,737</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>98,616</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><U>For the
three-months ended March 31, 2005:</U></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,322</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>99,326</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Property
operating expenses and real estate taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>39,536</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net operating
income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,322</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>59,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>22</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net operating
income is defined as total revenue less property operating expenses and real
estate taxes. Below is a reconciliation of consolidated net operating income to
net income (in thousands):</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="500" align="center">
<TR style="font-size:1px">
<TD WIDTH="62%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Three-month
  periods<BR>
  ended March 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Consolidated net operating
  income (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>98,616</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>59,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Less:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interest
income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>378</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interest
expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(40,967</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(17,797</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Depreciation
and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(59,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(28,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Administrative
expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(8,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,752</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority
interest - partners&#146; share of consolidated real estate
ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>286</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority
interest attributable to continuing operations -
LP units</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>376</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(327</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Plus:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Equity in
income of real estate ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>965</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>558</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Income (loss) from
  continuing operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Income from discontinued
  operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,253</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net income (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,642</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>15. <U>COMMITMENTS
AND CONTINGENCIES</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Legal Proceedings</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company is
involved from time to time in litigation on various matters, including disputes
with tenants and disputes arising out of agreements to purchase or sell
properties. Given the nature of the Company&#146;s business activities, these
lawsuits are considered routine to the conduct of its business. The result of
any particular lawsuit cannot be predicted, because of the very nature of
litigation, the litigation process and its adversarial nature, and the jury
system. The Company does not expect that the liabilities, if any, that may
ultimately result from such legal actions will have a material adverse effect
on the consolidated financial position, results of operations or cash flows of
the Company.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>There have
been recent reports of lawsuits against owners and managers of multifamily and
office properties asserting claims of personal injury and property damage
caused by the presence of mold in residential units or office space. The
Company has been named as a defendant in two lawsuits in the State of New
Jersey that allege personal injury as a result of the presence of mold. In
2005, one lawsuit was dismissed by way of summary judgment with prejudice.
Unspecified damages are sought on the remaining lawsuit. The Company has
referred this lawsuit to its environmental insurance carrier and, as of the
date of this Form 10-Q, the insurance carrier is tendering a defense to this
claim.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Environmental</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As an owner of
real estate, the Company is subject to various environmental laws of federal,
state, and local governments. The Company&#146;s compliance with existing laws has
not had a material adverse effect on its financial condition and results of
operations, and the Company does not believe it will have a material adverse
effect in the future. However, the Company cannot predict the impact of
unforeseen environmental contingencies or new or changed laws or regulations on
its current Properties or on properties that the Company may acquire.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Related Party Transaction</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company
holds a fifty percent economic interest in an approximately 141,724 square foot
office building located at 101 Paragon Drive, Montvale, New Jersey. The
remaining fifty percent interest is held by Donald E. Axinn, one of </FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>23</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>BRANDYWINE REALTY TRUST</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS</U></B></FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>March 31, 2006</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>the Company&#146;s
Trustees. Although the Company and Mr. Axinn have each committed to provide one
half of the $11.0 million necessary to repay the mortgage loan secured by this
property, in February 2006, an unaffiliated third party entered into an
agreement to purchase this property for $18.3 million. Closing is scheduled for
August 2006 and is subject to standard closing conditions.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Ground Rent</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Future minimum
rental payments under the terms of all non-cancelable ground leases under which
the Company is the lessee are expensed on a straight-line basis regardless of
when payments are due.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Other Commitments or Contingencies</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As part of the Company&#146;s September 2004 acquisition of a portfolio of 14 properties (the &#147;TRC Acquisition&#148;), the Operating Partnership agreed to issue to the sellers up to
a maximum of $9.7 million of Class A Units of the Operating Partnership if
certain of the acquired properties achieve at least 95% occupancy prior to
September 21, 2007. At March 31, 2006, the maximum amount payable under this
arrangement was $4.2 million.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As part of the
TRC acquisition, the Company acquired an interest in Two Logan Square, a
696,477 square foot office building in Philadelphia, Pennsylvania, primarily
through a second and third mortgage secured by this property pursuant to which
the Company receives substantially all cash flows from the property. The
Company currently does not expect to take title to Two Logan Square until, at
the earliest, September 2019. In the event that the Company takes title to Two
Logan Square upon a foreclosure of its mortgages, the Company has agreed to
make a payment to an unaffiliated third party with a residual interest as a fee
owner of this property. The amount of the payment would be $0.6 million if we
must pay a state and local transfer tax upon taking title, or $2.9 million if
no transfer tax is payable upon the transfer.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As part of the
Prentiss acquisition, TRC acquisition and several of our other acquisitions,
the Company has agreed not to sell the acquired properties. In the case of TRC,
the Company agreed not to sell the acquired properties for periods ranging from
three to 15 years from the acquisition date as follows: 201 Radnor Financial
Center, 555 Radnor Financial Center and 300 Delaware Avenue (three years); One
Rodney Square and 130/150/170 Radnor Financial Center (10 years); and One Logan
Square, Two Logan Square and Radnor Corporate Center (15 years). In the case of
the Prentiss acquisition, we assumed the obligation of Prentiss not to sell
Concord Airport Plaza before March 2018 and 6600 Rockledge before July 2008.
The Company also owns 14 other properties that aggregate 1.0 million square
feet and has agreed not to sell these properties for periods that expire
through 2008. These agreements generally provide that we may dispose of the
subject Properties only in transactions that qualify as tax-free exchanges
under Section 1031 of the Code or in other tax deferred transactions. In the
event that the Company sells any of the properties within the applicable
restricted period in non-exempt transactions, the Company has agreed to pay
significant tax liabilities that would be incurred by the parties who sold the
applicable property.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company
invests in its Properties and regularly incurs capital expenditures in the
ordinary course of business to maintain the Properties. The Company believes
that such expenditures enhance the competitiveness of the Properties. The
Company also enters into construction, utility and service contracts in the
ordinary course of business which may extend beyond one year. These contracts
include terms that provide for cancellation with insignificant or no
cancellation penalties.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>16. <U>SUBSEQUENT
EVENT</U></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In April 2006,
the Company acquired one office property, One Paragon Place, which contains
145,127 net rentable square feet for $24.0 million.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In May 2006, through the date of this filing, the Company repurchased 146,700 shares at an average price of $28.87 per share under its share repurchase program.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>24</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><A NAME=A8></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 2. <U>Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Private Securities
Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; for forward-looking
statements. This Quarterly Report on Form 10-Q and other materials filed by us
with the SEC (as well as information included in oral or other written
statements made by us) contain statements that are forward-looking, including
statements relating to business and real estate development activities,
acquisitions, dispositions, future capital expenditures, financing sources,
governmental regulation (including environmental regulation) and competition.
The words &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;will,&#148;
&#147;should&#148; and similar expressions, as they relate to us, are intended
to identify forward-looking statement. Although we believe that the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, we can give no assurance that our expectations will be achieved.
