<SUBMISSION>
<ACCESSION-NUMBER>0000950116-05-001016
<TYPE>10-K
<PUBLIC-DOCUMENT-COUNT>47
<PERIOD>20041231
<FILING-DATE>20050315
<DATE-OF-FILING-DATE-CHANGE>20050315
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CEDAR SHOPPING CENTERS INC
<CIK>0000761648
<ASSIGNED-SIC>6798
<IRS-NUMBER>421241468
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-K
<ACT>34
<FILE-NUMBER>001-31817
<FILM-NUMBER>05682243
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>44 SOUTH BAYLES AVENUE
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
<PHONE>5167676492
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>44 SOUTH BAYLES AVENUE
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CEDAR INCOME FUND LTD /MD/
<DATE-CHANGED>20001128
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>UNI INVEST USA LTD
<DATE-CHANGED>20000407
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CEDAR INCOME FUND LTD
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>tenk.htm
<DESCRIPTION>TENK.HTM
<TEXT>
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<title>Prepared and filed by St Ives Burrups</title>
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<div><a name=Cover></a><font size="2" face="Times New Roman"><a href="#Contents">Click here to Contents </a>&#160;</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="4" face="Times New Roman"><b>UNITED STATES<br>  SECURITIES AND EXCHANGE COMMISSION</b><br>  <font size="3"><b>WASHINGTON, D.C. 20549</b></font></font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="4" face="Times New Roman"><b>FORM 10-K</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face=Wingdings><b>x</b></font><font face="Times New Roman" size="3">&nbsp;<b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF</b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>THE  SECURITIES EXCHANGE ACT OF 1934</b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>&nbsp;</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>For the  fiscal year ended December 31, 2004</b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>&nbsp;</b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>OR</b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>&nbsp;</b></font></div>

<div  align="center"><font size="3" face=Wingdings><b>o</b>&nbsp;<font face="Times New Roman" size="3"><b>TRANSITION REPORT PURSUANT</b></font><font  face="Times New Roman" size="3"><b> TO SECTION 13 OR 15(d) OF</b></font></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>THE  SECURITIES EXCHANGE ACT OF 1934</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>COMMISSION  FILE NUMBER: 0-14510</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div  align="center"><font size="4" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div  align="center"><font size="1" face="Times New Roman"><b>(Exact name of registrant as  specified in its charter)</b></font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

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  <div align="center" style='margin-left:5%; text-align:center;    text-indent:-.5%'><font size="2" face="Times New Roman"><b>Maryland</b></font></div>
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  <div  align="center">&nbsp;</div>
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  <td width="49%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman"><b>42-1241468</b></font></div>
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  <div align="center" style='margin-left:5%; text-align:center;    text-indent:-.5%'><font size="1" face="Times New Roman"><b>(State or other jurisdiction of incorporation or    organization)</b></font></div>
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  <div  align="center">&nbsp;</div>
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  <td width="49%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>(I.R.S.    Employer Identification Number)</b></font></div>
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  <div align="center" style='margin-left:5%; text-align:center;    text-indent:-.5%'>&nbsp;</div>
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  <div  align="center">&nbsp;</div>
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  <div align="center" style='margin-left:5%; text-align:center;    text-indent:-.5%'><font size="2" face="Times New Roman"><b>44 South Bayles Avenue, Port    Washington, NY</b></font></div>
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  <div  align="center">&nbsp;</div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>11050</b></font></div>
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  <div align="center" style='margin-left:5%; text-align:center;    text-indent:-.5%'><font size="1" face="Times New Roman"><b>(Address of principal executive offices)</b></font></div>
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  <div  align="center">&nbsp;</div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>(Zip Code)</b></font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Registrant&#146;s telephone number, including area code:&#160; (516) 767-6492</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Securities registered pursuant to Section 12(b) of the Act:</b></font></div>

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  <div  align="center"><font size="1" face="Times New Roman"><b>Title of    each class</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>Name of    each exchange on<br>    which registered</b></font></div>
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  <div><font size="2" face="Times New Roman">Common Stock, $0.06 par value</font></div>
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  <div><font size="2" face="Times New Roman">New York Stock Exchange</font></div>
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  <div><font size="2" face="Times New Roman">8-7/8% Series A Cumulative Redeemable</font></div>
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  <div><font size="2" face="Times New Roman">Preferred Stock, $25.00 Liquidation Value</font></div>
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  <div><font size="2" face="Times New Roman">New York Stock Exchange</font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Securities registered pursuant to Section 12(g) of the Act:  None</b></font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Indicate by check mark whether the registrant (1) has filed all reports  required to be filed by Section 13 or 15(d) of the Securities Exchange Act of  1934 during the preceding 12 months (or for such shorter period that the  registrant was required to file such reports) and (2) has been subject to such  filing requirements for the past 90 days.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">Yes&nbsp;&nbsp;<img src="tickedbox.gif" title="checked box">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<img src="emptybox.gif" title="checked box"></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Indicate by check mark if disclosure of delinquent filers pursuant to  Item 405 of Regulation S-K is not contained herein, and will not be contained,  to the best of registrant&#146;s knowledge, in definitive proxy or information  statements incorporated by reference in Part III of this Form 10-K or any  amendment to this Form 10-K.&nbsp;<img src="tickedbox.gif" title="checked box"></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Indicate by check mark if&#160; the  registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">Yes&nbsp;&nbsp;<img src="tickedbox.gif" title="checked box">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<img src="emptybox.gif" title="checked box"></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Based on the closing sales price on June 30, 2004 of $11.49 per share,  the aggregate market value of the voting stock held by non-affiliates of the  registrant was $181,338,000.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">The number of shares outstanding of the registrant&#146;s Common Stock $.06  par value was 19,351,000 on February 28, 2005. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>DOCUMENTS  INCORPORATED BY REFERENCE:</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Portions of the registrant&#146;s definitive proxy statement relating to its  2005 annual meeting of shareholders are incorporated herein by reference.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>


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<PAGE>

<div><a name=Contents></a><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>TABLE OF  CONTENTS</b></font></div>

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  <div align="center"><font size="1" face="Times New Roman"><b>Item No.</b></font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="1" face="Times New Roman"><b>Page No.</b></font></div>
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  <td  colspan="3"  valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><b>PART I</b></font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p5">1.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p5">Business</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p5">5</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p19">2.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p19">Properties</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p19">19</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p22">3.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p22">Legal Proceedings</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p22">22</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p22">4.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p22">Submission of Matters to a Vote of    Security Holders</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p22">22</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="center">&nbsp;</div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>PART    II</b></font></div>
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  <div  align="center">&nbsp;</div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p25">5.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p25">Market for Registrant&#146;s Common    Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</a></font></div>
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  <td width="7%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p25">25</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p26">6.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p26">Selected Financial Data</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p26">26</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p28">7.</a></font></div>
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  <td width="81%" valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p28">Management&#146;s Discussion and Analysis    of Financial Condition and Results of Operations</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p28">28</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p36">7A.</a></font></div>
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  <td width="81%" valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p36">Quantitative and Qualitative    Disclosures about Market Risk</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p36">36</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p37">8.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p37">Financial Statements and    Supplementary Data</a></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><a href="#p37">37</a></font></div>
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  <div  align="center">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p60">9.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p60">Changes in, and Disagreements with    Accountants on Accounting and Financial Disclosure</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p60">60</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p60">9A.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p60">Controls and Procedures, including    Management Report on Internal Control Over Financial Reporting</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p60">60</a></font></div>
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  <div  align="center">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p60">9B.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p60">Other Information</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p60">60</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <td width="5%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>PART    III</b></font></div>
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  <td width="7%" valign="top">
  <div  align="center">&nbsp;</div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p61">10.</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p61">Directors and Executive Officers of    the Registrant</a></font></div>
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  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p61">61</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p61">11.</a></font></div>
  </td>
  <td width="81%" valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p61">Executive Compensation</a></font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p61">61</a></font></div>
  </td>
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  <div  align="center">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p61">12.</a></font></div>
  </td>
  <td width="81%" valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p61">Security Ownership of Certain    Beneficial Owners and Management and Related Stockholder Matters</a></font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p61">61</a></font></div>
  </td>
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  <div  align="center">&nbsp;</div>
  </td>
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  <div><font size="2" face="Times New Roman"><a href="#p61">13.</a></font></div>
  </td>
  <td width="81%" valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p61">Certain Relationships and Related    Transactions</a></font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p61">61</a></font></div>
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  <div  align="center">&nbsp;</div>
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  <div><font size="2" face="Times New Roman"><a href="#p61">14.</a></font></div>
  </td>
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  <div><font size="2" face="Times New Roman"><a href="#p61">Principal Accountant Fees and    Services</a></font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p61">61</a></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>PART    IV</b></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p62">15</a></font></div>
  </td>
  <td width="81%" valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p62">Exhibits and Financial Statement    Schedules</a></font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><a href="#p62">62</a></font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">3</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>SPECIAL  NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Certain statements contained in this Annual Report on Form 10-K  constitute forward-looking statements within the meaning of Section 27A of the  Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Such forward-looking statements include, without limitation, statements  containing the words &#147;anticipates,&#148; &#147;believes,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;future,&#148;  and words of similar import which express the Company&#146;s belief, expectations or  intentions regarding future performance or future events or trends. While  forward-looking statements reflect good faith beliefs, they are not guarantees  of future performance and involve known and unknown risks, uncertainties and  other factors, which may cause actual results, performance or achievements to  differ materially from anticipated future results, performance or achievements  expressed or implied by such forward-looking statements as a
result of factors  outside of the Company&#146;s control. Certain factors that might cause such a  difference include, but are not limited to, the following: real estate  investment considerations, such as the effect of economic and other conditions  in general and in the eastern United States in particular; the financial  viability of the Company&#146;s tenants; the continuing availability of shopping  center acquisitions, and development and redevelopment opportunities, on  favorable terms; the availability of equity and debt capital in the public and  private markets; the fact that returns from development, redevelopment and  acquisition activities may not be at expected levels; the Company&#146;s potential  inability&#160; to realize the level of  proceeds from property sales as initially expected; inherent risks in ongoing  redevelopment and development projects including, but not limited to, cost  overruns resulting from weather delays, changes in the nature and scope of  redevelopment and
development efforts, and market factors involved in the  pricing of material and labor; the need to renew leases or re-let space upon  the expiration of current leases; and the financial flexibility to refinance  debt obligations when due. The Company does not intend, and disclaims any duty  or obligation, to update or revise any forward-looking statements set forth in  this report to reflect any change in expectations, change in information, new  information, future events or circumstances on which such information was  based.</font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">4</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Part I.</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 1.  Business</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>General</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Cedar Shopping Centers, Inc. (the &#147;Company&#148;) was  organized in 1984 and elected to be taxed as a real estate investment trust  (&#147;REIT&#148;) in 1986.&#160; The Company is now a  fully-integrated, self-administered and self-managed real estate company, and  focuses on the ownership, operation, development and redevelopment of community  and neighborhood shopping centers located primarily in Pennsylvania, with  additional properties in Connecticut, Maryland, Massachusetts and New  Jersey.&#160; As of December 31, 2004, the  Company owned 31 properties, aggregating approximately 4.9 million square feet  of gross leasable area (&#147;GLA&#148;). </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Originally incorporated in Iowa in 1984, the Company&#146;s  common stock was listed on the NASDAQ securities market shortly  thereafter.&#160; In June 1998, following a  tender offer for the purchase of the Company&#146;s shares by Cedar Bay Company  (&#147;CBC&#148;), the Company was reorganized as a Maryland corporation and included in  an &#147;umbrella partnership&#148; structure through the contribution of substantially  all of its assets to a Delaware limited partnership, Cedar Shopping Centers  Partnership, L.P. (the &#147;Operating Partnership&#148;).&#160; At the time of the tender offer, the Company owned four  properties, which it had held since shortly after its incorporation.&#160; During the years 2000, 2001 and 2002, the  Company sold those four properties and reinvested the net proceeds, together  with newly-borrowed funds, in a portfolio of primarily supermarket-anchored  shopping centers.&#160; This marked a change
of focus away from the prior concentration in office and office/warehouse properties  dispersed throughout the United States to retail properties, mostly  supermarket-anchored shopping centers, all located in the Northeast, primarily  in Pennsylvania.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">In early 2003, the Company&#146;s management made a  strategic decision to significantly expand the Company&#146;s capital base and its  portfolio of shopping-center properties through a public offering of shares of  its common stock. Also, at that time, it was determined that the Company would  acquire (1) the companies that had previously provided the Company with  advisory, management, and legal services, and (2) the ownership interests in  the Operating Partnership and certain other remaining property partnership  interests that were held by related parties.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Company has elected to be taxed as a REIT under  applicable provisions of the Internal Revenue Code of 1986, as amended (the  &#147;Code&#148;). To qualify as a REIT under those provisions, the Company must have a  significant percentage of its assets invested in, and income derived from, real  estate and related sources.&#160; The  Company&#146;s objectives are to provide to its shareholders a professionally  managed, diversified portfolio of commercial real estate investments (primarily  supermarket-anchored shopping centers), which will provide the best available  cash flow, currently or in the future, taking into account an acceptable/modest  risk profile, and present an opportunity for capital appreciation.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Company, the Operating Partnership, their  subsidiaries and affiliated partnerships are separate legal entities. For ease  of reference, the terms &#147;Company&#148; and &#147;Operating Partnership&#148; (including their  respective subsidiaries and affiliates) refer to the business and properties of  all these entities, unless the context otherwise requires. The Company&#146;s  executive offices are located at 44 South Bayles Avenue, Port Washington, New  York 10050 (telephone 516-767-6492). The Company&#146;s website can be accessed at  www.cedarshoppingcenters.com, where a copy of the Company&#146;s Forms 10-K, 10-Q,  8-K and other filings with the SEC can be obtained free of charge. These SEC  filings are added to the website as soon as reasonably practicable. The  Company&#146;s Code of Ethics, corporate governance guidelines and committee  charters are also available on the website. This information is also available  by
written request to Investor Relations at the executive office address set  forth above.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">5</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Acquisitions in 2004</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">During 2004, the Company acquired eight shopping  centers containing approximately 1.4 million sq. ft. of GLA for an aggregate  purchase price of approximately $157.4 million. In addition, the Company  acquired approximately 55 acres of land for development and/or future expansion  for an aggregate purchase price of approximately $3.6 million. Information  relating to the acquired shopping center properties is summarized as follows:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">On March 5, 2004, the  Company acquired The Commons in DuBois, PA. This community shopping center  contains approximately 175,000 sq. ft. of GLA; it was built in 1999 and  expanded in 2003. Tenants include a 53,000 sq. ft. Shop `n Save supermarket and  a 55,000 sq. ft. Elder Beerman department store. The property also has a  117,000 sq. ft. Lowe&#146;s home improvement center as a &#147;shadow&#148; (i.e., non-owned)  anchor. The purchase price for the property was approximately $17.7 million,  including closing costs. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">On March 17, 2004, the  Company acquired the Townfair Center in Indiana, PA. This community shopping  center contains approximately 204,000 sq. ft. of GLA; it was built in 1997 and  expanded in 2001-2003. The property also includes five acres of unencumbered  land available for further expansion. Tenants include a 95,000 sq. ft. Lowe&#146;s  home improvement center, a 50,000 sq. ft. Shop `n Save supermarket and an  18,000 sq. ft. Michael&#146;s craft store. The purchase price for the property was  approximately $16.5 million, including closing costs and the assumption of a  6.96% first mortgage loan with a balance of approximately $10.0 million. The  mortgage loan is amortized over a thirty year schedule with the balance due in  March 2008.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">On April 1, 2004, the  Company acquired Carbondale Plaza in Carbondale, PA. This community shopping  center contains approximately 130,000 sq. ft. of GLA; it was built in 1972 and  portions of the property were renovated in 1999. Tenants include a 53,000 sq.  ft. Weis supermarket and a 10,000 sq. ft. CVS drug store. Acquired as a  redevelopment property, the center also contains a vacant 50,000 sq. ft. former  Ames department store, which the Company intends to rebuild and re-lease (in  January 2005, the Company concluded leases with Peebles and Dollar Tree for  approximately 30,000 sq. ft. of such space). The purchase price for the  property was approximately $4.4 million, including closing costs and the  issuance of approximately 15,000 OP Units valued at $210,000.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">On June 18, 2004, the  Company acquired Lake Raystown Plaza and Huntingdon Plaza, two adjacent  properties in Huntingdon, PA. These community shopping centers contain  approximately 235,000 sq. ft. of GLA, plus an additional 26 acres of unencumbered  land available for further expansion. Lake Raystown was built in 1995 &#150; 1996;  Huntingdon Plaza was built in 1970 and expanded in 1993. Tenants include a  39,000 sq. ft. Giant Foods Stores, Inc. supermarket (&#147;Giant Foods&#148;), a 22,000  sq. ft. Peebles department store, and a 10,000 sq. ft. Rite Aid drug store. The  combined purchase price for the properties and the vacant land was  approximately $13.0 million, including closing costs.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">On June 25, 2004, the Company acquired two adjacent  community shopping center properties in Hamburg, PA containing approximately  98,000 sq. ft. of GLA; the properties were built in 1988 and expanded in 1993.  Acquired as redevelopment properties, the centers contain a vacant 55,000 sq.  ft. former Ames department store and a 29,000 sq. ft. Food Lion supermarket  vacated after the closing pursuant to an agreement between the tenant and the  Company; the Company intends to rebuild and re-lease both of these store  premises (in January  2005, the Company concluded a lease with Redner&#146;s Markets, Inc. for  approximately 57,000 sq. ft. of such space). The purchase price for the  properties was approximately $5.8 million, including closing costs.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">6</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">On November 1, 2004, the Company acquired Franklin  Village Plaza in Franklin, MA. This community shopping center contains  approximately 253,000 sq. ft. of GLA, with an adjacent office building  containing approximately 36,000 sq. ft.; it was built in 1987 and expanded in  1989. A 55,000 sq. ft. (presently expanding to 75,000 sq. ft.) Stop &amp; Shop  and a 27,000 sq. ft. Marshalls are the principal anchor tenants. The purchase  price for the property was approximately $72.6 million, including closing  costs. The acquisition was funded by a $43.5 million, seven-year, 4.81%  interest-only first mortgage, with the balance provided from the Company&#146;s  secured revolving credit facility.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">On December 27, 2004, the Company acquired The  Brickyard shopping center, in Berlin CT.&#160;  This community shopping center contains approximately 275,000 sq. ft. of  GLA; it was built in 1989 - 1990. A 110,000 sq. ft. Sam&#146;s Club and a 103,000  sq. ft. Home Depot are the principal anchor tenants. The purchase price for the  property was approximately $28.2 million, including closing costs.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Option</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Company has an option to acquire the Shore Mall in  Egg Harbor Township, NJ, a 620,000&nbsp;sq. ft. shopping center. The option,  which is subject to a right of first refusal of a former owner, expires in  2013, and provides that the purchase price be the appraised value at the time  the option is exercised. The option also provides the Company with a right of  first refusal if the owner receives a bona fide third-party offer. Following  the 2003 public offering, the Company has been providing property management,  leasing, construction management and legal services to the property, and  expects to continue to provide these services, and to receive fees at standard  rates, until the property is acquired, sold or otherwise disposed of by the  existing owners. An affiliate of CBC owns 92% of this property and  Mr.&nbsp;Ullman, the Company&#146;s Chief Executive Officer, owns&nbsp;8%. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Competition</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Company believes that competition for the  acquisition and operation of retail shopping centers is highly fragmented. It  faces competition from institutional investors, public and private REITs, and  owner-operators engaged in the acquisition, ownership and leasing of shopping  centers, as well as from numerous local, regional and national real estate  developers and owners in each of its markets. It also faces competition in  leasing available space at its properties to prospective tenants.&#160; The actual competition for tenants varies  depending upon the characteristics of each local market in which it owns and  manages property. The Company believes that the principal competitive factors  in attracting tenants in its market areas are location, price and other terms,  the presence of anchor tenants, the mix and quality of tenants, and maintenance  of its properties.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Environmental Matters</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Under various federal, state, and local laws,  ordinances and regulations, an owner or operator of real estate may be required  to investigate and clean up hazardous or toxic substances or other contaminants  at such property, and may be held liable to a governmental entity or to third  parties for property damage, and for investigation and clean up costs incurred  by such parties in connection with contamination. The cost of investigation,  remediation or removal of such substances may be substantial, and the presence  of such substances, or the failure to properly remediate such substances, may  adversely affect the owner&#146;s ability to sell or rent such property or to borrow  using such property as collateral. In connection with the ownership, operation  and management of real properties, the Company is potentially liable for  removal or remediation costs, as well as certain other related costs and  liabilities, including
governmental fines and injuries to persons and property.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">7</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The  Company believes that environmental studies made with respect to substantially  all of its properties have not revealed environmental liabilities that would  have a material adverse affect on its business, results of operations and  liquidity. However, no assurances can be given that existing environmental  studies with respect to any of the properties reveal all environmental  liabilities, that any prior owner of a property did not create a material  environmental condition not known to the Company, or that a material  environmental condition does not otherwise exist at any one or more of its  properties. If a material environmental condition does in fact exist, it could  have an adverse impact upon the Company&#146;s financial condition, results of  operations and liquidity.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Employees</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">As of December 31, 2004, the Company had 45 employees  (41 full time and 4 part time).&#160; The  Company believes that its relations with its employees are good.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>The Company&#146;s  Properties</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The following table sets forth information relating to  the Company&#146;s properties as of December 31, 2004:</font></div>

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  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    owned (2)</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    occupied</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>Major    tenants [&gt;=20,000 SF of GLA]</b></font></div>
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  <div><font size="1" face="Times New Roman"><b>Property description</b></font></div>
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  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="13%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Tenant    name</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>SF</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Lease <br>    expiration</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="13%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman"><b>STABILIZED    PROPERTIES (1):</b></font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">The Point</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">255,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">22,558,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,264,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">55,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2021</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Harrisburg, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">Burlington Coat Factory</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">76,665</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">24,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">08/31/2013</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">A.C. Moore</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2008</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Academy Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">153,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12,115,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,278,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Acme Markets</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">50,918</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">09/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Raising Horizons School</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,092</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">08/31/2005</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Port Richmond Village</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">155,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">14,056,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,135,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">Thriftway</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">40,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10/31/2008</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">Pep Boys</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20,615</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2009</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Washington Center Shoppes</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">153,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">9,293,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,749,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">99</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Acme Markets</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">66,046</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12/02/2020</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Washington Township, NJ</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Powerhouse Gym</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,742</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2012</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Red Lion</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">224,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">18,995,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,459,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">87</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">Best Buy Stores</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">46,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2014</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">Sports Authority</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,825</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">08/15/2005</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">23,942</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2015</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Loyal Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">25</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">294,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">19,595,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">13,532,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">K-Mart</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">102,558</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">08/31/2006</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Williamsport, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">66,935</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10/31/2019</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,661</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11/30/2014</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">LA Fitness Facility</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">50</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">41,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,930,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,955,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">LA Fitness</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">41,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Fort Washington, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Fairview Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">30</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">70,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8,871,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,941,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">59,237</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">02/28/2017</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">New Cumberland, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Halifax Plaza</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">30</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">54,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,571,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,100,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">32,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10/11/2019</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Halifax, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">8</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p9></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Year<br>    acquired</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    owned (2)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>GLA</b></font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Net book<br>    value</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Mortgage<br>    loan payable<br>    balance</b></font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    occupied</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="28%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Major    tenants [&gt;=20,000 SF of GLA]</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="28%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman"><b>Property description</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Tenant    name</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>SF</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Lease<br>    expiration</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Newport Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">30</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">67,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6,475,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,237,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">43,400</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2021</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Newport, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Pine Grove Plaza</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">79,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7,829,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,738,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Peebles</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">24,963</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2022</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Pemberton Township, NJ</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Swede Square</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">99,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">9,307,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">88</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">LA Fitness</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">37,200</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">06/30/2016</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">East Norriton, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Valley Plaza</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">191,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,483,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">K-Mart</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">95,810</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2009</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Hagerstown, MD</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Ollie&#146;s</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">41,888</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">03/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Tractor Supply</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">32,095</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Wal-Mart Center</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">156,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11,449,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">95</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Wal-Mart</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">95,482</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2020</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Southington, CT</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Namco</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">South Philadelphia</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">283,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,602,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Shop Rite</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">54,388</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2018</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Bally&#146;s Total Fitness</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">31,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2017</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Ross Stores</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">31,349</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2013</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">National Wholesale    Liquidators</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">26,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2016</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Modell&#146;s</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Strauss Discount Auto</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11/30/2013</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">River View Plaza I, II and    III</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">244,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">48,657,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">95</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">United Artists</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">77,700</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">DA Lease Co.</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">25,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2005</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Pep Boys</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">22,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2014</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Columbus Crossing</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">142,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">23,109,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Super Fresh Supermarket</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">61,506</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2020</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Old Navy</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">25,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2008</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">A.C. Moore</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">22,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2011</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Sunset Crossing</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">74,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,849,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">96</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">54,332</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">06/30/2022</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Dickson City, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">The Commons</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">175,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,671,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">98</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Elder-Beerman Stores</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">54,500</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2017</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">DuBois, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Shop &#145;n Save</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">52,654</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10/07/2015</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Townfair Center</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">204,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">16,796,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,167,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Lowe&#146;s Home Centers</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">95,173</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2015</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">White Township, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Shop &#145;n Save</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">50,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">02/08/2012</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Lake Raystown Plaza</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">84,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,073,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">39,244</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2015</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Huntingdon, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Franklin Village Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">304,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">(4)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">71,606,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">43,500,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">96</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Stop &amp; Shop (4)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">75,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10/31/2025</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Franklin, MA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Marshalls</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">26,890</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2009</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">The Brickyard</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">275,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">34,697,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">98</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Sam&#146;s Club</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">109,755</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Berlin, CT</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">The Home Depot</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">103,003</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Syms</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">38,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">03/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Sub-total Stabilized    Properties</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">3,776,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">435,587,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">156,055,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">9</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p10></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Year<br>    acquired</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    owned (2)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>GLA</b></font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Net book<br>    value</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Mortgage<br>    loan payable<br>    balance</b></font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    occupied</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="28%" colspan="5"  valign="bottom">
  <div><font size="1" face="Times New Roman"><b>Major tenants [&gt;=20,000 SF of GLA]</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="28%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Property description</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Name</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>SF</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Lease<br>    expiration</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  colspan="7"  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>DEVELOPMENT/REDEVELOPMENT PROPERTIES:</b></font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Camp Hill Mall</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">449,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">32,257,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">14,000,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><font size="1" face="Times New Roman">(5)</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">67</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Boscov&#146;s</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">167,597</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2010</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Camp Hill, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">42,070</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Barnes &amp; Noble</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">24,908</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Golden Triangle</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">192,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">13,391,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">9,987,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">86</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Marshalls</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">30,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Lancaster, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">24,060</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2012</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">B&amp;G Inc.</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">22,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">04/30/2009</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Carbondale Plaza</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">130,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,758,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">61</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Weis Markets</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">52,720</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">02/29/2016</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Carbondale, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Huntingdon Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">151,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,003,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">50</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Peebles</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">22,060</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Huntingdon, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Hamburg Commons</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">98,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,872,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><Font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">14</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Hamburg, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Meadows Marketplace</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">91,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">(6)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,977,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods (6)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">65,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2025</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">South Hanover Township, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Sub-total Development/Redevelopment    Properties</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,111,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">67,258,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">23,987,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">57</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>LAND ASSETS:</b></font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Washington Center Shoppes    parcel</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">250,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Washington Township, NJ</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Pine Grove Plaza parcel</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">388,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">388,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Pemberton Township, NJ</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Lake Raystown Plaza parcel</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">770,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Huntingdon, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Halifax Plaza parcel</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,072,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Halifax, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Sub-total Land Assets</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,480,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">388,000</font></div>
  </td>
  <td width="3%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
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  <hr noshade size="1">