As forward-looking statements, these statements involve important risks,
uncertainties and other factors that could cause actual results to differ
materially from the expected results and, accordingly, such results may differ
from those expressed in any forward-looking statements made by us or on our
behalf. Factors that could cause actual results to differ materially from our
expectations include, but are not limited to, changes in general economic
conditions, changes in local real estate conditions (including changes in
rental rates and the number of competing properties), changes in the economic
conditions affecting industries in which our principal tenants compete, our
failure to lease unoccupied space in accordance with our projections, our
failure to re-lease occupied space upon expiration of leases, the bankruptcy
of
major tenants, changes in prevailing interest rates, the unavailability of
equity and debt financing, unanticipated costs associated with the acquisition
and integration of our acquisitions, unanticipated costs to complete and
lease-up pending developments, impairment charges, increased costs for, or lack
of availability of, adequate insurance, including for terrorist acts, demand
for tenant services beyond those traditionally provided by landlords, potential
liability under environmental or other laws, earthquakes and other natural
disasters, the existence of complex regulations relating to our status as a
REIT and to our acquisition, disposition and development activities, the
adverse consequences of our failure to qualify as a REIT, the impact of newly
adopted accounting principles on our accounting policies and on
period-to-period comparisons of financial results and the other risks
identified in the &#147;Risk Factors&#148; section and elsewhere in our Annual
Report on Form 10-K for the year ended December 31, 2005. Given these uncertainties,
we
caution readers not to place undue reliance on forward-looking statements. We
assume no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>OVERVIEW</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As of March
31, 2006, we managed our portfolio within nine geographic segments: (1)
Pennsylvania&#151;West, (2) Pennsylvania&#151;North, (3) New Jersey, (4) Urban, (5)
Virginia, (6) California&#151;North, (7) California&#151;South, (8) Mid-Atlantic and (9)
Southwest. We believe we have established an effective platform in these office
and industrial markets for maximizing market penetration, optimizing operating
economies of scale and creating long-term investment value. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Subsequent to
our acquisition of Prentiss and the related sale of certain of Prentiss&#146;s
properties to Prudential, we sold eight additional properties that contain an
aggregate of 1.6 million net rentable square feet. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Our portfolio
consists of 279 office properties, 23 industrial facilities and one mixed-use
property that contain an aggregate of approximately 30.3 million net rentable
square feet. We held economic interests in ten unconsolidated real estate
ventures that contained approximately 2.7 million net rentable square feet (the
&#147;Real Estate Ventures&#148;) formed with third parties to develop or own commercial
properties. In addition, we owned interests in four consolidated real estate
ventures that own 16 office properties containing approximately 1.6 million net
rentable square feet.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We receive
income primarily from rental revenue (including tenant reimbursements) from our
properties and, to a lesser extent, from the management of properties owned by
third parties and from investments in the Real Estate Ventures. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Our financial
performance is dependent upon the demand for office, industrial and other
commercial space in our markets and upon prevailing interest rates.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>25</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We continue to
seek revenue growth through an increase in occupancy of our portfolio and our
investment strategies. Our occupancy was 90.0% at March 31, 2006, or 88.8%
including four lease-up properties that we acquired in our September 2004
acquisition of a portfolio of 14 properties (the &#147;TRC Properties&#148; or the &#147;TRC
acquisition&#148;).</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Prentiss
acquisition and the acquisition of TRC, and to a lesser extent, other property
acquisitions have already or will materially impact our operations.
Accordingly, the reported historical financial information for periods prior to
these transactions is not believed to be fully indicative of our operating
results or financial condition.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Through our
January 2006 acquisition of Prentiss, we acquired interests in properties that
contain an aggregate of 14.0 million net rentable square feet. Through this
acquisition, we also entered into new markets, including markets in California,
Northern Virginia and Texas.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As we seek to
increase revenue through our operating activities, our management also focuses
on strategies to minimize operating risks, including (i) tenant rollover risk,
(ii) tenant credit risk and (iii) development risk. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Tenant Rollover Risk</U>:<BR><BR>
We are subject to the risk that tenant leases, upon expiration, are not
renewed, that space may not be relet, or that the terms of renewal or reletting
(including the cost of renovations) may be less favorable to us than the
current lease terms. Leases accounting for approximately 10.0% of our aggregate
annualized base rents as of March 31, 2006 (representing approximately 9.4% of
the net rentable square feet of the Properties) expire without penalty through
the end of 2006. We maintain an active dialogue with our tenants in an effort
to achieve a high level of lease renewals. Our retention rate for leases that
were scheduled to expire in the three-month period ended March 31, 2006 was
78.3%. If we were unable to renew leases for a substantial portion of the space
under expiring leases, or to promptly relet this space, at anticipated rental
rates, our cash flow would be adversely impacted. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Tenant Credit Risk:</U><BR><BR>
In the event of a tenant default, we may experience delays in enforcing our
rights as a landlord and may incur substantial costs in protecting our
investment. Our management regularly evaluates our accounts receivable reserve
policy in light of its tenant base and general and local economic conditions.
The accounts receivable allowances were $6.9 million or 8.0% of total receivables
(including accrued rent receivable) as of March 31, 2006 compared to $4.9
million or 7.6% of total receivables (including accrued rent receivable) as of
December 31, 2005. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Development Risk</U>:<BR><BR>
As of March 31, 2006, we had in development or redevelopment nine sites
aggregating approximately 1.8 million square feet. We estimate the total cost
of these projects to be $427.9 million and we had incurred $237.8 million of these
costs as of March 31, 2006. We are actively marketing space at these projects
to prospective tenants but can provide no assurance as to the timing or terms
of any leases of space at these projects. As of March 31, 2006, we owned
approximately 359 acres of undeveloped land. Risks associated with development
of this land include construction cost increases or overruns and construction
delays, insufficient occupancy rates, building moratoriums and inability to
obtain zoning, land-use, building, occupancy and other required governmental
approvals.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>ACQUISITIONS
AND DISPOSITIONS OF REAL ESTATE INVESTMENTS</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On January 5,
2006, we acquired Prentiss under an Agreement and Plan of Merger that we
entered into with Prentiss on October 3, 2005. In conjunction with our acquisition
of Prentiss, designees of The Prudential Insurance Company of America (&#147;Prudential&#148;)
acquired certain Prentiss properties that contain an aggregate of approximately
4.32 million net rentable square feet for total consideration of approximately
$747.7 million. Through our acquisition of Prentiss (and after giving effect to
the Prudential acquisition of certain Prentiss properties), we acquired a
portfolio of 79 office properties (including 13 properties that are owned by
consolidated real estate ventures and seven properties that are owned by
unconsolidated real estate ventures) that contain an aggregate of 14.0 million
net rentable square feet.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Subsequent to
our acquisition of Prentiss and the related sale of properties to Prudential,
through March 31, 2006, we sold eight additional properties that contain an
aggregate of 1.6 million net rentable square feet. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>In our acquisition
of Prentiss, each then outstanding Prentiss common share was converted into the
right to receive 0.69 of a Brandywine common share and $21.50 in cash except
that 497,884 Prentiss common shares held in the Prentiss </FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>26</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Deferred
Compensation Plan converted solely into 720,737 Brandywine common shares. In
addition, each then outstanding unit of limited partnership interest in
Prentiss&#146;s operating partnership subsidiary was, at the option of the holder,
converted into Prentiss Common Shares with the right to receive the per share
merger consideration or 1.3799 Class A Units of our Operating Partnership.
Accordingly, based on 49,375,723 Prentiss common shares outstanding and 139,000
Prentiss OP Units electing to receive merger consideration at closing of the
acquisition, we issued 34,541,946 Brandywine common shares and paid an
aggregate of approximately $1.05 billion in cash for the accounts of the former
Prentiss shareholders. Based on 1,572,612 Prentiss OP Units outstanding at
closing of the acquisition, we issued 2,170,047 Brandywine Class A Units. In
addition, options issued by Prentiss that were exercisable for an aggregate of
342,662 Prentiss common shares were converted into options exercisable for an
aggregate of 496,037 Brandywine common shares at a weighted average exercise
price of $22.00 per share. Through our acquisition of Prentiss we assumed
approximately $611.2 million in aggregate principal amount of Prentiss debt.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Each
Brandywine Class A Unit that we issued in the merger is subject to redemption
at the option of the holder. At our option, we may satisfy the redemption
either for an amount, per unit, of cash equal to the then market price of one
Brandywine common share (based on the prior ten-day trading average) or for one
Brandywine common share. The Brandywine Class A Units issued in the merger were
not registered under the Securities Act of 1933, or any state securities laws,
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>CRITICAL ACCOUNTING POLICIES AND ESTIMATES</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations
discusses our consolidated financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United States of America.