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  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>TOTAL PORTFOLIO</b></font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">4,887,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">505,325,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">180,430,000</font></div>
  </td>
  <td width="3%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">88</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="center">&nbsp;</div>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
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  <div><font size="2" face="Times New Roman">(1)</font></div>
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  <div><font size="2" face="Times New Roman">&#147;Stabilized    properties&#148; are those properties, with no development/redevelopment    activities, having an occupancy rate of at least 80%.</font></div>
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  <div><font size="2" face="Times New Roman">(2)</font></div>
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  <div><font size="2" face="Times New Roman">Other    than the partnerships owning the Red Lion and the LA Fitness Facility    properties, the terms of the several joint venture agreements provide, among    other things, that the minority interest partners receive certain    preferential returns on their investments prior to any distributions to the    Company.</font></div>
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  <div><font size="2" face="Times New Roman">Properties    pledged as collateral under the Company&#146;s secured revolving credit facility,    including Valley Plaza which is being added to the collateral pool. The total    net book value of all such properties was $209,451,000 at December 31, 2004;    the total amounts outstanding under the secured revolving credit facility at    that date was $68,200,000.</font></div>
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  <div><font size="2" face="Times New Roman">(4)</font></div>
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  <div><font size="2" face="Times New Roman">Stop    &amp; Shop is presently constructing an addition to its existing 55,000 sq.    ft. store which will increase the size to 75,000 sq. ft. Upon completion,    which is estimated to be November 1, 2005, the extended lease term will run    for 20 years from that date. The total GLA for the shopping center includes    approximately 15,000 sq. ft. which will result from the Stop &amp; Shop    expansion.</font></div>
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  <div><font size="2" face="Times New Roman">(5)</font></div>
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  <div><font size="2" face="Times New Roman">In    February 2005, the Company received a commitment for an aggregate of $49    million in construction financing, which provides for the repayment of the    $14 million in original acquisition financing, as well as funding for    substantially all the projected redevelopment costs at the property. The    facility will bear interest at 185 bps over LIBOR and mature in three years.</font></div>
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  <div><font size="2" face="Times New Roman">(6)</font></div>
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  <div><font size="2" face="Times New Roman">Giant    Foods has signed a 20-year
      lease for a 65,000 sq. ft. store at Meadows Marketplace. Development activities
      have commenced, are expected to cost approximately $10 million (including
      the cost of the land), and are projected to be completed in September 2005.
      At present, it is anticipated that this property will contain a total of&#160;    approximately
      91,000 sq. ft. of GLA.</font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The terms of the Company&#146;s retail leases vary from  tenancies at will to 25 years, excluding extension options. Anchor tenant  leases are typically for 10 to 25 years, with one or more extension options  available to</font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">10</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">the lessee upon expiration of the initial lease term. By contrast,  smaller store leases are typically negotiated for 5-year terms. The longer  terms of major tenant leases serve to protect the Company against significant  vacancies and to assure the presence of strong tenants who draw consumers to  its centers. The shorter terms of smaller store leases allow the Company under  appropriate circumstances to adjust rental rates periodically for non-major  store space and, where possible, to upgrade the overall tenant mix.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Leases to anchor tenants generally provide lower  minimum rents per square foot than smaller store leases. The Company believes  that minimum rental rates for most anchor tenant leases entered into several  years ago are at or below current market rates, while recent anchor tenant  leases and most non-anchor leases provide for minimum rental rates that more  closely reflect current market conditions. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Most leases contain provisions requiring tenants to  pay their pro rata share of real estate taxes and certain operating costs. Some  leases also provide that tenants pay percentage rent based upon sales volume  generally in excess of certain negotiated minimums.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Risk Factors</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>General</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The  Company&#146;s performance and value are subject to risks associated with real  estate assets and with the real estate industry, including risks related  to adverse changes in national, regional and local economic and market  conditions.&nbsp;The Company&#146;s ability to make expected distributions to its  shareholders depends on its ability to generate sufficient revenues to meet  operating expenses, future debt service and capital expenditure requirements.  Events and conditions generally applicable to owners and operators of real  property that are beyond the Company&#146;s control may decrease cash available for  distribution and the value of its properties. These events include, but may not  be limited to, the following: </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

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  <div><font size="2" face="Times New Roman">1.</font></div>
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  <div><font size="2" face="Times New Roman">local oversupply, increased competition or declining    demand for real estate;</font></div>
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  <div><font size="2" face="Times New Roman">2.</font></div>
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  <div><font size="2" face="Times New Roman">inability to collect rent from tenants;</font></div>
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  <div><font size="2" face="Times New Roman">3.</font></div>
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  <div><font size="2" face="Times New Roman">vacancies or an inability to rent space on favorable    terms;</font></div>
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  <div><font size="2" face="Times New Roman">4.</font></div>
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  <div><font size="2" face="Times New Roman">inability to finance property development, tenant    improvements and acquisitions on favorable terms;</font></div>
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  <div><font size="2" face="Times New Roman">5.</font></div>
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  <div><font size="2" face="Times New Roman">increased operating costs, including real estate    taxes, insurance premiums and utilities;</font></div>
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  <div><font size="2" face="Times New Roman">6.</font></div>
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  <div><font size="2" face="Times New Roman">costs of complying with changes in governmental    regulations;</font></div>
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  <div><font size="2" face="Times New Roman">7.</font></div>
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  <div><font size="2" face="Times New Roman">the relative illiquidity of real estate investments;</font></div>
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  <div><font size="2" face="Times New Roman">8.</font></div>
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  <div><font size="2" face="Times New Roman">changing submarket demographics;&nbsp;and</font></div>
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  <div><font size="2" face="Times New Roman">9.</font></div>
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  <div><font size="2" face="Times New Roman">changing traffic patterns.</font></div>
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<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In addition, periods of economic slowdown or  recession, rising interest rates or declining demand for real estate, or the  public perception that any of these events may occur, could result in a general  decline in rents or an increased incidence of defaults under existing leases,  which would adversely affect the Company&#146;s financial condition, results of  operations, cash flow, per share trading price of its common stock, and the  ability to satisfy its debt service obligations and to make distributions to  its shareholders.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Future Growth and Maintenance of  Profitable Operations</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company has recently experienced and expects to  continue to experience rapid growth. All of the Company&#146;s properties have been  acquired since 2000, and the acquisition of any additional properties would  generate additional operating expenses that the Company would be required to  pay. As the Company acquires additional properties, it will be subject to risks  associated with managing new properties, including tenant</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">11</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">retention and mortgage default. There can be no assurance that the  Company will be able to adapt its management, administrative, accounting and  operational systems, or hire and retain sufficient operational staff, to  integrate these properties into its portfolio without operating disruptions or unanticipated  costs. Any failure by the Company to successfully integrate any future  acquisitions into its portfolio could have a material adverse effect on its  business and operations.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company had net income of $7,860,000 in 2004, and  net losses of $147,000, $468,000 and $21,275,000 for the years ended  December&nbsp;31, 2001, 2002 and 2003, respectively. In 2003, approximately  $20.8&nbsp;million of these losses were one-time transaction costs associated  with the 2003 public offering. If the Company is unable to maintain  profitability, the market price of its common stock could decrease, and its  business and operations could be negatively impacted. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s properties will be subject to increases  in real estate and other tax rates, utility costs, insurance costs, repairs,  maintenance and other operating expenses, and administrative expenses. Rising operating  expenses could reduce the Company&#146;s cash flow and funds available for future  distributions. The Company&#146;s properties and any properties it acquires  in the future are and will be subject to operating risks common to real estate  in general, any or all of which may have a negative affect. If any property is  not fully occupied or if rents are being paid in an amount that is insufficient  to cover operating expenses, then the Company could be required to expend funds  to stabilize that property&#146;s operating expenses. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Retention of Key Personnel</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The  Company&#146;s success depends on the efforts of key personnel, particularly Leo  S.&nbsp;Ullman, chairman, president, and chief executive officer, whose continued  service is not guaranteed. The loss of services of key personnel could  materially and adversely affect the Company&#146;s operations because of diminished  relationships with lenders, sources of equity capital, and existing and  prospective tenants.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Development/Redevelopment Activities</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Development/redevelopment  activities may be delayed or otherwise may not achieve expected results.  The Company is in the process of developing one property (Meadows Marketplace),  redeveloping several of its other properties (Camp Hill Mall, Golden Triangle,  Carbondale Plaza, Huntingdon Plaza and Hamburg Commons), and expects to  continue such activities in the future. In this connection, the Company will  bear certain risks, including the risks of construction delays or cost overruns  that may increase project costs and make such project uneconomical, the risk  that occupancy or rental rates at a completed project will not be sufficient to  enable the Company to pay operating expenses or earn the targeted rate of  return on investment, and the risk of incurrence of predevelopment costs in  connection with projects that are not pursued to completion. In addition,  consents may be required from various tenants, lenders, and/or joint
venture  partners. In case of an unsuccessful project, the Company&#146;s loss could exceed  its investment in the project.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Acquisitions</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">Integral to the Company&#146;s business strategy is its  ability to expand through acquisitions, which requires it to identify suitable  acquisition candidates or investment opportunities that meet its criteria and  are compatible with its growth strategy. The Company analyzes potential  acquisitions on a property-by-property and market-by-market basis. It may not  be successful in identifying suitable real estate properties or other assets  that meet its acquisition criteria, or in consummating acquisitions or  investments on satisfactory terms. Failure to identify or consummate  acquisitions could reduce the number of acquisitions the Company completes and  slow its growth, which could in turn harm its stock price. </font></div>

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<div  align="center"><font size="2" face="Times New Roman">12</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company competes with many other entities engaged  in real estate investment activities for acquisitions of retail properties,  including institutional investors, REITs, and other owner-operators of shopping  centers. These competitors may drive up the price the Company must pay for real  estate properties, or may succeed in acquiring those properties themselves. In  addition, the Company&#146;s potential acquisition targets may find such competitors  to be more attractive suitors for a number of reasons, such as, for example,  they may have greater resources, may be willing to pay more, or may have a more  compatible operating philosophy. Further, the number of entities and the amount  of funds competing for suitable investment properties may increase. This would  result in increased demand for these assets and therefore increased prices paid  for them. If the Company pays higher prices for properties, its profitability  could be
reduced.</font></div>

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<div><font size="2" face="Times New Roman"><b>Dependence on Rental Income</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">Substantially all of the Company&#146;s revenues are  derived from rental income from its properties. The Company&#146;s tenants may  experience a downturn in their business at any time that may weaken their  financial condition. As a result, any such tenants may delay lease  commencement, fail to make rental payments when due, decline to extend a lease  upon its expiration, become insolvent, or declare bankruptcy. Any leasing  delays, failure to make rental payments when due, or tenant bankruptcies could  result in the termination of the tenant&#146;s lease, and material losses to the  Company and its operating results. In addition, adverse market conditions and  competition may impede the Company&#146;s ability to renew leases or re-let space as  leases expire, which could harm its business and operating results.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s business may be seriously harmed if any  anchor tenant fails to renew its lease or vacates a property and prevents the  Company from re-leasing that property by continuing to pay base rent for the  balance of the term. In addition to the loss of rental payments from the anchor  tenant, a lease termination by an anchor tenant or a failure by that anchor  tenant to occupy the premises could result in lease terminations or reductions  in rent by other tenants in the same shopping center whose leases permit  cancellation or rent reduction under these circumstances.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The  Company may be restricted from re-leasing space based on existing exclusivity  lease provisions with some of its tenants. In these cases, the leases  contain provisions giving the tenant the exclusive right to sell particular  types of merchandise or provide specific types of services within the  particular retail center which limit the ability of other tenants within that  center to sell that merchandise or provide those services. When re-leasing  space after a vacancy by one of these other tenants, these provisions may limit  the number and types of prospective tenants for the vacant space. The failure  to re-lease space or to re-lease space on satisfactory terms could harm  operating results.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company also faces competition from similar retail  centers within its respective trade areas that may affect its ability to renew  leases or re-let space as leases expire. In addition, any new competitive  properties that are developed within the trade areas of the Company&#146;s existing  properties may result in increased competition for customer traffic and  creditworthy tenants. Increased competition for tenants may require the Company  to make capital improvements to properties that it would not have otherwise  planned to make. Any unbudgeted capital improvements the Company undertakes may  reduce cash that would otherwise be available for distributions to  shareholders. Ultimately, to the extent the Company is unable to renew leases  or re-let space as leases expire, it would result in decreased cash flow from  tenants and harm operating results.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">At December&nbsp;31, 2004, eight of the Company&#146;s  properties had a Giant Foods supermarket as an anchor tenant, and one property  had a Stop &amp; Shop supermarket as an anchor tenant. For the year ended December&nbsp;31, 2004,  the combination of Giant Foods and Stop &amp; Shop represented approximately  10% of the Company&#146;s total revenues. Ahold N.V., a Netherlands  corporation and the ultimate parent company of Giant Foods and Stop &amp; Shop,  generally guarantees the Giant Food leases.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">Any bankruptcy filings by or relating to one of the  Company&#146;s tenants or a lease guarantor would generally bar efforts by the  Company to collect pre-bankruptcy debts from that tenant, or lease guarantor,  unless the Company receives an order permitting it to do so from the bankruptcy  court. A bankruptcy by a tenant or lease guarantor could delay efforts to  collect past due balances, and could ultimately preclude full collection of  these sums. If a lease is affirmed by the tenant in bankruptcy, all  pre-bankruptcy balances due under the lease must generally be paid in full.  However, if a lease is disaffirmed by a tenant in bankruptcy, the Company would  have only an unsecured claim for damages, which would be paid normally only to  the extent that funds are available, and only in the same percentage as is paid  to all other members of the same class of unsecured creditors. It is possible  and indeed likely that the Company
would recover substantially less than the  full value of any unsecured claims it holds, which may in turn harm its  financial condition. </font></div>

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<div><font size="2" face="Times New Roman"><b>Joint Ventures</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company owns some of its properties through joint  ventures and in the future it may co-invest with third parties through joint  ventures. The Company may not be in a position to exercise sole decision-making  authority regarding the properties owned through joint ventures. Investments in  joint ventures may, under certain circumstances, involve risks not present when  a third party is not involved, including the possibility that joint venture  partners might become bankrupt or fail to fund their share of required capital  contributions. Joint venture partners may have business interests or goals that  are inconsistent with the Company&#146;s business interests or goals, and may be in  a position to take actions contrary to the Company&#146;s policies or objectives.  Such investments also may have the potential risk of impasses on decisions,  such as a sale, because neither the Company nor the joint venture partner would  have full
control over the joint venture. Any disputes that may arise between  the Company and joint venture partners may result in litigation or arbitration  that would increase the Company&#146;s expenses and prevent its officers and/or  directors from focusing their time and effort on Company business.  Consequently, actions by or disputes with joint venture partners might result  in subjecting properties owned by the joint venture to additional risk. In  addition, the Company may in certain circumstances be liable for the actions of  its third-party joint venture partners. Further, the terms of certain of its  joint venture partnership agreements provide for minimum priority cumulative  returns to the joint venture partners. To the extent that these specified  minimum returns are not achieved, the Company&#146;s equity interest in these  partnerships may be negatively affected.&nbsp;&nbsp;&nbsp;</font></div>

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<div><font size="2" face="Times New Roman"><b>Borrowings/Debt</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">At December&nbsp;31, 2004, the Company had  approximately $248.6&nbsp;million of outstanding debt, of which its share was  approximately $212.1&nbsp;million. Approximately $87.2&nbsp;million of this  outstanding debt bore interest at a variable rate, of which the Company&#146;s share  was approximately $84.7&nbsp;million. During 2004, the Company&#146;s LIBOR base for  its variable rate debt increased from 1.14% at December 31, 2003 to 2.42% at  December 31, 2004. Increases in interest rates may impede the Company&#146;s  operating performance and put it at a competitive disadvantage. Required  repayments of debt and related interest can adversely affect the Company&#146;s  operating performance. </font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company intends to incur additional debt in  connection with future acquisitions of real estate. The Company also may borrow  funds to make distributions to shareholders. The Company&#146;s debt may harm its  business and operating results by (1) requiring it to use a substantial portion  of its funds from operations to pay interest, which reduces the amount  available for distributions, (2) placing it at a competitive disadvantage  compared to competitors that have less debt, (3) making it more vulnerable to  economic and industry downturns and reducing its flexibility in responding to  changing business and economic conditions, and (4) limiting its ability to  borrow more money for operations, capital expenditures, or to finance  acquisitions in the future.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">In addition to these risks and those normally  associated with debt financing, including the risk that the Company&#146;s cash flow  will be insufficient to meet required payments of principal and interest, the  Company is also subject to the risk that it will not be able to refinance  existing indebtedness on its properties (which, in most cases, will not have  been fully amortized at maturity), or that the terms of any refinancing it  could obtain would not be as favorable as the terms of its existing  indebtedness. If the Company is not successful in refinancing this debt when it  becomes due, it may be forced to dispose of properties on disadvantageous  terms, which might adversely affect its ability to service other debt and to  meet its other obligations.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The financial covenants in the Company&#146;s loan  agreements may restrict its operating or acquisition activities, which may harm  its financial condition and operating results.&nbsp;The mortgages on the  Company&#146;s properties contain customary negative covenants, such as those that  limit its ability, without the prior consent of the lender, to further mortgage  the applicable property, to enter into leases, or to discontinue insurance  coverage. The Company&#146;s ability to borrow under its secured revolving credit  facility is subject to compliance with these financial and other covenants,  including restrictions on property eligible for collateral, and overall  restrictions on the amount of indebtedness the Company can incur. If the  Company breaches covenants in its debt agreements, the lender can declare a  default and require the Company to repay the debt immediately and, if the debt  is secured, can take possession of the

property securing the loan.</font></div>

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<div><font size="2" face="Times New Roman"><b>Insurance</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">Potential  losses may not be covered by insurance. The Company carries  comprehensive liability, fire, flood, extended coverage and rental loss insurance  under a blanket policy covering all of its properties. The Company believes the  policy specifications and insured limits are appropriate and adequate given the  relative risk of loss, the cost of the coverage and industry practice. The  Company does not carry insurance for generally uninsured losses such as loss  from war, nuclear accidents, and nuclear, biological and chemical occurrences  from terrorist&#146;s acts. Some of the insurance, such as that covering losses due  to terrorism, floods and earthquakes, is subject to limitations involving large  deductibles or co-payments and policy limits that may not be sufficient to  cover losses. Additionally, certain tenants have termination rights in respect  of certain casualties. If the Company receives casualty proceeds, it may not
be  able to reinvest such proceeds profitably or at all, and it may be forced to  recognize taxable gain on the affected property.&#160; If the Company experiences losses that are uninsured or that exceeds  policy limits, it could lose the capital invested in the damaged properties as  well as the anticipated future cash flows from those properties. In addition,  if the damaged properties are subject to recourse indebtedness, the Company  would continue to be liable for the indebtedness, even if these properties were  irreparably damaged.</font></div>

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<div><font size="2" face="Times New Roman"><b>Economic Conditions</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s properties consist primarily of  neighborhood and community shopping centers, and its performance therefore is  linked to economic conditions in the market for retail space generally. The  market for retail space has been and could be adversely affected by weakness in  the national, regional and local economies, the adverse financial condition of  some large retailing companies, the ongoing consolidation in the retail sector,  the excess amount of retail space in a number of markets, and increasing  consumer purchases through catalogues or the Internet. To the extent that any  of these conditions occur, they are likely to impact market rents for retail  space. </font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s properties are located in the Northeast,  primarily in eastern Pennsylvania, which exposes it to greater economic risks  than if it owned properties in several geographic regions. Any adverse economic  or real estate developments in the Northeast resulting from the region&#146;s  regulatory environment, business climate, fiscal problems or weather, could  have an adverse impact on the Company&#146;s prospects. In addition, the economic  condition of each of the Company&#146;s markets may be dependent on one or more</font></div>

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<div><font size="2" face="Times New Roman">industries. An economic downturn in one of these industry sectors may  result in an increase in tenant vacancies, which may harm the Company&#146;s  performance in the affected market.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">Economic and market conditions also may impact the  ability of the Company&#146;s tenants to make payments required by their leases. If  the Company&#146;s properties do not generate sufficient income to meet operating  expenses, including future debt service, income and results of operations would  be significantly harmed.</font></div>

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<div><font size="2" face="Times New Roman"><b>Failure to Qualify as a REIT</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">If the Company does not qualify as a REIT, its  distributions will not be deductible by it, and its income will be subject to  taxation, reducing earnings available for distribution. The Company has elected  since 1986 to be taxed as a REIT under the Code. A REIT will generally not be  subject to federal income taxation on that portion of its income that qualifies  as REIT taxable income, to the extent that it distributes at least 90% of its  taxable income to its shareholders and complies with certain other  requirements.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company intends to make distributions to  shareholders to comply with the requirements of the Code. However, differences  in timing between the recognition of taxable income and the actual receipt of  cash could require the Company to sell assets or borrow funds on a short-term  or long-term basis to meet the 90% distribution requirement of the Code.  Certain assets generate substantial differences between taxable income and  income recognized in accordance with accounting principles generally accepted  in the United States (&#147;GAAP&#148;). Such assets include operating real estate that  was acquired through structures that may limit or completely eliminate the  depreciation deduction that would otherwise be available for income tax  purposes. As a result, the requirement to distribute a substantial portion of  net taxable income could cause the Company to (1)&nbsp;distribute amounts that  would otherwise be invested in future
acquisitions, capital expenditures or  repayment of debt, (2)&nbsp;borrow on unfavorable terms, or (3)&nbsp;sell  assets in adverse market conditions. If the Company fails to obtain debt or  equity capital in the future, it could limit its ability to grow, which could  have a material adverse effect on the value of its common stock.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">Dividends  payable by REITs do not qualify for the reduced tax rates under recently  enacted tax legislation which reduces the maximum tax rate for dividends  payable to individuals from 35% to 15% (through 2008). Although this  legislation does not adversely affect the taxation of REITs or dividends paid  by REITs, the more favorable rates applicable to regular corporate dividends  could cause investors who are individuals to perceive investments in REITs to  be relatively less attractive investments than in the stock of non-REIT  corporations that pay dividends, which could adversely affect the value of the  stock of REITs.</font></div>

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<div><font size="2" face="Times New Roman"><b>Federal, State and Local Regulations</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The  Company could incur significant costs related to regulations and litigation  over environmental matters. Under various federal, state and local laws,  ordinances and regulations, an owner or operator of real estate may be required  to investigate and clean up hazardous or toxic substances or other contaminants  at such property and may be held liable to a governmental entity or to third  parties for property damage, and for investigation and clean up costs incurred  by such parties in connection with contamination. The cost of investigation,  remediation or removal of such substances may be substantial, and the presence  of such substances, or the failure to properly remediate such substances, may  adversely affect the owner&#146;s ability to sell or rent such property or to borrow  using such property as collateral. In connection with the ownership, operation  and management of real properties, the Company is potentially liable
for  removal or remediation costs, as well as certain other related costs and  liabilities, including governmental fines and injuries to persons and property.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The  Company may incur significant costs complying with the Americans with  Disabilities Act of 1990 (the &#147;ADA&#148;) and similar laws, which require that  all public accommodations meet federal requirements related to access and use  by disabled persons, and with various other federal, state and local regulatory  requirements, such as state and local fire and life safety requirements.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">Although the Company believes that its properties are  currently in material compliance with present requirements of the ADA and other  regulations, it has not conducted an audit or investigation of all its  properties to determine compliance. If one or more of the Company&#146;s properties  were not in compliance with such federal, state and local laws, the Company could  be required to incur additional costs to bring the property into compliance. If  the Company incurs substantial costs to comply with such requirements, its  business and operations could be adversely affected. If the Company fails to  comply with such requirements, it might incur governmental fines or private  damage awards. In addition, the Company does not know whether existing  requirements will change or whether future requirements will require it to make  significant unanticipated expenditures that will adversely impact its business  and operations.</font></div>

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<div><font size="2" face="Times New Roman"><b>Restrictions on Change of Control</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The  Company&#146;s charter and Maryland law contain provisions that may delay, defer or  prevent a change of control transaction and depress the price of its common  stock. The charter,  subject to certain exceptions, authorizes directors to take such actions as are  necessary and desirable relating to qualification as a REIT, and to limit any  person to beneficial ownership of no more than 9.9% of the outstanding shares  of the Company&#146;s common stock. The board of directors, in its sole discretion,  may exempt a proposed transferee from the ownership limit, but may not grant an  exemption from the ownership limit to any proposed transferee whose direct or  indirect ownership could jeopardize the Company&#146;s status as a REIT. These  restrictions on transferability and ownership will not apply if the Company&#146;s  board of directors determines that it is no longer in the Company&#146;s best  interests to continue to qualify
as, or to be, a REIT. This ownership limit may  delay or impede a transaction or a change of control that might involve a  premium price for the Company&#146;s common stock or otherwise be in the best  interests of shareholders.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company may authorize  and issue stock and OP Units without shareholder approval. The Company&#146;s  charter authorizes the board of directors to issue additional shares of common  or preferred stock, to issue additional OP Units, to classify or reclassify any  unissued shares of common or preferred stock, and to set the preferences,  rights and other terms of such classified or unclassified shares. Although the  board of directors has no such intention at the present time, it could  establish a series of preferred stock that could, depending on the terms of  such series, delay, defer or prevent a transaction or a change of control that  might involve a premium price for the Company&#146;s common stock or otherwise be in  the best interests of shareholders.</font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">Certain provisions of the  Maryland General Corporation Law (the &#147;MGCL&#148;) may have the effect of  inhibiting a third party from making a proposal to acquire the Company or of  impeding a change of control under circumstances that otherwise could provide  the holders of shares of the Company&#146;s common stock with the opportunity to  realize a premium over the then-prevailing market price of such shares,  including:</font></div>