The preparation of these financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and the disclosure of contingent liabilities at the
date of the financial statements and the reported amounts of revenue and
expenses during the reporting period. Certain accounting policies are
considered to be critical accounting policies, as it requires management to
make assumptions about matters that are highly uncertain at the time the
estimate is made and changes in accounting policies are reasonably likely to
occur from period to period. Management bases its estimates and assumptions on
historical experience and current economic conditions. On an on-going basis,
management evaluates its estimates and assumptions including those related to
revenue, impairment of long-lived assets and the allowance for doubtful
accounts. Actual results may differ from those estimates and assumptions. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Our Annual
Report on Form 10-K for the year ended December 31, 2005 contains a discussion
of our critical accounting policies. There have been no significant changes in
our critical accounting policies since December 31, 2005. See also Note 2 in
our unaudited consolidated financial statements for the three-month period
ended March 31, 2006 as set forth herein. Management discusses our critical
accounting policies and management&#146;s judgments and estimates with our Audit
Committee.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>RESULTS OF
OPERATIONS</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Comparison of the Three-Month Periods Ended
March 31, 2006 and 2005 </I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The table below shows selected
operating information for the Same Store Property Portfolio and the Total
Portfolio. The Same Store Property Portfolio consists of 241 Properties
containing an aggregate of approximately 18.2million net rentable square feet
    that we owned for the entire three-month periods ended March 31, 2006 and
    2005. This table
also includes a reconciliation from the Same Store Property Portfolio to the
Total Portfolio net income (i.e., all properties owned by us during the
three-month periods ended March 31, 2006 and 2005) by providing information for
the properties which were acquired, under development or placed into service
and administrative/elimination information for the three-month periods ended
March 31, 2006 and 2005 (in thousands).</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>27</FONT></P>
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<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="28%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Same Store Property Portfolio</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Prentiss<BR>
  Portfolio</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Properties<BR>
  Acquired</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;   TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1><B><I>(dollars in
thousands)</I></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Increase/<BR>
  (Decrease)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>%<BR>
  Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;   TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Revenue:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Cash
rents</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>75,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>75,909</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(209</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">49,832</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Straight-line
rents</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,968</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,835</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>133</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">3,020</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>107</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Rents - FAS
141</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>533</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>561</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,501</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
rents</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>79,201</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>79,305</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(104</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">54,353</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,474</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Tenant
reimbursements</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,365</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,917</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(552</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">5,746</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>153</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Other
(c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,208</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,627</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,419</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-74</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">388</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>91,774</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>95,849</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(4,075</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">60,487</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,627</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
Expenses:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Property
operating expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>29,302</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>30,330</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,028</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">18,056</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>601</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Real estate
taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,351</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,734</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>617</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">5,952</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Administrative
expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total property
operating expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>38,653</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>39,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(411</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">24,008</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>801</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Subtotal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>53,121</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>56,785</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,664</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">36,479</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>826</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Depreciation
and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>25,383</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>26,961</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,578</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">31,101</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>452</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
Income (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>27,738</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>29,824</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,086</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">5,378</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>374</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Number of properties</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>241</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>64</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Square feet</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>18,151</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,276</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>377</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Other Income
(Expense):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interest
income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interest
expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Equity in
income of real estate ventures</FONT></P>
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</TD>
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<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income (loss
before minority interest)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority
interest - partners&#146; share of
  consolidated real estate ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority
interest attributable to
  continuing operations - LP units</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income (loss
from continuing operations)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income from
discontinued operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net Income
(loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Earnings per
common share</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Development<BR>
  Properties (a)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Administrative/<BR>
  Eliminations (b)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Total Portfolio</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B><I>(dollars in thousands)</I></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Increase/<BR>
  (Decrease)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>%<BR>
  Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Revenue:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Cash
rents</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,509</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>104</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">131,756</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>77,449</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">54,307</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">70</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Straight-line
rents</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,295</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>439</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">7,390</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,274</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">4,116</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">126</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Rents - FAS
141</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,939</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>505</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,434</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
rents</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,953</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,892</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>104</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">141,085</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>81,228</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">59,857</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">74</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Tenant
reimbursements</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>505</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>165</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>123</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">17,892</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>12,082</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">5,810</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">48</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Other
(c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>62</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,327</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">4,379</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,016</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,637</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total
revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,482</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,119</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,986</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,358</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">163,356</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>99,326</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">64,030</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>64</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
Expenses:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Property
operating expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,917</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,938</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,682</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,389</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">48,194</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>29,879</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">18,315</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">61</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Real estate
taxes</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>936</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>872</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>107</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>51</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">16,546</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,657</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">6,889</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">71</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Administrative
expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,752</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,752</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,738</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>79</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total property
operating expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,853</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,810</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,915</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,414</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">73,230</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>44,288</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">28,942</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">65</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Subtotal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,629</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(691</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,929</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,056</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">90,126</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,038</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">35,088</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">64</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Depreciation
and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,947</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,017</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>448</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>457</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">59,331</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>28,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>30,896</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">109</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Operating
Income (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>682</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,708</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,377</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,513</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">30,795</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>26,603</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,192</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">16</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Number of properties</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>319</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Square feet</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,101</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>31,905</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Other Income
(Expense:)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interest
income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>378</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,272</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interest
expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(40,967</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(17,797</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(23,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:29.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Equity in
income of real estate ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>965</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>558</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>407</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income (loss
before minority interest)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(6,557</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,742</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(16,299</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">167</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority
interest - partners&#146; share of
  consolidated real estate ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>286</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>286</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority
interest attributable to
  continuing operations - LP units</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">376</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(327</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">703</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">-215</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income (loss
from continuing operations)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(15,310</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">-163</font></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income from
discontinued operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">3,253</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">3,253</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
      <P ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="2">100</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Net Income
(loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,642</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(12,057</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Earnings per
common share</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>-138</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="94%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>EXPLANATORY
  NOTES</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a) -</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Results
  include: three redevelopments; four lease-up assets; three properties placed
  in service; and CIRA Centre</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b) -</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Represents
  certain revenues and expenses at the corporate level as well as various
  intercompany costs that are eliminated in consolidation</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(c) -</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Includes net
  termination fee income of $482 for 2006 and $4,020 for 2005 for the same
  store portfolio</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(d) -</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Operations
  of one property classified as held for sale are included in income from
  discontinued operations</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>28</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Revenue</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Revenue increased by $64.0
  million primarily due to the acquisition of Prentiss, which represents $60.5
  million of this increase. The increase is also the result of two properties
  that were acquired in the fourth quarter of 2005 as well as additional tenant
  occupancy at Cira Centre that will continue throughout 2006.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Revenue for same store properties decreased by $4.1
million primarily as a result of a $3.5 million decrease in termination fee
income received during the first quarter of 2006 compared to the similar period
in 2005. Occupancy for the same store properties was 90.9% at March 31, 2006
compared to 91.3% at March 31, 2005. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Operating
Expenses and Real Estate Taxes</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Property operating expenses
  increased by $18.3 million primarily due to the acquisition of Prentiss, which
  represents $18.1 million of this increase. The occupied portion of Cira Centre
  and the two properties acquired in the 4<SUP>th</SUP> quarter of 2005 accounted
  for an additional $1.4 million and $0.6 million, respectively. These increases
  are offset by a $1.0 million decrease in operating expenses for our same store
  properties. The decrease in the operating expenses of the same store properties
  is attributable to less snow removal costs and HVAC maintenance costs incurred.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Real estate taxes increased
  by $6.9 million primarily due to the acquisition of Prentiss, which represents
  $6.0 million of this increase. The increase of $0.6 million at our same store
  properties is the result of increased real estate tax assessments.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Depreciation
and Amortization Expense</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization
  increased by $30.9 million primarily due to the acquisition of Prentiss, which
  increased total portfolio depreciation expense by $31.1 million. This increase
  was offset by the $1.6 million decrease in the depreciation and amortization
  of our same store properties. The decrease in the depreciation expense of our
  same store properties is the result of certain property assets having been fully
  depreciated subsequent to March 31, 2005. Assets are fully depreciated at the
  end of their economic useful life, or if a tenant vacates a space, the associated
  tenant improvements and intangibles related to the space are written off.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Administrative
Expenses </I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Administrative expenses increased by approximately
$3.7 million primarily due to the acquisition of Prentiss. Of this increase,
$1.4 million was primarily attributable to increased payroll and related costs
associated with employees that we hired as part of the acquisition of Prentiss.