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  <div><font size="2" face="Times New Roman">&#147;business combination&#148; provisions that, subject to    limitations, prohibit certain business combinations between the Company and    an &#147;interested stockholder&#148; (defined generally as any person or an affiliate    thereof who beneficially owns 10% or more of the voting power of the    Company&#146;s shares) for five years after the most recent date on which the    stockholder becomes an interested stockholder, and thereafter imposes special    appraisal rights and special stockholder voting requirements on these    combinations; and</font></div>
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  <div><font size="2" face="Times New Roman">&#147;control share&#148; provisions that provide that the    Company&#146;s &#147;control shares&#148; (defined as shares that, when aggregated with other    shares controlled by the stockholder, entitle the stockholder to exercise one    of three increasing ranges of voting power in electing directors) acquired in    a &#147;control share acquisition&#148; (defined as the direct or indirect acquisition    of ownership or control of control shares) have no voting rights except to    the extent approved by the Company&#146;s shareholders by the affirmative vote of    at least two-thirds of all the votes entitled to be cast on the matter,    excluding all interested shares.</font></div>
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<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company has opted out of these provisions of the  MGCL. However, the board of directors may, by resolution, elect to opt in to  the business combination provisions of the MGCL, and the Company may, by  amendment to its bylaws, opt in to the control share provisions of the MGCL.</font></div>

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<div><font size="2" face="Times New Roman"><b>Terrorism</b></font></div>

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<div style='text-indent:5%'><font size="2" face="Times New Roman">Future terrorist attacks in the U.S., such as the  attacks that occurred in New York, Pennsylvania and Washington,&nbsp;D.C. on  September&nbsp;11, 2001, and other acts of terrorism or war, could harm the  demand for and the value of the Company&#146;s properties. Terrorist attacks could  directly impact the value of the Company&#146;s properties through damage,  destruction, loss or increased security costs, and the availability of  insurance for such acts may be limited or may cost more. To the extent that the  Company&#146;s tenants are impacted by future attacks, their ability to continue to  honor obligations under their existing leases could be adversely affected. </font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 2.&#160; Properties</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s properties at December 31, 2004 are  described under Item 1, in the notes to consolidated financial statements, and  in Schedule III, contained elsewhere in this report. The following tables set  forth lease expiration and tenant concentration data with respect to the Company&#146;s  property portfolio as of December 31, 2004:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <Div ><font size="1" face="Times New Roman"><b>Year of lease<br>    expiration</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Number<br>    of leases<br>    expiring</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Sq ft of<br>    leases<br>    expiring</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized<br>    expiring<br>    base rents</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized<br>    expiring base<br>    rents per sq ft</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percentage<br>    of annualized<br>    expiring<br>    base rents</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">M-T-M</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">222,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13.54</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.49</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2005</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">59</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">261,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,835,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14.69</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8.39</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2006</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">72</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">338,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,052,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11.99</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8.87</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2007</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">69</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">257,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,501,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13.64</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7.66</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2008</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">60</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">315,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,501,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14.28</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9.85</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2009</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">65</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">365,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,457,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9.47</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7.57</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">20</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">548,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,969,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7.24</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8.69</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2011</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">20</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">307,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,616,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8.52</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5.73</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2012</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">22</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">206,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,166,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10.50</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4.74</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2013</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">15</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">124,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,439,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11.58</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3.15</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2014</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">19</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">150,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,964,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13.06</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4.30</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Thereafter</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">39</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,420,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13,965,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9.85</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">30.57</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">467</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,307,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">45,687,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10.61</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">100.00</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Vacant (a)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">580,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total portfolio</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">467</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,887,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">45,687,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9.35</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  colspan="2" valign="top">
  <hr size="1" width="25%" noshade color=black align=left>


  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(a)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Includes locations presently undergoing development    and/or redevelopment activities.</font></div>
  </td>
 </tr>
</table>

<div align="center" style='margin-left:5%; text-align:center;  text-indent:-.5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">19</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p20></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman"><b>Tenant</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Number<br>    of<br>    stores</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total<br>    sq ft of<br>    GLA</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percentage<br>    of total<br>    sq ft of GLA</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized<br>    base rent</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized<br>    base rent<br>    per sq ft</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percentage<br>    annualized<br>    base rents</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman"><b>Top    ten tenants:</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Giant Foods/Stop &amp; Shop</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">467,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9.6</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,978,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10.65</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10.9</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">LA Fitness</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">123,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2.5</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,743,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14.17</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3.8</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Staples</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">111,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2.3</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,420,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12.83</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3.1</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">United Artists Theatre Group</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">78,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.6</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,329,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">17.10</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2.9</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Wal-Mart/Sam&#146;s Club</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">205,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4.2</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,256,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6.12</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2.7</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Shop &#145;n Save</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">103,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2.1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">854,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8.32</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.9</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Boscov&#146;s</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">168,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3.4</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">742,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4.43</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.6</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">The Home Depot</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">103,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2.1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">670,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6.50</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.5</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Super Fresh Super Markets</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">62,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.3</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">650,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10.57</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.4</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Best Buy</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">46,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.9</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">619,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13.46</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.4</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><b>Sub-total    top ten tenants</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">26</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,466,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">30.0</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14,261,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9.74</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">31.2</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman"><b>Remaining    tenants</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">441</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,841,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">58.1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">31,426,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11.06</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">68.8</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><b>Sub-total    all tenants</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">467</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,307,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">88.1</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">45,687,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10.61</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">100.0</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman"><b>Vacant    (a)</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">580,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11.9</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><b>Total    (including vacant)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">467</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,887,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">100.0</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">45,687,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9.35</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="9%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="9%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="9%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="9%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="9%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="9%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  colspan="2" valign="top">
  <hr size="1" width="25%" noshade color=black align=left>


  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(a)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Includes locations presently undergoing development    and/or redevelopment activities.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Two of the Company&#146;s properties either  contributed more than 10% of total revenues during 2004 or had a net  book value equal to more than 10% of total assets at December 31, 2004.&#160; No tenants lease more than 10% of GLA.&#160; The following tables show certain information  for the two properties during the prior three years, or for the period of the  Company&#146;s ownership:</font></div>

<div></div>




<table border="0" cellspacing="0" cellpadding="0"  align="center" width="80%">
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Property</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Year</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Occupany<br>    rate at year<br>    end</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized    base<br>    rent per leased<br>    sq ft</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Franklin Village Plaza</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">96</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">17.93</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">River View Plaza I, II and III</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">95</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">18.43</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">95</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">17.98</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>




<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">The following tables show annual lease  expiration data as of December 31, 2004 for each of the above properties  (assuming that none of the tenants exercise extension options where  available).&#160; Annualized expiring base  rents represent the contractual rents for the expiring leases:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">20</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p21></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Franklin Village Plaza</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>




<table border="0" cellspacing="0" cellpadding="0"  align="center" width="80%">
 <tr>
  <td  valign="bottom">
  <Div><font size="1" face="Times New Roman"><b>Year of lease<br>    expiration</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Number<br>    of leases<br>    expiring</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Sq ft<br>    of leases<br>    expiring</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized<br>    expiring<br>    base rents</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized<br>    expiring base<br>    rents&#160; per sq ft</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percentage<br>    of annualized<br>    expiring<br>    base rents</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">M-T-M</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">841</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">20,154</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">23.96</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.38</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2005</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">59,687</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,119,514</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">18.76</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">21.33</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2006</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">34,973</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">793,730</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">22.70</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">15.12</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2007</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">17,633</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">406,123</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">23.03</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7.74</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2008</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">32,923</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">756,381</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">22.97</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14.41</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2009</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">44,821</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">625,918</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13.96</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11.92</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,005</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">252,834</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">21.06</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4.82</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2011</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,408</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">181,953</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">21.64</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3.47</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2012</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,550</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">64,927</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">25.46</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.24</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2013</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,908</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">78,160</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">20.00</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.49</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Thereafter</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">75,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">950,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12.67</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">18.10</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">64</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">292,749</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,249,694</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">17.93</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">100.00</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>




<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>River View Plaza I, II and III</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>




<table border="0" cellspacing="0" cellpadding="0"  align="center" width="80%">
 <tr>
  <td  valign="bottom">
  <Div><font size="1" face="Times New Roman"><b>Year of lease<br>    expiration</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Number<br>    of leases<br>    expiring</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Sq ft<br>    of leases<br>    expiring</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized<br>    expiring<br>    base rents</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized<br>    expiring base<br>    rents&#160; per sq ft</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percentage<br>    of annualized<br>    expiring<br>    base rents</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">M-T-M</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">70,032</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">17.51</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.64</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2005</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">46,397</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">888,699</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19.15</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">20.79</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2006</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">29,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">678,467</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">23.40</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">15.87</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2007</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,669</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">213,552</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">24.63</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5.00</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2008</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">28,727</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">586,733</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">20.42</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13.73</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2009</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,800</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">80,750</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">28.84</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.89</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,279</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">140,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13.62</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3.28</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2014</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">24,400</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">287,320</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11.78</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6.72</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Thereafter</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">77,700</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,328,950</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">17.10</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">31.09</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">22</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">231,972</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,274,503</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">18.43</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">100.00</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="10%" valign="bottom">
  <hr size="3" width="100%" noshade color=black align="center">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>




<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Depreciation on all the Company&#146;s properties is  calculated using the straight-line method over the estimated useful lives of  the respective real properties and improvements, which range from five to forty  years.&#160; At December 31, 2004, the federal  income tax bases for the above properties were approximately $72.3 million for  Franklin Village Plaza and $49.3 million for River View Plaza I, II and III.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">At December 31, 2004, the real estate tax rates (per  $100 of assessed valuation) for the above properties were approximately $1.10  for Franklin Village Plaza and $33.06 for River View Plaza I, II and III. Real  estate tax expense for 2004 was $59,000 for Franklin Village Plaza (acquired  November 1, 2004) and $372,000 for River View Plaza I, II and III.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s executive office is located in 6,200  square feet (increased to 7,500 square feet effective as of March 1, 2005) at  44 South Bayles Avenue, Port Washington, New York, which it leases from a  partnership owned 24% by the Company&#146;s Chief Executive Officer. The lease  expires in February 2010. The</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">21</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p22></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Company believes that the lease terms are at fair market value. The  Company also maintains property management, construction management and/or  leasing offices at two of its shopping-center properties. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 3.&#160; Legal Proceedings</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company is not presently involved in any  litigation, nor, to its knowledge, is any litigation threatened against the  Company or its subsidiaries, which is either not covered by the Company&#146;s  liability insurance, or, in management&#146;s opinion, would result in a material  adverse effect on the Company&#146;s financial position or results of operations.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 4.&#160; Submission of Matters to a Vote of Security Holders:</b>  None</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Directors  and Executive Officers of the Company</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Information regarding the Company&#146;s directors and executive officers is  set forth below:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Leo S. Ullman</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <div  align="center"><font size="2" face="Times New Roman">65</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Chairman of the Board of    Directors, Chief Executive Officer</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">and President</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Brenda J. Walker</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">52</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <div><font size="2" face="Times New Roman">Director and Vice President</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">James J. Burns</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">65</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Johannes A.M.H. der    Kinderen</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">64</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Richard Homburg</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">55</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Everett B. Miller, III</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">59</font></div>
  </td>
  <td width="5%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <div><font size="2" face="Times New Roman">Director</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Roger M. Widmann</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">65</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Thomas J. O&#146;Keeffe</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">60</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Chief Financial Officer</font></div>
  </td>
 </tr>
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  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Thomas B. Richey</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">49</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Vice President and Director    of Development and Construction Services</font></div>
  </td>
 </tr>
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  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center">&nbsp;</div>
  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
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  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Stuart H. Widowski</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">44</font></div>
  </td>
  <td width="5%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Secretary and General    Counsel</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>Leo S.  Ullman</i>, chief  executive officer, president and chairman of the board of directors, has been  involved in real estate property and asset management for approximately  twenty-five years. He was chairman and president of the real estate management  companies which were merged into the Company in 2003, and their respective  predecessors and affiliates, since 1978.&nbsp; Mr.&nbsp;Ullman was first  elected as the Company&#146;s chairman in April 1998 and served until November 1999.  He was re-elected in December 2000. Mr.&nbsp;Ullman also has been chief  executive officer and president from April 1998 to date. He has been a member  of the New York Bar since 1966 and was in private legal practice until 1998.  From 1984 until 1993, he was a partner in the New York law firm of Reid &amp;  Priest (now Thelen, Reid &amp; Priest), and served as initial director of its  real estate group. Mr.&nbsp;Ullman received an A.B. from Harvard

University, an  M.B.A. from the Columbia University Graduate School of Business and a J.D. from  the Columbia University School of Law where he was a Harlan Fiske Stone  scholar.&nbsp; He has lectured and written several books, monographs and  articles on investment in US real estate, and is a former adjunct professor of  business at the NYU Graduate School of Business. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>Brenda  J. Walker</i> has been vice president and a director since 1998,  and was treasurer from April 1998 until November 1999. She was president of  Brentway Management LLC and vice president of SKR Management Corp. from 1994,  vice president of API Management Services Corp. and API Asset Management, Inc.  from 1992 through 1995, and vice president of Cedar Bay Realty Advisors, Inc.  from 1998. Ms.&nbsp;Walker has been involved in real estate property and asset  management for more than twenty years. Ms.&nbsp;Walker received a B.A. from  Lincoln University.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>James  J. Burns</i>, a director since 2001 and a member of the Audit  (Chair) and Nominating/Corporate Governance committees, has been chief financial  officer and senior vice president of Wellsford Real</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">22</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Properties, Inc. since December 2000. He joined  Wellsford in October 1999 as chief accounting officer upon his retirement from  Ernst&nbsp;&amp; Young in September 1999. At Ernst&nbsp;&amp; Young,  Mr.&nbsp;Burns was a senior audit partner in the E&amp;Y Kenneth Leventhal Real  Estate Group for 22&nbsp;years. Since 2000, Mr.&nbsp;Burns has also served as a  director of One Liberty Properties, Inc., a REIT listed on the New York Stock  Exchange. Mr.&nbsp;Burns is a certified public accountant and a member of the  American Institute of Certified Public Accountants. Mr. Burns received an B.A.  and M.B.A. from&#160; Baruch College of the  City University of New York.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>Johannes
      A.M.H. der Kinderen</i>, a director since 1998 and a member of  the Audit,
      Compensation and Nominating/Corporate Governance (Chair) committees, was
      the director of investments from 1984 through 1994 for Rabobank Pension
      Fund, and has been or is chairman and/or a member of the board of the following
      entities: Noord Amerika Real Estate B.V. (from 1995 to 2004); Noord Amerika
      Vast Goed B.V. (from 1985 to 2004); Mass Mutual Pierson (M.M.P.) (from
      1988 to 1997); Warner Building Corporation (since 1996); GIM&nbsp;Vastgoed
      I-II-III (since 1998); Fellion Investments B.V. (since 2001); N.V. Maatschappij
      voor Trustzaken Ameuro (since 2002); and Boom &amp; Slettenhaar
    Fondsen VI-VII-VIII-IX-X-XI (since 2001). Mr. Der Kinderen received a Drs.
degree in Economics from the University of Utrecht.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>Richard  Homburg</i>, a director since 1999, and chairman from November  1999 to August 2000, was born and educated in the Netherlands. Mr.&nbsp;Homburg  was the president and CEO of Uni-Invest N.V., a publicly-listed Dutch real  estate fund, from 1991 until 2000. In 2002, an investment group purchased 100%  of the shares of Uni-Invest N.V., taking it private, at which time it was one  of the largest real estate funds in the Netherlands with assets of  approximately $2.5&nbsp;billion CDN. Mr.&nbsp;Homburg is chairman and CEO of  Homburg Invest Inc. and president of Homburg Invest USA Inc. (a wholly-owned  subsidiary of Homburg Invest Inc.). In addition to his varied business  interests, Mr.&nbsp;Homburg has served on many boards. Previous positions held  by Mr. Homburg include president and director of the Investment Property Owners  of Nova Scotia, Evangeline Trust and World Trade Center in Eindhoven, the  Netherlands, as well as
director or advisory board member of other large  charitable organizations. Mr. Homburg was named 2004 Entrepreneur of the Year  for the Atlantic Provinces by Ernst &amp; Young LLP.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>Everett  B. Miller, III</i>, a director since 1998 and a member of the  Audit, Compensation and Nominating/Corporate Governance committees, is vice  president of alternative investments at YMCA Retirement Fund. In March 2003, Mr.&nbsp;Miller  was appointed to the Real Estate Advisory Committee of the New York State  Common Retirement Fund. Prior to his retirement in May 2002 from Commonfund  Realty, Inc., a registered investment advisor, Mr.&nbsp;Miller was the chief  operating officer of that company from 1997 until May 2002. From January 1995  through March 1997, Mr.&nbsp;Miller was the Principal Investment Officer for  Real Estate and Alternative Investment at the Office of the Treasurer of the  State of Connecticut. Prior thereto, Mr.&nbsp;Miller was employed for eighteen  years at affiliates of Travelers Realty Investment Co., at which his last  position was senior vice president. Mr. Miller received a B.S. from Yale
University.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>Roger  M. Widmann, </i>a director since October 2003 and a member of the  Compensation committee (Chair), was a principal of the investment banking firm  of Tanner &amp; Co., Inc. from 1997 to 2004. From 1986 to 1995, Mr. Widmann was  a senior managing director of Chemical Securities Inc., a subsidiary of  Chemical Banking Corporation (now JPMorgan Chase Corporation). Prior to joining  Chemical Securities Inc., Mr. Widmann was a founder and managing director of  First Reserve Corporation, the largest independent energy investing firm in the  U.S. Previously, he was senior vice president with the investment banking firm  of Donaldson, Lufkin &amp; Jenrette, responsible for the firm&#146;s domestic and  international investment banking business. He had also been a vice president  with New Court Securities Corporation (now Rothschild, Inc.). He was a director  of Lydall, Inc. (NYSE), Manchester, CT, a manufacturer of thermal, acoustical

 and filtration materials, from 1974 to 2004, and its chairman from 1998 to  2004. He is a director of Paxar Corporation, White Plains, NY, a global  manufacturer of labeling systems. He is also a senior moderator of the  Executive Seminar in the Humanities at The Aspen Institute, and is a board  member of the March of Dimes of Greater</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">23</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">New York and of Oxfam America. Mr. Widmann received an A.B. from Brown  University and a J.D. from Columbia University.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>Thomas  J. O&#146;Keeffe</i> joined the Company in November 2002 as chief  financial officer. Prior thereto, Mr.&nbsp;O&#146;Keeffe served as a financial  consultant from 1997 to 2002, as chief financial officer of Bradley Real  Estate, Inc., a shopping center REIT, from 1985 to 1996, as chief financial  officer of R.M.&nbsp;Bradley&nbsp;&amp; Co., Inc., a full service real estate  management company from 1981 to 1997, and as audit manager for Deloitte&nbsp;&amp;  Touche from 1975 to 1981. Mr.&nbsp;O&#146;Keeffe, a certified public accountant, is  also a director of the John Fitzgerald Kennedy Library Foundation, and serves  on its executive, audit and investment committees. Mr.&nbsp;O&#146;Keeffe received a  B.S.A. from Bentley College and an M.B.A. from Babson College.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>Thomas  B. Richey</i> joined the Company in 1998 as vice president and  director of development and construction services. Mr.&nbsp;Richey has been  involved in the real estate business for more than 25&nbsp;years. He served as  director of a historic site service project in Muncy, PA, from 1978 through  1980, and as economic development director of the city of Williamsport, PA,  from 1980 through 1983. From 1983 to 1986, Mr.&nbsp;Richey was involved with  acquisitions and construction for Lundy Construction Company and for Shawnee  Management, Inc. From 1988 through 1996, Mr.&nbsp;Richey was a partner in two  companies involved in renovating and providing other services to hotel  properties. From 1996 through 1998, Mr.&nbsp;Richey was business and project  manager for Grove Associates, Inc., an engineering and surveying company.  Mr.&nbsp;Richey received a B.A. from Lycoming College.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman"><i>Stuart  H. Widowski</i> joined the Company in 1996 as secretary and  general counsel. He was in private practice for seven years, including five  years with the New York law firm of Reid&nbsp;&amp; Priest (now Thelen, Reid  &amp; Priest). From 1991 through 1996, Mr.&nbsp;Widowski served in the legal  department of the Federal Deposit Insurance Corporation. Mr.&nbsp;Widowski  received a B.A. from Brandeis University and a J.D. from the University of  Michigan. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">24</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Part II.</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 5.&#160; Market for Registrant&#146;s Common Equity, Related Stockholder  Matters and Issuer Purchases of Equity Securities</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Dividend Information</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">A corporation electing REIT status is required to  distribute at least 90% of its &#147;REIT taxable income&#148;, as defined in the Code,  to continue qualification as a REIT.&#160;  The Company was not required to, and did not, pay dividends in 2003 or  2002.&#160; During 2004, the Company paid  dividends totaling $0.835 per share (as per the schedule set forth below).  While the Company intends to continue paying regular quarterly dividends,  future dividend declarations will be at the discretion of the Board of  Directors, and will depend on the cash flow and financial condition of the  Company, capital requirements, annual distribution requirements under the REIT  provisions of the Code, where applicable, covenant limitations under the  secured revolving credit facility, and such other factors as the Board of  Directors may deem relevant.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Market Information</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company had 19,350,981 shares of common stock  outstanding held by 416 shareholders of record at December 31, 2004.&#160; The Company believes it has more than 2,200  beneficial holders of its common stock. The Company&#146;s shares trade on the NYSE  under the symbol &#147;CDR&#148;.&#160; Prior to the  2003 public offering and the Company&#146;s listing on the NYSE, the Company&#146;s  shares were thinly traded on the NASDAQ small cap market and, as such, the price  could vary significantly depending on the size and the &#147;spread&#148; between the  inside bid and asked quotations and the quantity of shares actually being  traded. The following table sets forth, for each quarter for the last two  years, (1) the high, low, and closing prices of the Company&#146;s common stock, and  (2) dividends paid (all per share data have been adjusted to reflect the  2-for-1 stock split that was paid as a stock dividend in July 2003 and the
1-for-6 reverse stock split effectuated in October 2003):</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>




<table border="0" cellspacing="0" cellpadding="0"  align="center" width="80%">
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  <div  align="center">&nbsp;</div>
  </td>
  <td width="34%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Market price range</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Dividends<br>    paid</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="34%" colspan="8"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Quarter    ended</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>High</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Low</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Close</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman"><b><u>2004</u></b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">March 31</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14.33</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12.10</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14.19</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.160</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">June 30</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14.25</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10.95</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11.49</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.225</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">September 30</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13.94</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11.35</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13.95</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.225</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">December 31</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14.37</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13.00</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14.30</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.225</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman"><b><u>2003</u></b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">March 31</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">18.69</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12.66</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16.41</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">June 30</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">17.81</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12.97</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16.39</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">September 30</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">31.19</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12.50</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">23.26</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">December 31</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">23.31</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11.28</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12.42</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>




<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">25</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p26></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 6. Selected Financial Data</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="61%" colspan="23"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Years    ended December 31,</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="61%" colspan="23"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Operations data:</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2002</b></font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2001</b></font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2000</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total revenues</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">51,144,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">26,679,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,989,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,099,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,216,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Expenses:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Property operating    expenses</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">15,623,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,051,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,685,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,585,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,053,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">General and    administrative</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,575,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,161,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,160,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">731,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">635,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Depreciation and    amortization</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,401,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,196,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,546,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">991,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">622,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,239,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,412,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,523,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,888,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">604,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Costs incured in    acquiring external advisor</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,960,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Early extinguishment of    debt</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,935,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">487,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">264,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">50,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Other</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,893,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total expenses</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">41,838,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">48,608,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14,401,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,459,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,964,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Income (loss) before    minority and limited partners&#146; interests and loss/impairment applicable to    property sales</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,306,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,929,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1,412,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(360,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">252,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,229,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(983,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(159,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(44,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Limited partners&#146;    interest</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(217,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,637,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,152,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">263,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(160,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Loss/impairment    applicable to property sales</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(49,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(113,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Income (loss) before cumulative effect adjustment</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,860,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,275,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(141,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(13,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cumulative effect of change in accounting principles    (net of limited partners&#146; interest of $15,000)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(6,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income (loss)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,860,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,275,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(147,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(13,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Preferred distribution requirements (net of limited    partners&#146; interest of $60,000 and $178,000)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2,158,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(76,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income (loss) applicable to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,702,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,351,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(147,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(13,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Per
      common share (basic and diluted):</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Income (loss) before cumulative effect adjustment</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.47</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(7.07</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2.03</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(0.61</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(0.04</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cumulative effect of change in accounting principles</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.03</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Preferred distribution requirements, net</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(0.13</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(0.02</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income (loss) applicable to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.34</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(7.09</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2.03</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.64</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.04</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Dividends to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13,750,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">268,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">257,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Per common share</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.835</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.16</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.89</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Avg. number of common shares outstanding</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,681,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,010,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">231,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">231,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">290,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>