We also incurred an additional $1.2 million and $0.3 million in professional
fees and travel costs, respectively, in connection with our merger integration
activities. The remainder of the increase reflects other increased costs of the
combined companies. We anticipate that synergies resulting in lowered
administrative expense for the combined companies will occur throughout 2006.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Interest
Income/ Expense</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Interest expense increased by approximately $23.2
million primarily as a result of 14 fixed rate mortgages, three unsecured
notes, and one note secured by U.S. treasury notes (&#147;PPREFI debt&#148;) that we
assumed in the Prentiss merger. The mortgages assumed have maturity dates
ranging from July 2009 through March 2016 and the unsecured notes have
maturities of March, April, and July 2035, and the PPREFI debt has a maturity
of February 2007.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The PPREFI debt was defeased by Prentiss in the fourth
quarter of 2005 and is secured by an investment in U.S. treasury notes. The
interest earned on the treasury notes is included in interest income and
substantially offsets the amount of interest expense incurred on the PPREFI
debt, resulting in an immaterial amount of net interest expense incurred. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>See the Notes to the Unconsolidated Combined Financial
Statements in Part I, Item I for details of our mortgage indebtedness and
unsecured notes outstanding. </FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>29</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Minority
Interest-partners&#146; share of consolidated real estate ventures</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Minority interest-partners&#146; share of consolidated real
estate ventures increased by $0.3 million from the prior year as a result of our
acquisition of one consolidated joint venture as part of our acquisition of
Prentiss. This consolidated joint venture, of which we own 51%, owns 13
properties which aggregate approximately 1.2 million square feet of office
space. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Subsequent to our acquisition of Prentiss, we entered
into a joint venture with IBM. We consolidate this joint venture, and own a 50%
interest in it. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2006 we hold an ownership interest in
16 properties through consolidated joint ventures, compared to 2 properties
owned by consolidated joint ventures at March 31, 2005.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Minority
Interest attributable to continuing operations &#150; LP units</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Minority interest attributable to continuing
operations &#150; LP units, represents the equity in loss (income) attributable to
the portion of the Operating Partnership not owned by us. The increase from the
prior year is primarily the result of the fact that at March 31, 2006 the LP
units share in our net loss compared to their share of net income in the prior
year. Minority interests owned 4.3% and 3.6% of the Operating Partnership as of
March 31, 2006 and 2005, respectively.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Discontinued
Operations</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Discontinued operations increased
  by $3.3 million from the prior year as a result of the sale of seven properties
  in Chicago, IL, two in Dallas, TX and one in allen, TX that we acquired in the
  Prentiss acquisition and sold in 2006. We also have one property in Chicago,
  IL that we classified as held for sale at March 31, 2006. These eleven properties
  combined had net operating income of $3.3 million during the quarter ended March
  31, 2006. There were no gains or losses recognized on the properties that were
  sold, or held for sale, as the proceeds received from the sale of these properties
  was equal to the amount of the total purchase price allocated to these assets.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Net
Income</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net income declined in the first quarter of 2006,
compared to the first quarter of 2005, by $12.1 million as increased revenues
were not sufficient to offset increases in operating and financing costs. All
major financial statement captions increased as a result of our acquisition of
Prentiss and the related financing required to complete the transaction. A
significant element of these costs relate to additional depreciation and
amortization charges relating to the significant property additions (including
both the TRC acquisition and the Prentiss acquisition) and the values ascribed
to related acquired intangibles (e.g., in-place leases). These charges do not
affect our ability to pay dividends and may not be comparable to those of other
real estate companies that have not made such acquisitions. Such charges can be
expected to continue until the values ascribed to the lease intangibles are
fully amortized. These intangibles are amortizing over the related lease terms
or estimated tenant relationship. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Earnings
Per Share</I></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Earnings per share has declined from $0.13 in the
first quarter of 2005 to $(0.05) in the first quarter of 2006 as a result of
the factors described in &#147;Net Income&#148; above and an increase in the average
number of common shares outstanding. We issued 34.6 million of our common
shares in our acquisition of Prentiss.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>30</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>LIQUIDITY AND CAPITAL RESOURCES</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><I>General</I></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Our principal liquidity needs for the next twelve
months are as follows:</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="73%"VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>fund normal recurring expenses,</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>fund capital expenditures, including capital and
  tenant improvements and leasing costs,</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>fund current development and redevelopment costs,
  and </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>fund distributions declared by our Board of
  Trustees.</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We believe that our liquidity needs will be satisfied
through cash flows generated by operations and financing activities. Rental
revenue, expense recoveries from tenants, and other income from operations are
our principal sources of cash that we use to pay operating expenses, debt
service, recurring capital expenditures and the minimum distributions required
to maintain our REIT qualification. We seek to increase cash flows from our
properties by maintaining quality standards for our properties that promote
high occupancy rates and permit increases in rental rates while reducing tenant
turnover and controlling operating expenses. Our revenue also includes
third-party fees generated by our property management, leasing, development and
construction businesses. We believe our revenue, together with proceeds from
equity and debt financings, will continue to provide funds for our short-term
liquidity needs. However, material changes in our operating or financing
activities may adversely affect our net cash flows. Such changes, in turn,
would adversely affect our ability to fund distributions, debt service payments
and tenant improvements. In addition, a material adverse change in our cash
provided by operations would affect the financial performance covenants under
our unsecured credit facility and unsecured notes.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Our principal liquidity needs for periods beyond
twelve months are for costs of developments, redevelopments, property
acquisitions, scheduled debt maturities, major renovations, expansions and
other non-recurring capital improvements. We draw on multiple financing sources
to fund our long-term capital needs. We use our credit facility for general
business purposes, including the acquisition, development and redevelopment of
properties and the repayment of other debt. In March 2006 and December 2005, we
sold $850 million and $300 million, respectively of unsecured notes and expect
to utilize the debt and equity markets for other long-term capital needs.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As a result of our acquisition of Prentiss, we will
have additional short and long-term liquidity requirements. Historically, we
have satisfied these types of requirements principally through the most
advantageous source of capital at that time, which has included public
offerings of unsecured debt and private placements of secured and unsecured
debt, sales of common and preferred equity, capital raised through the
disposition of assets, and joint venture transactions. We believe these sources
of capital will continue to be available in the future to fund our capital
needs. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We funded the approximately $1.05 billion cash portion
of the Prentiss merger consideration, related transaction costs and prepayments
of approximately $543.3 million in Prentiss mortgage debt at the closing of the
merger through (i) a $750 million unsecured term loan that originally matured
on January 4, 2007; (ii) approximately $676.5 million of cash from Prudential&#146;s
acquisition of certain of the Prentiss properties; and (iii) approximately
$195.0 million through borrowing under our revolving credit facility. We repaid
in full the $750 million term loan on March 28, 2006 with the proceeds of the
$850 million unsecured notes described more fully in Capitalization below.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Our ability to incur additional debt is dependent upon
a number of factors, including our credit ratings, the value of our unencumbered
assets, our degree of leverage and borrowing restrictions imposed by our
current lenders. We currently have investment grade ratings for prospective
unsecured debt offerings from three major rating agencies. If a rating agency
were to downgrade our credit rating, our access to capital in the unsecured
debt market would be more limited and the interest rate under our existing
credit facility would increase.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Our ability to sell common and preferred shares is
dependent on, among other things, general market conditions for REITs, market
perceptions about our company and the current trading price of our shares. We
regularly analyze which source of capital is most advantageous to us at any
particular point in time. The equity markets may not be consistently available
on terms that we consider attractive. </FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>31</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><I>Cash Flows</I></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following summary discussion of our cash flows is
based on the consolidated statement of cash flows and is not meant to be an
all-inclusive discussion of the changes in our cash flows for the periods
presented.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2006 and December 31, 2005, we
maintained cash and cash equivalents of $36.3 million and $7.2 million,
respectively, an increase of $29.1 million. This increase was the result of the
following changes in cash flow from our activities for the three-month period
ended March 31 (in thousands):</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
<TR style="font-size:1px">
<TD WIDTH="42%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="17%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Operating</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,692</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><font size="2" face="Times New Roman, Times, Serif">26,475</font></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Investing</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(868,352</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(48,727</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Financing</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>841,787</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>22,379</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net cash flows</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>29,127</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>127</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Our increased cash flow from operating activities in
the quarter ended March 31, 2006 compared to the same period in 2005 is
primarily attributable to our acquisition of Prentiss. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The increase in cash outflows from investing
activities is primarily attributable to our acquisition of Prentiss and one
other property in the first quarter of 2006 totaling $948.0 million. This
increase in investing activity was offset by the net proceeds of $134.1 million
received from the sale of seven properties in Chicago and one in Dallas that we
acquired in our acquisition of Prentiss and subsequently sold. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Increased cash flow from financing activities is
primarily attributable to the issuance of $850.0 million of unsecured notes
resulting in net proceeds of $847.6 million. The proceeds of the note issuance
were used to satisfy the $750.0 million term loan that was obtained in
connection with the acquisition of Prentiss, as well as a portion of the
outstanding borrowings on our credit facility.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Capitalization</B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif"
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness</B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On March 28, 2006, our Operating Partnership
consummated the public offering of (1) $300,000,000 aggregate principal amount
of its unsecured floating rate notes due 2009 (the &#147;2009 Notes&#148;), (2)
$300,000,000 aggregate principal amount of its 5.75% notes due 2012 (the &#147;2012
Notes&#148;) and (3) $250,000,000 aggregate principal amount of its 6.00% notes due
2016 (the &#147;2016 Notes&#148; and, together with the 2009 Notes and 2012 Notes, the
&#147;Notes&#148;). We guaranteed the payment of principal of and interest on the Notes. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On March 28, 2006, we terminated, and repaid all
amounts outstanding under, the $750 million Term Loan Agreement that we entered
into on January 5, 2006 with JPMorgan Chase Bank, N.A., as Administrative Agent
and Syndication Agent, J.P. Morgan Securities Inc., as Lead Arranger and Sole
Bookrunner, and the lenders identified therein. We entered into the Term Loan
Agreement in connection with our acquisition through the merger of Prentiss on
January 5, 2006.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2006, we had approximately $3.1
billion of outstanding indebtedness. The table below summarizes our mortgage
notes payable, our unsecured notes and our revolving credit facility at March
31, 2006 and December 31, 2005:</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>32</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="500">
<TR style="font-size:1px">
<TD WIDTH="60%" VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>March 31,<BR>
  2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>December 31,<BR>
  2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>(dollars in thousands)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><I>Balance:</I></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Fixed
rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,587,244</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,417,611 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Variable
rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>489,294</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>103,773 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,076,538</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,521,384 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><I>Percent of Total Debt:</I></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Fixed
rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Variable
rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><I>Weighted-average interest rate at period end:</I></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Fixed
rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Variable
rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5.8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The variable rate debt shown above generally bears
interest based on various spreads over LIBOR (the term of which is selected by
us).</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We use credit facility borrowings for general business
purposes, including the acquisition, development and redevelopment of
properties and the repayment of other debt. In December 2005, we replaced our
then existing unsecured credit facility with a $600 million unsecured credit
facility (the &#147;Credit Facility&#148;) that matures in December 2009, subject to a
one year extension option upon payment of a fee and the absence of any
defaults. Borrowings under the new Credit Facility generally bear interest at
LIBOR (LIBOR was 4.96% as of March 31, 2006) plus a spread over LIBOR ranging
from 0.55% to 1.10% based on our unsecured senior debt rating. We have an
option to increase the maximum borrowings under the Credit Facility to $800
million subject to the absence of any defaults and our ability to obtain
additional commitments from our existing or new lenders. The Credit Facility
requires the maintenance of certain ratios related to minimum net worth, debt
to total capitalization and fixed charge coverage and various non-financial
covenants. We believe that we are in compliance with all financial covenants as
of March 31, 2006.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We utilize unsecured notes as a long-term financing alternative.
The indentures and note purchase agreements contain financial restrictions and
requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured
debt leverage ratio not to exceed 40%, (3) a debt service coverage ratio of
greater than 1.5 to 1.0, and (4) an unencumbered asset value of not less than
150% of unsecured debt. In addition, the note purchase agreement relating to
the 2008 Notes contains covenants that are similar to the above covenants. At
March 31, 2006, we were in compliance with each of these financial restrictions
and requirements.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We have mortgage loans that are collateralized by
certain of our properties. Payments on mortgage loans are generally due in
monthly installments of principal and interest, or interest only.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We intend to refinance our mortgage loans as they
mature primarily through the use of unsecured debt or equity. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The amount of indebtedness that we may incur, and the policies with
respect thereto, are not limited by our declaration of trust and bylaws, and
are solely within the discretion of our board of trustees, limited only by
various financial covenants in our credit agreements. </FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>33</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Equity</B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On March 15, 2006, we declared a distribution of $0.42
per Common Share, totaling $38.3 million, which we paid on April 17, 2006 to
shareholders of record as of April 5, 2006. The Operating Partnership
simultaneously declared a $0.42 per unit cash distribution to holders of Class
A Units totaling $1.7 million. In January 2006, both us and the Operating
Partnership paid a distribution of $0.02 to holders of record for the period
from January 1, 2006 through January 4, 2006. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>On April 15, 2006, we declared distributions on our
Series C Preferred Shares and Series D Preferred Shares to holders of record as
of April 5, 2006. These shares are entitled to a preferential return of 7.50%
and 7.375%, respectively. Distributions paid on April 17, 2006 to holders of
Series C Preferred Shares and Series D Preferred Shares totaled $0.9 million
and $1.1 million, respectively.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>At March 31, 2006, we had a share repurchase program
under which our Board had authorized us to repurchase from time to time up to
4,000,000 common shares. Through March 31, 2006, we had repurchased
approximately 3.2 million common shares under this program at an average price
of $17.75 per share. Our Board placed no time limit on the duration of the
program. No Common Shares were repurchased during the three-month period ended
March 31, 2006 under the share repurchase program. On May 2, 2006, our Board
authorized an increase in the number of Common Shares that we may repurchase
under the program. The Board authorized an increase so that we may purchase up
to 3,500,000 additional Common Shares (including unused availability from the
prior authorization).</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf
Registration Statement</B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Together with our Operating Partnership, we maintain a
shelf registration statement that registered common shares, preferred shares,
depositary shares and warrants and unsecured debt securities. Subject to our
ongoing compliance with securities laws, and if warranted by market conditions,
we may offer and sell equity and debt securities from time to time under the registration
statement.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><I>Short- and Long-Term Liquidity</I></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company believes that its cash flow from
operations is adequate to fund its short-term liquidity requirements. Cash flow
from operations is generated primarily from rental revenues and operating expense
reimbursements from tenants and management services income from providing
services to third parties. The Company intends to use these funds to meet
short-term liquidity needs, which are to fund operating expenses, debt service
requirements, recurring capital expenditures, tenant allowances, leasing
commissions and the minimum distributions required to maintain the Company&#146;s
REIT qualification under the Internal Revenue Code.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company expects to meet its long-term liquidity
requirements, such as for property acquisitions, development, investments in
real estate ventures, scheduled debt maturities, major renovations, expansions
and other significant capital improvements, through cash from operations,
borrowings under its Credit Facility, other long-term secured and unsecured
indebtedness, the issuance of equity securities and the proceeds from the
disposition of selected assets.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><I>Inflation</I></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>A
majority of our leases provide for reimbursement of real estate taxes and
operating expenses either on a triple net basis or over a base amount. In
addition, many of our office leases provide for fixed base rent increases. We
believe that inflationary increases in expenses will be significantly offset by
expense reimbursement and contractual rent increases. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><I>Commitments and Contingencies</I></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The
following table outlines the timing of payment requirements related to the
Company&#146;s contractual commitments as of March 31, 2006:</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>34</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="88%">
<TR style="font-size:1px">
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="24%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="13" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Payments by Period (in thousands)</B>
</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="13" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Less than <BR>
  1 Year</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>1-3 Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>3-5 Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>More than <BR>
  5 Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="13" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Mortgage notes
  payable (a)</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD width="8%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>898,175</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD width="8%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>16,639</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD width="8%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>146,919</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD width="8%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>263,909</FONT></P>
</TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD width="1%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD width="8%" VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>470,708</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Mortgage notes
  payable on assets classified as held for sale (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>13,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>13,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Revolving credit
  facility</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Unsecured debt
  (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,051,257</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>184,647</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>388,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>600,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>878,610</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Ground leases
  (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>280,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,736</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,472</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,636</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>272,026</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Other
  liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>688</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>688</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,344,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>203,022</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>638,391</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>881,045</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,622,032</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="67%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=TOP colspan=2>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Amounts do not include
  unamortized discounts and/or premiums.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=TOP colspan=2>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Future minimum rental
  payments under the terms of all non-cancelable ground leases under which the
  Company is the lessee are expensed on a straight-line basis regardless of
  when payments are due.</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We intend to refinance our mortgage notes payable as
they become due or repay those that are secured by properties being sold. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As part of our acquisition of the TRC Properties in
September 2004, we agreed to issue to the sellers up to a maximum of $9.7
million of Class A Units of the Operating Partnership if certain of the
acquired properties achieve at least 95% occupancy prior to September 21, 2007.