  <td ></td>
  <td width=15></td>
  <td width=7></td>
  <td width=73></td>
  <td width=1></td>
  <td width=14></td>
  <td width=1></td>
  <td width=6></td>
  <td width=73></td>
  <td width=1></td>
  <td width=14></td>
  <td width=1></td>
  <td width=6></td>
  <td width=73></td>
  <td width=1></td>
  <td width=14></td>
  <td width=1></td>
  <td width=6></td>
  <td width=66></td>
  <td width=1></td>
  <td width=14></td>
  <td width=1></td>
  <td width=6></td>
  <td width=66></td>
  <td width=1></td>
  <td width=10></td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">26</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p27></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 6.&#160; Selected Financial Data (continued)</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="61%" colspan="23"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>December 31,</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="61%" colspan="23"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Balance sheet data:</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2002</b></font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2001</b></font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2000</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="3"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Land, buildings and improvements, less accumulated    depreciation</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">505,325,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">324,531,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">121,238,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">56,948,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">24,095,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Real estate held for sale</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,402,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,850,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Other assets</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">31,835,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">25,116,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,900,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,000,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,622,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total assets</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">537,160,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">349,647,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">133,138,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">68,350,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">35,567,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Mortgages and other loans payable</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">248,630,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">162,458,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">101,001,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">52,110,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">19,416,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Other liabilities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">34,239,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,571,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,765,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,374,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">803,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,995,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,435,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,238,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,235,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,291,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Limited partners&#146; interest in Operating Partnership</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,542,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,035,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,889,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,964,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,242,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Preferred OP Units</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,000,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Shareholders&#146; equity</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">235,754,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">151,148,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,245,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,667,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,815,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total liabilities and shareholders&#146; equity</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">537,160,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">349,647,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">133,138,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">68,350,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">35,567,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b><u>Ownership    interests:</u></b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Average common shares outstanding</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,681,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,010,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">231,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">231,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">290,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Average OP Units outstanding</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">450,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">547,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">568,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">568,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">568,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">17,131,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,557,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">799,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">799,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">858,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b><u>Other    data:</u></b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Funds from (used in) operations (1)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">15,625,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(20,588,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(451,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">153,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">754,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Per common share/OP Unit</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.91</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(5.79</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.56</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.19</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.88</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash flows provided by (used in):</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Operating activities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,334,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(4,856,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,298,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,000,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">989,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Investing activities</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(168,063,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(199,898,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(40,483,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,529,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(8,850,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Financing activities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">151,032,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">207,081,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">40,767,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,451,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,886,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Square feet of GLA</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,887,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,499,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,806,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">807,000</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">484,000</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Percent leased (including development/ redevelopment    properties)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">88</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">88</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">92</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">92</font></div>
  </td>
  <td width="2%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">83</font></div>
  </td>
  <td width="1%" colspan="2" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>

  <td ></td>
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  <td width=6></td>
  <td width=73></td>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
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  <hr size="1" width="25%" noshade color=black align=left>


  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">(1) The Company considers funds from operations    (&#147;FFO&#148;) to be a relevant and meaningful supplemental measure of the    performance of the Company because it is predicated on a cash flow analysis,    contrasted with</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">27</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">net income, a measure predicated on GAAP, which gives effect to  non-cash items such as depreciation and amortization. The Company computes FFO  in accordance with the &#147;White Paper&#148; on FFO published by the National  Association of Real Estate Investment Trusts (&#147;NAREIT&#148;), which defines FFO as  income before allocation to minority interests (computed in accordance with  GAAP), excluding gains or losses from debt restructurings and sales of  properties, plus depreciation and amortization, and after preferred  distribution requirements and adjustments for unconsolidated partnerships and  joint ventures. Adjustments for unconsolidated partnerships and joint ventures  are computed to reflect FFO on the same basis. In computing FFO, the Company  does not add back to net income the amortization of costs incurred in connection  with its financing or hedging activities, or depreciation of non-real estate  assets, but does add back to net income
those items that are defined as  &#147;extraordinary&#148; under GAAP. FFO does not represent cash generated from  operating activities in accordance with GAAP and should not be considered as an  alternative to cash flow as a measure of liquidity. Since the NAREIT White  Paper only provides guidelines for computing FFO, the computation of FFO may  vary from one company to another. FFO is not necessarily indicative of cash  available to fund ongoing cash needs.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item  7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management&#146;s Discussion and Analysis of  Financial Condition and Results of Operations</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">The following discussion should  be read in conjunction with the Company&#146;s consolidated financial statements and  related notes thereto included elsewhere in this report.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Executive Summary</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company is a fully integrated, self-administered  and self-managed real estate company.&#160;  At December 31, 2004, the Company had a portfolio of 31 properties  totaling approximately 4.9 million square feet of GLA, including 25  wholly-owned properties comprising approximately 4.2&nbsp;million square feet  and six properties owned through joint ventures comprising approximately  700,000 square feet. The portfolio, excluding 6 properties currently under  development and/or redevelopment, was approximately 97% leased as of that date.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company, organized as a Maryland corporation, has  established an umbrella partnership structure through the contribution of  substantially all of its assets to the Operating Partnership. At December 31,  2004, the Company owned approximately 97.3% of the Operating Partnership and is  its sole general partner; in addition, the Company conducts all of its business  through the Operating Partnership.&#160; OP  Units are economically equivalent to the Company&#146;s common stock and are  convertible into the Company&#146;s common stock at the option of the holders on a  one-to-one basis.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company derives substantially all of its revenues  from rents and operating expense reimbursements received pursuant to long-term  leases. The Company&#146;s operating results therefore depend on the ability of its  tenants to make the payments required by the terms of their leases. The Company  focuses its investment activities on community and neighborhood shopping  centers, anchored principally by regional supermarket chains.&#160; The Company believes, because of the need of  consumers to purchase food and other staple goods and services generally available  at supermarket-anchored shopping centers, that the nature of its investments  provide for relatively stable revenue flows even during difficult economic  times.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company continues to seek opportunistic  acquisition opportunities of (1) stabilized properties, and (2) properties  suited for development and/or redevelopment activities where it can utilize its  experience in shopping center renovation, expansion, re-leasing and  re-merchandising to achieve long-term cash flow growth and favorable investment  returns. The Company would also consider investment opportunities in markets  beyond the Pennsylvania, Connecticut, Maryland, Massachusetts and New Jersey  areas in the event</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">28</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">such opportunities were consistent with its focus, could be effectively  controlled and managed by it, have the potential for favorable investment  returns, and contribute to increased shareholder value.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Summary of Critical Accounting  Policies</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The preparation of the consolidated financial  statements in conformity with GAAP requires the Company to make estimates and  judgments that affect the reported amounts of assets and liabilities, revenues  and expenses, and related disclosures of contingent assets and liabilities. On  an ongoing basis, management evaluates its estimates, including those related  to revenue recognition and the allowance for doubtful accounts receivable, real  estate investments and purchase price allocations related thereto, asset  impairment, and derivatives used to hedge interest-rate risks. These accounting  policies are further described in the notes to the consolidated financial  statements.&#160; Management&#146;s estimates are  based on information that is currently available and on various other  assumptions management believes to be reasonable under the circumstances.  Actual results could differ from those estimates and those estimates could be

 different under varying assumptions or conditions.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company has identified the following critical  accounting policies, the application of which requires significant judgments  and estimates:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Revenue Recognition</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Rental income  with scheduled rent increases is recognized using the straight-line method over  the respective terms of the leases. The aggregate excess of rental revenue  recognized on a straight-line basis over base rents under applicable lease  provisions is included in rents and other receivables on the consolidated  balance sheet.&#160; Leases generally contain  provisions under which the tenants reimburse the Company for a portion of  property operating expenses and real estate taxes incurred.&#160; In addition, certain operating leases  contain contingent rent provisions under which tenants are required to pay a  percentage of their sales in excess of a specified amount as additional rent.  The Company defers recognition of contingent rental income until those  specified targets are met.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company must  make estimates as to the collectibility of its accounts receivable related to  base rent, straight-line rent, expense reimbursements and other revenues.&#160; Management analyzes accounts receivable and  historical bad debts, tenant creditworthiness, current economic trends, and  changes in tenants&#146; payment patterns when evaluating the adequacy of the  allowance for doubtful accounts receivable. These estimates have a direct  impact on net income, because a higher bad debt allowance would result in lower  net income.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Real Estate Investments</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Real estate  investments are carried at cost less accumulated depreciation. The provision  for depreciation is calculated using the straight-line method based on the  estimated useful lives of the assets. Expenditures for maintenance, repairs and  betterments that do not materially prolong the normal useful life of an asset  are charged to operations as incurred. Expenditures for betterments that  substantially extend the useful lives of the properties are capitalized.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company is  required to make subjective estimates as to the useful lives of its properties  for purposes of determining the amount of depreciation to reflect on an annual  basis. These assessments have a direct impact on net income. A shorter estimate  of the useful life of an investment would have the effect of increasing  depreciation expense and lowering net income, whereas a longer estimate of the  useful life of the investment would have the effect of reducing depreciation  expense and increasing net income.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">29</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company applies Statement of Accounting Standards  (&#147;SFAS&#148;) No. 141, &#147;Business Combinations&#148;, and SFAS No. 142, &#147;Goodwill and  Other Intangibles&#148;, in valuing real estate acquisitions. In connection  therewith, the fair value of real estate acquired is allocated to land,  building and building improvements. The fair value of in-place leases,  consisting primarily of below-market rents is allocated to intangible lease  liabilities.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The fair value  of the tangible assets of an acquired property is determined by valuing the  property as if it were vacant, and the &#147;as-if-vacant&#148; value is then allocated  to land, building and building improvements based on management&#146;s determination  of the relative fair values of these assets. Management determines the  as-if-vacant value of a property using methods similar to those used by  independent appraisers. Factors considered by management in performing these analyses  include an estimate of carrying costs during the expected lease-up periods  considering current market conditions and costs to execute similar leases. In  estimating carrying costs, management includes real estate taxes, insurance and  other operating expenses, and estimates of lost rental revenue during the  expected lease-up periods based on its evaluation of current market demand.  Management also estimates costs to execute similar leases,
including leasing  commissions, tenant improvements, legal and other related costs. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The value of in-place leases  is measured by the excess of (i)&nbsp;the purchase price paid for a property  after adjusting existing in-place leases to market rental rates, over  (ii)&nbsp;the estimated fair value of the property as if vacant.&#160; Above-market and below-market in-place lease  values are recorded based on the present value (using an interest rate which  reflects the risks associated with the leases acquired) of the difference  between the contractual amounts to be received and&nbsp;management&#146;s estimate  of market lease rates, measured over the non-cancelable terms. This aggregate  value is allocated among above-market and below-market leases, tenant  relationships, and other intangibles based on management&#146;s evaluation of the  specific characteristics of each lease. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The value of other  intangibles is amortized to expense, and the above-market and below-market  lease values are amortized to rental income over the remaining non-cancelable  terms of the respective leases. If a lease were to be terminated prior to its  stated expiration, all unamortized amounts relating to that lease would be  immediately recognized in operations.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company  applies SFAS No.&nbsp;144, &#147;Accounting for the Impairment or Disposal of Long-Lived Assets&#148;,  to recognize and measure impairment of long-lived assets. Management reviews  each real estate investment for impairment whenever events or circumstances  indicate that the carrying value of a real estate investment may not be  recoverable. The review of recoverability is based on an estimate of the future  cash flows that are expected to result from the real estate investment&#146;s use  and eventual disposition. These cash flows consider factors such as expected  future operating income, trends and prospects, as well as the effects of leasing  demand, competition and other factors. If an impairment event exists due to the  inability to recover the carrying value of a real estate investment, an  impairment loss is recorded to the extent that the carrying value exceeds  estimated fair market value.&nbsp;&nbsp;&nbsp;Real
estate investments held for  sale are carried at the lower of carrying amount or estimated fair value, less  cost to sell. Depreciation and amortization are suspended during the period  held for sale. &nbsp;Management is required to make subjective assessments as  to whether there are impairments in the value of its real estate properties.  These assessments have a direct impact on net income, because an impairment  loss is recognized in the period that the assessment is made.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Hedging Activities</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">From time to time, the Company uses derivative  financial instruments to manage its exposure to changes in interest  rates.&nbsp; Derivative instruments are carried on the consolidated balance  sheet at their</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">30</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p31></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">estimated fair values. Any change in the value of a derivative is  reported as accumulated other comprehensive income (loss), whereas the  ineffective portion of a derivative&#146;s change in fair value is immediately  recognized in operations. If interest rate assumptions and other factors used  to estimate a derivative&#146;s fair value or methodologies used to determine a  derivative&#146;s effectiveness were different, amounts included in the  determination of net income or accumulated other comprehensive income (loss)  could be affected. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Results of Operations</b></font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b><u>Comparison of 2004 to 2003</u></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Increase<br>    (decrease)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percentage<br>    change</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Acquisitions/<br>    dispositions</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Properties<br>    held in<br>    both years</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Rents and expense recoveries</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">50,675,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">26,452,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">24,223,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">92</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">23,493,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">730,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Property expenses</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">15,623,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,051,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,572,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">55</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,996,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,424,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Depreciation and amortization</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,401,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,196,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,205,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">139</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,964,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">241,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Interest expense</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,239,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,412,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">827,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,596,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(769,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">General and administrative</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,575,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,161,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">414,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i><u>Acquisitions and dispositions</u></i></b>&#160;&#160; Differences in results of operations  between 2004 and 2003 were driven largely by the Company&#146;s acquisition  activities.&#160; At December 31, 2004, the  Company owned 31 properties. During 2004, the Company acquired eight shopping  centers aggregating approximately 1.4 million square feet of GLA for a total cost  of approximately $157.4 million, including closing costs; in addition, the  Company acquired approximately 55 acres of land for development and/or future  expansion for a total cost of approximately $3.6 million. Income before  minority and limited partners&#146; interests and preferred distribution requirements  increased from a loss of $1.1 million in 2003 (excluding the costs incurred in  acquiring the external advisor, other related transaction costs, and the cost  of early extinguishment of debt - see &#147;Comparison of 2003 to 2002&#148; below) to  income of $9.3&#160;
million in 2004. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i><u>Properties held in both years</u></i></b>&#160;&#160; Results
    of operations for properties held throughout both 2004 and 2003 included
    eight properties.&#160; Revenues
    increased as the LA Fitness Facility development project, which began during
    2002, was placed in service at the beginning of 2004 at an annual rent of
    $742,000. The property expense decrease was principally at the Camp Hill Mall redevelopment
    project as a result of (1) capitalized real estate taxes and insurance ($200,000),
    and (2) decreased operating costs from closing the interior mall ($680,000). Interest expense decreased at that property as a result of capitalizing interest
    ($1.1 million) for the portion of the redevelopment project that was out
    of service during 2004; the effect of the capitalized interest was offset
in part by interest expense ($290,000) at the LA Fitness Facility.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i><u>General and administrative expenses</u></i></b>&#160;&#160; General and administrative expenses  increased from approximately $3.2 million in 2003 to approximately $3.6 million  in 2004. The increase was primarily the result of the Company&#146;s growth  throughout both years. </font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">31</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p32></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><u>Comparison of 2003 to 2002</u></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2002</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Increase</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percentage<br>    change</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Acquisitions/<br>    dispositions</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Properties<br>    held in<br>    both years</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Rents and expense recoveries</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">26,452,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,964,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13,488,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">104</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,686,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">802,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Property expenses</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,051,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,685,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,366,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">115</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,780,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">586,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Depreciation and amortization</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,196,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,546,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,650,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">104</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,311,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">339,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Interest expense</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,412,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,523,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,889,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">70</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,947,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(58,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">General and administrative</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,161,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,160,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,001,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">173</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Costs incurred in acquiring external advisor</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,960,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,960,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Early extinguishment of debt</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,935,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">487,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,448,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1324</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Other</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,893,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,893,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i><u>Acquisitions/dispositions</u></i></b>&#160; Differences in results of operations between  2003 and 2002 were driven largely by the transactions in connection with the  2003 public offering and acquisition activity described elsewhere in this  report. During 2003, the Company acquired 14 shopping centers aggregating  approximately 1.7 million square feet of GLA for a total cost of approximately  $193.4 million, including closing costs, and the assumption of a $9.8 million  mortgage. In addition, the Company also completed the acquisition of the  remaining 50% interest in The Point for a purchase price of $2.4 million. Loss  before minority and limited partners&#146; interests, preferred distribution  requirements, and loss on sale of property increased from $1.4 million in 2002  to $21.9 million in 2003.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i><u>Properties held in both years</u></i></b>&#160;&#160;&#160; The Company held four properties  throughout both 2003 and 2002. The increase in revenues and property expenses  for the four properties is attributable to an increased occupancy rate during  2003 as compared to 2002 (97% at December 31, 2003 versus 90% at December 31  2002). Interest expense declined as a result of lower debt levels achieved  through scheduled principal amortization.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i><u>General and administrative expenses</u></i></b>&#160;&#160; General and administrative expenses  increased from approximately $1.2 million in 2002 to approximately $3.2 million  in 2003. The increase is primarily the result of the Company&#146;s growth  throughout both years.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i><u>Costs incurred in acquiring external advisor</u></i></b>&#160;&#160; During the fourth quarter of 2003, the  Company sold 15,250,000 shares of its common stock in a public offering at a  price of $11.50 per share, and received approximately $162.5 million after  underwriting fees and offering costs. Contemporaneously with the offering, the  Company merged with its external advisor and became a self-advised and  self-managed REIT.&#160; The total  consideration for the merger was $11.96 million (1,040,000 shares of common  stock and OP Units at the public offering price of $11.50 per share/unit). The  Company accounted for the merger as the termination of a contract and,  accordingly, the full consideration was charged to operations.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i><u>Early extinguishment of debt</u></i></b><i>&#160; </i>In connection with the public offering, the Company  refinanced certain of its debt financings and defeased a mortgage in connection  with a property acquisition for an aggregate cost of approximately $6.9  million, which was charged to operations during 2003.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>