The maximum number of Units that we are obligated to issue declines monthly
and, as of March 31, 2006, the maximum balance payable under this arrangement
was $4.2 million, with no amount currently due.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As part of the TRC acquisition,
    we acquired our interest in Two Logan Square, a 696,477 square foot office
    building in
Philadelphia, primarily through a second and third mortgage secured by this
property. We currently do not expect to take fee title to Two Logan Square until,
at the earliest, September 2019. In the event that we take title to Two Logan
Square upon a foreclosure of our mortgage, we have agreed to make a payment to
an unaffiliated third party with a residual interest in the fee owner of this
property. The amount of the payment would be $0.6 million if we must pay a
state and local transfer upon taking title, and $2.9 million if no transfer tax
is payable upon the transfer.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>As part of the Prentiss acquisition, the TRC
acquisition and several of our other acquisitions, we agreed not to sell
certain of the acquired properties. In the case of the TRC acquisition, we
agreed not to sell the acquired properties for periods ranging from three to 15
years from the acquisition date as follows: 201 Radnor Financial Center, 555
Radnor Financial Center and 300 Delaware Avenue (three years); One Rodney
Square and 130/150/170 Radnor Financial Center (10 years); and One Logan
Square, Two Logan Square and Radnor Corporate Center (15 years). In the case of
the Prentiss acquisition, we assumed the obligation of Prentiss not to sell
Concord Airport Plaza before March 2018 and 6600 Rockledge before July 2008. We
also own 14 other properties that aggregate 1.0 million square feet and have
agreed not to sell these properties for periods that expire by the end of 2008. Our
agreements generally provide that we may dispose of the subject properties only
in transactions that qualify as tax-free exchanges under Section 1031 of the
Internal Revenue Code or in other tax deferred transactions. In the event that
we sell any of the properties within the applicable restricted period in
non-exempt transactions, we would be required to pay significant tax
liabilities that would be incurred by the parties who sold us the applicable
property.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We hold a fifty percent economic interest in an
approximately 141,724 square foot office building located at 101 Paragon Drive,
Montvale, New Jersey. The remaining fifty percent interest is held by Donald E.
Axinn, one of our Trustees. Although we and Mr. Axinn have each committed to
provide one half of the $11 million necessary to repay the mortgage loan
secured by this property, in February 2006, an unaffiliated third party entered
into an agreement to purchase this property for $18.3 million. Closing is
scheduled for August 2006 and is subject to standard closing conditions. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We invest in our properties and regularly incur
capital expenditures in the ordinary course to maintain the properties. We
believe that such expenditures enhance our competitiveness. We also enter into
construction, utility and service contracts in the ordinary course of business
which may extend beyond one year. These contracts typically provide for
cancellation with insignificant or no cancellation penalties.</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>35</FONT></P>
<hr NOSHADE align=CENTER width="100%" size=2>
<P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><I>Interest Rate Risk and Sensitivity Analysis</I></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The analysis below presents the sensitivity of the
market value of our financial instruments to selected changes in market rates.
The range of changes chosen reflects our view of changes which are reasonably
possible over a one-year period. Market values are the present value of
projected future cash flows based on the market rates chosen.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Our financial instruments consist of both fixed and
variable rate debt. As of March 31, 2006, our consolidated debt consisted of
$918.3 million in fixed rate mortgages and $10.7 million in variable rate
mortgage notes, $100.0 million borrowings under our Credit Facility and $2.0
billion in unsecured notes (net of discounts). All financial instruments were
entered into for other than trading purposes and the net market value of these
financial instruments is referred to as the net financial position. Changes in
interest rates have different impacts on the fixed and variable rate portions
of our debt portfolio. A change in interest rates on the fixed portion of the
debt portfolio impacts the net financial instrument position, but has no impact
on interest incurred or cash flows. A change in interest rates on the variable
portion of the debt portfolio impacts the interest incurred and cash flows, but
does not impact the net financial instrument position.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>If market rates of interest on our variable rate debt
increase by 1%, the increase in annual interest expense on our variable rate
debt would decrease future earnings and cash flows by approximately $4.9
million. If market rates of interest on our variable rate debt decrease by 1%,
the decrease in interest expense on our variable rate debt would increase
future earnings and cash flows by approximately $4.9 million. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>If market rates of interest increase by 1%, the fair
value of our outstanding fixed-rate mortgage debt would decrease by
approximately $42.0 million. If market rates of interest decrease by 1%, the
fair value of our outstanding fixed-rate mortgage debt would increase by
approximately $45.4 million.</FONT></P>
<P><A NAME=A9></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 3. <U>Quantitative
and Qualitative Disclosures about Market Risk</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Market risk is the exposure to loss resulting from
changes in interest rates, commodity prices and equity prices. In pursuing its
business plan, the primary market risk to which the Company is exposed is
interest rate risk. Changes in the general level of interest rates prevailing
in the financial markets may affect the spread between the Company&#146;s yield on
invested assets and cost of funds and, in turn, the Company&#146;s ability to make
distributions or payments to its shareholders. While the Company has not
experienced any significant credit losses, in the event of a significant rising
interest rate environment and/or economic downturn, defaults could increase and
result in losses to the Company which adversely affect our operating results
and liquidity. </FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>There have been no material changes in Quantitative
and Qualitative disclosures in 2006 from the disclosures included in the
Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2005.
Reference is made to Item 7 included in the Company&#146;s Annual Report on Form
10-K for the year ended December 31, 2005 and the caption &#147;Interest Rate Risk
and Sensitivity Analysis&#148; under Item 2 of this Quarterly Report on Form 10-Q.</FONT></P>
<P><A NAME=A10></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 4. <U>Controls
and Procedures</U></B></FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Evaluation of disclosure controls
  and procedures.</I> Under the supervision and with the
  participation of our management, including our principal executive officer
  and principal financial officer, we conducted an evaluation of our disclosure
  controls and procedures, as such term is defined under Rule&nbsp;13a-15(e)
  promulgated under the Securities Exchange Act of 1934, as amended (the
  Exchange Act) as of the end of the period covered by this quarterly report,
  have concluded that the Company&#146;s disclosure controls and procedures are
  effective to ensure that information required to be disclosed by the Company
  in the reports that it files under the Securities Exchange Act of 1934 is
  recorded, processed, summarized and reported within the time periods
  specified in the rules and forms of the Securities and Exchange Commission.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><I>Changes in internal controls over
  financial reporting.</I> There was no change in the Company&#146;s
  internal control over financial reporting that occurred during the period
  covered by this quarterly report that has materially affected, or is
  reasonably likely to materially affect, the Company&#146;s internal control over
  financial reporting.</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>36</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<P><A NAME=A11></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Part II.  OTHER INFORMATION</B></FONT></P>
<P><A NAME=A12></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 1.    <U>Legal Proceedings</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Not applicable. </FONT></P>
<P><A NAME=A13></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 1A. Risk Factors</B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>There has been no material change to the risk factors
previously disclosed by us in our Form 10-K for the fiscal year ended December
31, 2005.</FONT></P>
<P><A NAME=A14></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 2.    <U>Unregistered Sales of Equity Securities and Use
of Proceeds</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following table summarizes the share repurchases
during the three-month period ended March 31, 2006:</FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
  <TR style="font-size:8PT;">
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <P ALIGN=CENTER><B>Total<BR>
        Number of<BR>
        Shares <BR>
        Purchased (a)</B></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <P ALIGN=CENTER><B>Average<BR>
        Price Paid Per<BR>
        Share</B></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <P ALIGN=CENTER><B>Total<BR>
        Number of<BR>
        Shares<BR>
        Purchased as<BR>
        Part of Publicly<BR>
        Announced Plans<BR>
        or Programs</B></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <P ALIGN=CENTER><B>Maximum<BR>
        Number of<BR>
        Shares that May<BR>
        Yet Be Purchased<BR>
        Under the Plans <BR>
        or Programs (b)</B></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=CENTER>&nbsp;</P>
    </TD>
  </TR>
  <TR>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
  </TR>
  <TR BGCOLOR="#EAF9E8">
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>2006:</U></B></FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD COLSPAN="2" VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
  </TR>
  <TR>
    <TD VALIGN=BOTTOM >
      <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>January</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM width="2%" >
      <h5><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></h5>
    </TD>
    <TD VALIGN=BOTTOM width="1%" >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM width="10%" >
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>50,628</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM width="2%" >
      <h5><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></h5>
    </TD>
    <TD VALIGN=BOTTOM width="1%" >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM width="10%" >
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>28.49</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM width="2%" >
      <h5><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></h5>
    </TD>
    <TD VALIGN=BOTTOM width="1%" >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM width="10%" >
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM width="2%" >
      <h5><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></h5>
    </TD>
    <TD VALIGN=BOTTOM width="1%" >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM width="10%" >
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>762,000</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM width="2%" >
      <h5><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></h5>
    </TD>
  </TR>
  <TR BGCOLOR="#EAF9E8">
    <TD VALIGN=BOTTOM>
      <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>February</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>762,000</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
  </TR>
  <TR>
    <TD VALIGN=BOTTOM >
      <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>March</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>762,000</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM >
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
  </TR>
  <TR>
    <TD VALIGN=BOTTOM>
      <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
  </TR>
  <TR BGCOLOR="#EAF9E8">
    <TD VALIGN=BOTTOM>
      <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>50,628</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>28.49</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>762,000</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
  </TR>
  <TR>
    <TD VALIGN=BOTTOM>
      <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
    </TD>
    <TD VALIGN=BOTTOM>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
    </TD>
  </TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;Represent Common Shares cancelled by the Company
upon vesting of restricted Common Shares previously awarded to Company
employees, in satisfaction of tax withholding obligations.</FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)&nbsp;Represents
activity related only to our 4.0 million share repurchase program. No time limit
has been placed on the duration of the share repurchase program. As of March
31, 2006, we have purchased $56.8 million related to this program.   </FONT></P>
<P><A NAME=A15></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 3.    <U>Defaults Upon Senior
Securities</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Not applicable.</FONT></P>
<P><A NAME=A16></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 4.    <U>Submission of Matters to a Vote of Security
Holders</U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Not applicable.</FONT></P>
<P><A NAME=A17></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 5.    <U>Other Information</U></B></FONT></P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(I)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We held our annual meeting of shareholders on May 2,
  2006. At the meeting, each of the ten individuals nominated for election to
  our Board of Trustees was elected to the Board. These individuals will serve
  on the Board until the next annual meeting of shareholders and until their
  successors are elected and qualified or until their earlier resignation. The
  number of shares cast for or withheld for each nominee is set forth below:</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>37</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="500">
<TR style="font-size:1px">
<TD WIDTH="36%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="26%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="28%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Trustee</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>For</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Withheld</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Walter
  D&#146;Alessio</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>85,145,970</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,186,457</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>D. Pike
  Aloian</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>85,160,346</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,172,081</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Thomas F.
  August</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>82,650,395</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,682,032</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Donald E.
  Axinn</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>83,447,094</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,885,333</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Wyche Fowler</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>85,159,281</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,173,146</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Michael J.
  Joyce</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>83,438,318</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,894,109</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Anthony A.
  Nichols Sr.</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>84,474,348</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,858,079</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Michael V.
  Prentiss</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>82,732,788</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,599,639</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Charles P.
  Pizzi</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>85,183,303</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,149,124</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Gerard H.
  Sweeney</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>84,473,685</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,858,742</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>At our
  annual meeting of shareholders, the shareholders voted as follows to ratify
  the appointment of PricewaterhouseCoopers LLP as our independent registered
  public accounting firm for the calendar year 2006 as follows:</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="66%">
<TR style="font-size:1px">
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="40%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="47%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR BGCOLOR="#EAF9E8">
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>-</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Votes For</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>86,287,028</FONT></P>
</TD>
</TR>
<tr>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>-</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Votes
  Against</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>17,875</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#EAF9E8">
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>-</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Abstentions</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>27,524 </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>-</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Broker Non-Votes</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>zero</FONT></P>
</TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>(II)</FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>At our
  annual meeting of shareholders, each non-employee Trustee received his annual
  trustee fee of $35,000, payable in cash or common shares at the election of
  the non-employee Trustee, and his $40,000 annual restricted share award
  (1,147 shares), the form of which is attached as Exhibit 10.33.</FONT></P>
</TD>
</TR>
</TABLE>
<P><A NAME=A18></A><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Item 6. <U>Exhibits </U></B></FONT></P>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>(a) <U>Exhibits</U></B></FONT></P>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="97%" STYLE="MARGIN-LEFT:3%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Form of
  $300,000,000 aggregate principal amount of Floating Rate Guaranteed Note due
  2009 (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K
  filed on March 28, 2006)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Form of
  $300,000,000 aggregate principal amount of 5.75% Guaranteed Note due 2012
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on March 28, 2006)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4.3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Form of
  $250,000,000 aggregate principal amount of 6.00% Guaranteed Note due 2016
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on March 28, 2006)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Form of
  Fourteenth Amendment to Agreement of Limited Partnership of Brandywine
  Operating Partnership, L.P. (incorporated by reference to Brandywine&#146;s
  Current Report on Form 8-K filed on January 10, 2006)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>List of
  partners of Brandywine Operating Partnership, L.P. (incorporated by reference
  to Brandywine&#146;s Current Report on Form 8-K filed on January 10, 2006)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Term Loan
  Agreement dated as of January 5, 2006 among Brandywine Realty Trust and
  Brandywine Operating Partnership, L.P., as Borrowers, JPMorgan Chase Bank,
  N.A., as Administrative Agent and Syndication Agent, J.P. Morgan Securities Inc.,
  as Lead Arranger and Sole Bookrunner, and the lenders identified therein
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on January 10, 2006)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>2006 Amended
  and Restated Agreement with Anthony A. Nichols, Sr. (incorporated by
  reference to Brandywine&#146;s Current Report on Form 8-K filed on January 10,
  2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Consulting
  Agreement with Michael V. Prentiss (incorporated by reference to Brandywine&#146;s
  Current Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.6</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Consulting
  Agreement with Thomas F. August (incorporated by reference to Brandywine&#146;s
  Current Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.7</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Employment
  Agreement with Gregory S. Imhoff (incorporated by reference to Brandywine&#146;s
  Current Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>38</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="97%" STYLE="MARGIN-LEFT:3%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.8</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Employment
  Agreement with Scott W. Fordham (incorporated by reference to Brandywine&#146;s
  Current Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.9</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Prentiss
  Properties Trust 1996 Share Incentive Plan (incorporated by reference to
  Brandywine&#146;s Current Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>First
  Amendment to the Prentiss Properties Trust 1996 Share Incentive Plan
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Second
  Amendment to the Prentiss Properties Trust 1996 Share Incentive Plan
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Amendment
  No. 3 to the Prentiss Properties Trust 1996 Share Incentive Plan
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Fourth
  Amendment to the Prentiss Properties Trust 1996 Share Incentive Plan
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Amendment
  No. 5 to the Prentiss Properties Trust 1996 Share Incentive Plan
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Sixth
  Amendment to the Prentiss Properties Trust 1996 Share Incentive Plan
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Prentiss
  Properties Trust 2005 Share Incentive Plan (incorporated by reference to
  Brandywine&#146;s Current Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Amended and
  Restated Prentiss Properties Trust Trustees&#146; Share Incentive Plan
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.18</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Amendment
  No. 1 to the Amended and Restated Prentiss Properties Trust Trustees&#146; Share
  Incentive Plan (incorporated by reference to Brandywine&#146;s Current Report on
  Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.19</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Second
  Amendment to the Amended and Restated Prentiss Properties Trust Trustees&#146;
  Share Incentive Plan (incorporated by reference to Brandywine&#146;s Current
  Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.20</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Form of
  Restricted Share Award (incorporated by reference to Brandywine&#146;s Current
  Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.21</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Form of
  Acknowledgment and Waiver Agreement (incorporated by reference to
  Brandywine&#146;s Current Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.22</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Third
  Amended and Restated Employment Agreement with Michael V. Prentiss
  (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K filed
  on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.23</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>First
  Amendment to the Third Amended and Restated Employment Agreement with Michael
  V. Prentiss (incorporated by reference to Brandywine&#146;s Current Report on Form
  8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.24</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Second
  Amendment to the Third Amended and Restated Employment Agreement with Michael
  V. Prentiss (incorporated by reference to Brandywine&#146;s Current Report on Form
  8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.25</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Amended and
  Restated Employment Agreement with Thomas F. August (incorporated by
  reference to Brandywine&#146;s Current Report on Form 8-K filed on January 10,
  2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.26</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>First
  Amendment to the Amended and Restated Employment Agreement with Thomas F.
  August (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K
  filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.27</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Second
  Amendment to the Amended and Restated Employment Agreement with Thomas F.
  August (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K
  filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.28</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Alternative
  Asset Purchase Agreement (incorporated by reference to Brandywine&#146;s Current
  Report on Form 8-K filed on January 10, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.29</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Restricted
  Share Award to President and Chief Executive Officer of Brandywine Realty
  Trust (incorporated by reference to Brandywine&#146;s Current Report on Form 8-K
  filed on February 15, 2006)**</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.30</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Form of
  Restricted Share Award to Executives other than President and Chief Executive
  Officer of Brandywine Realty Trust (incorporated by reference to Brandywine&#146;s
  Current Report on Form 8-K filed on February 15, 2006)**</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>39</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>



<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 width=97% STYLE="MARGIN-LEFT:3%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P></TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P></TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.31</FONT></P></TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Consent and
  Confirmation Agreement between Brandywine Operating Partnership, L.P. and
  Donald&nbsp;E. Axinn (incorporated by reference to Brandywine&#146;s Current
  Report on Form 8-K filed on February 15, 2006)</FONT><BR><BR></P></TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.32</FONT></P></TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Trustee
  Compensation (incorporated by reference to Brandywine&#146;s Current Report on
  Form 8-K filed on March 17, 2006)**</FONT><BR><BR></P></TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.33</FONT></P></TD>
    <TD VALIGN=TOP>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Form
        of Restricted Share Award for Non-Employee Trustees** (incorporated by
        reference to Brandywine&#146;s Quarterly Report on Form 10-Q filed on
        May 10, 2006)</FONT><BR>
        <BR>
      </P></TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>12.1</FONT></P></TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Statement re
  Computation of Ratios</FONT><BR>
  <BR>
</P></TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>31.1</FONT></P></TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Certification
  Pursuant to 13a-14 under the Securities Exchange Act of 1934 (incorporated by
        reference to Brandywine&#146;s Quarterly Report on Form 10-Q filed on
        May 10, 2006)</FONT><BR>
        <BR>
</P></TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>31.2</FONT></P></TD>
<TD VALIGN=TOP>
      <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Certification
        Pursuant to 13a-14 under the Securities Exchange Act of 1934 (incorporated by
        reference to Brandywine&#146;s Quarterly Report on Form 10-Q filed on
        May 10, 2006)</FONT>
        <BR>
        <BR>
      </P></TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>32.1</FONT></P></TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Certification
  Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the
  Sarbanes-Oxley Act of 2002 (incorporated by
        reference to Brandywine&#146;s Quarterly Report on Form 10-Q filed on
        May 10, 2006)</FONT><BR>
        <BR>
</P></TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=LEFT><FONT Face="Times New Roman, Times, Serif" SIZE=2>32.2</FONT></P></TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Certification
  Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the
  Sarbanes-Oxley Act of 2002 (incorporated by
        reference to Brandywine&#146;s Quarterly Report on Form 10-Q filed on
        May 10, 2006)</FONT></P></TD>
</TR>
</TABLE>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management
contract or compensatory plan or arrangement</FONT></P>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>40</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2>



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<DESCRIPTION>EXHIBIT 12.1
<TEXT>

<html>
<head>
<title>Prepared and filed by St Ives Financial</title>
</head>
<body>
<page>



<P ALIGN=Right><FONT Face="Times New Roman, Times, Serif" SIZE=2>Exhibit 12.1</font></p>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Brandywine
Realty Trust<BR>
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share
Distributions<BR>
(in thousands)</B></FONT></P>

<TABLE ALIGN=CENTER  BORDer=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px" >
<TD WIDTH="28%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>For the three months<BR>
  ended March 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>For the years
  ended December 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2003</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2002</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2001</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><B>Earnings
  before fixed charges:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><B>Add:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income from
  continuing operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
        <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,415</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>40,799</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>57,604</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>75,832</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>47,643</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>19,462 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Minority
  interest attributable to continuing operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
        <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(662</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>327</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,472</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,294</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,760 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Fixed charges -
  per below</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>45,069</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>20,221</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>86,636</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>61,894</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>69,476</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>76,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>83,627 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><B>Less:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Capitalized
  interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,545</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,772</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(9,603</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,030</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,503</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,949</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(5,178</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Preferred
  Distributions of consolidated subsidiaries</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(832</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(7,069</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(7,069</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(7,069</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Earnings before
  fixed charges</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
        <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>35,967</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>28,191</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>119,163</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>118,108</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>146,030</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>123,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>98,602 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2><B>Fixed
  charges and Preferred Distributions:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Interest expense
  (including amortization)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>40,967</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>17,797</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>74,363</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>55,061</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>57,835</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>63,522</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>67,496 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Capitalized
  interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,545</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,772</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,603</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,030</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,503</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,949</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,178 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Proportionate
  share of interest for unconsolidated real estate ventures</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,557</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>652</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,670</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,971</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,069</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,410</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,884 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Distributions to
  preferred unitholders in Operating Partnership</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>832</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,069</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,069</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,069 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total Fixed
  Charges</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>45,069</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>20,221</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>86,636</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>61,894</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>69,476</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>76,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>83,627 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Income allocated
  to preferred shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,998</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,998</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,992</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,906</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,906</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,906 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total Preferred
  Distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,998</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,998</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,992</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,906</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,906</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,906 </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Total combined
  fixed charges and preferred distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>47,067</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>22,219</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>94,628</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>71,614</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>81,382</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>88,856</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>95,533 </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"   SIZE=2>Ratio of
  earnings to combined fixed charges and preferred distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
        <P ALIGN=right><FONT Face="Times New Roman, Times, Serif" SIZE=2>0.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=right><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=right><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=right><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.65</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=right><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=right><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=right><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>
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