<i><u>Other</u></i></b>&#160; The Company redeemed its $3.0 million of Preferred
OP Units for $3.96 million,  of which the cost above par of $960,000 was charged
to  operations  during 2003. In connection  with the  distribution  of shares to
certain non-executive employees, the Company&#146;s chairman and principal owner
of the external  advisor  agreed to reimburse  these  employees for the personal
income taxes incurred as a result of receiving the shares. During December 2003,
the  chairman  contributed  $633,000  to the  Company,  which  was  credited  to
shareholders&#146;  equity;  the  reimbursement  to  employees  was  charged  to
operations. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">32</font></div>

<hr noshade align="center" width="100%" size="2">
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<PAGE>

<div><a name=p33></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Liquidity  and Capital Resources</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company funds operating expenses and other  short-term liquidity requirements, including debt service, tenant improvements,  leasing commissions, and preferred and common dividend distributions, primarily  from operating cash flows; if needed, the Company may also use its secured  revolving credit facility for these purposes. The Company expects to fund  long-term liquidity requirements for property acquisitions, development and/or  redevelopment costs, capital improvements, and maturing debt initially with the  secured revolving credit facility and ultimately through a combination of  issuing additional mortgage debt and the sale of equity securities. During  2004, the Company sold (1) 2,350,000 shares of 8-7/8% Series A Cumulative  Redeemable Preferred Stock at a price of $25.00 per share and realized  approximately $56.7 million after underwriting fees and offering costs, and (2)  2,875,000 shares of its common stock at a price
of $13.60 per share and  realized approximately $38.2 million after underwriting fees and offering costs.  The net proceeds from both offerings were initially used to reduce the  Company&#146;s secured revolving credit facility. In connection with its acquisition  of Carbondale Plaza, the Company issued approximately 15,000 OP Units valued at  $210,000; the Company may also issue additional OP Units in connection with  future property acquisitions.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In January 2004 (as amended  in November 2004), the Company concluded a three-year $100&nbsp;million  (expandable to $200 million, subject to certain conditions being met) syndicated  secured revolving credit facility with Bank of America (formerly Fleet National  Bank) and several other banks, with Bank of America as agent, pursuant to which  the Company pledged certain of its shopping center properties as collateral for  borrowings thereunder. As of December 31, 2004, based on covenants and collateral in place,  the Company was permitted to draw the entire $100 million, of which  approximately $31.8 million remained available as of that date. In January  2005, the banks&#146; commitments were increased from $100 million to $140 million,  and the Company was permitted to draw approximately $120 million. The Company  plans to add additional properties to the collateral pool with the intent to  make the full facility available.
Borrowings under the facility  presently bear interest at a rate of LIBOR plus 150 basis points (&#147;bps&#148;), a  total rate of 3.9% as of December 31, 2004, and are subject to increases to a  maximum of 205 bps depending upon the Company&#146;s leverage ratio, as defined. The  credit facility may be used to fund acquisitions, development and redevelopment  activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate  purposes. The facility is subject to customary financial covenants, including  limits on leverage and other financial statement ratios. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In  February 2005, the Company received a commitment for approximately $49 million  in construction financing for its Camp Hill Mall redevelopment property, which  provides for the repayment of the $14 million in original acquisition  financing, as well as funding for substantially all the projected redevelopment  costs at the property. The facility will bear interest at 185 bps over LIBOR  and mature in three years.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">At December 31, 2004, the Company&#146;s financial liquidity was provided  by $8.5 million in cash and cash equivalents and by the $31.8 million  availability under the secured revolving credit facility. In addition, mortgage  loans payable at December 31, 2004 consisted of fixed-rate notes  totaling $161.5 million and floating rate debt totaling $18.9 million, with a  combined weighted average interest rate of 6.3%, and maturing at various dates  through 2013. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Portions of the Company&#146;s assets are owned through  joint venture partnership arrangements which require, among other things, that  the Company maintain separate cash accounts for the operations of the  respective properties. In addition, the terms of certain of the Company&#146;s  mortgage agreements require it to deposit replacement and other reserves with  its lenders. These joint venture and reserve accounts are</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">33</font></div>

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<PAGE>

<div><a name=p34></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">separately classified on the Company&#146;s balance sheet as restricted  cash, and are available for the specific purpose for which they were  established; they are not available to fund other Company obligations.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Contractual obligations and commercial commitments</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The following  table sets forth the Company&#146;s significant debt repayment and operating lease  obligations at December 31, 2004 (in thousands):</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="75%" colspan="20"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Maturity Date</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="75%" colspan="20"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2005</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2006</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2007</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2008</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2009</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Thereafter</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Mortgage loans payable</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,094</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,595</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,754</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">30,292</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,542</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">117,153</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">180,430</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Secured revolving credit facility</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">68,200</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">68,200</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Operating lease obligations</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">338</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">349</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">354</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">360</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">366</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,959</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,726</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,432</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,944</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">81,308</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">30,652</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,908</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">125,112</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">258,356</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In addition, as of December  31, 2004, the Company had planned to spend approximately $50 million in  connection with its development and redevelopment activities.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Net Cash  Flows</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Operating Activities</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Net cash flows provided by operating activities  amounted to $19.3 million during 2004, compared to cash flows used in operating  activities of $4.9 million during 2003, and cash flows provided by operating  activities of $1.3 million during 2002. The 2004 change in operating cash flows  was primarily due to net operating results generated from property  acquisitions. The 2003 change in operating cash flows was primarily due to  transactions associated with the 2003 public offering, including debt  defeasance costs, the cost of interim financing associated with property  acquisitions, and the cost above par value to redeem the Preferred OP Units.  Such cash flows were offset, in part, by net operating results generated from  property acquisitions. During 2002, the change in cash flows from operating  activities was primarily the result of net operating results generated by  property acquisitions. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Investing Activities</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Net cash flows used in investing activities were  $168.1 million in 2004, $200.0 million in 2003, and $40.5 million in 2002.  These increases were the result of an active acquisition program.&#160; During 2004, the Company acquired five  shopping centers, three redevelopment properties, one development property, and  land for future expansion; during 2003, the Company acquired twelve shopping  centers and two redevelopment properties; and during 2002, the Company acquired  two shopping centers, one redevelopment property, and one development  property.&#160; During 2002, the Company sold  one property for net proceeds of $4.4 million. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Financing Activities</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Net cash flows provided by financing activities were  $151.0 million in 2004, $207.1 million in 2003, and $40.8 million in 2002.  During 2004, the Company received $94.9 million in net proceeds from public  offerings, $51.2 million in net proceeds from the Company&#146;s secured revolving  credit facility, $44.2 million in net proceeds from mortgage financings, and  $0.6 million realized from the termination of interest rate hedges, offset by  the repayment of mortgage obligations of $19.6 million, preferred and common  stock distributions of $16.0 million, the payment of financing, leasing and  other costs of $3.2 million, and distributions paid to</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">34</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p35></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">minority and limited partner interests of $1.1 million. During 2003,  the Company received $162.5 million net proceeds from a public offering, $49.3  million net proceeds from mortgage financings, $10.5 million in net proceeds  from the Company&#146;s secured revolving credit facility and interim financings,  and $8.8 million of capital contributions from, net of distributions to,  minority interest partners, offset by $12.0 million in redemptions of OP Units,  the repayment of mortgage obligations of $7.7 million, the payment of  financing, leasing and other costs of $4.1 million, and preferred distribution  requirements of $0.2 million.&#160; During  2002, the Company received $32.7 million in mortgage financings, $8.0 million  of capital contributions from, net of distributions to, minority interest  partners, and $3.0 million from the issuance of Preferred OP Units, offset by  the payment of financing, leasing and other costs of $2.3 million, and the
repayment of mortgage obligations of $0.6 million</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Funds From Operations</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company considers Funds From Operations (&#147;FFO&#148;) to  be a relevant and meaningful supplemental measure of the Company&#146;s performance  because it is predicated on a cash flow analysis, contrasted with net income, a  measure predicated on GAAP, which gives effect to non-cash items such as  depreciation and amortization. The Company computes FFO in accordance with the  &#147;White Paper&#148; on FFO published by the National Association of Real Estate  Investment Trusts (&#147;NAREIT&#148;), which defines FFO as income before allocation to  minority interests (computed in accordance with GAAP), excluding gains or losses  from debt restructurings and sales of properties, plus depreciation and  amortization, and after preferred distribution requirements and adjustments for  unconsolidated partnerships and joint ventures. Adjustments for unconsolidated  partnerships and joint ventures are computed to reflect FFO on the same
basis.  In computing FFO, the Company does not add back to net income the amortization  of costs incurred in connection with its financing or hedging activities, or  depreciation of non-real estate assets, but does add back to net income those  items that are defined as &#147;extraordinary&#148; under GAAP. FFO does not represent  cash generated from operating activities in accordance with GAAP and should not  be considered as an alternative to cash flow as a measure of liquidity. Since  the NAREIT White Paper only provides guidelines for computing FFO, the  computation of FFO may vary from one company to another. FFO is not necessarily  indicative of cash available to fund ongoing cash needs. The following table  sets forth the Company&#146;s calculations of FFO for the years ended December 31,  2004, 2003 and 2002:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="95%">
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2002</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income (loss)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,860,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,275,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Add (deduct):</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Depreciation and    amortization</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,622,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,878,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,720,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Limited partners&#146;    interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">217,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,637,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,152,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Preferred distribution    requirements</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,218,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(254,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Loss on sale of    property</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">49,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,229,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">983,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">159,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Minority interests&#146;    share of FFO</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2,085,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2,283,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(759,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:25%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Funds from (used in) operations</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">15,625,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(20,588,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(451,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">FFO per common share/OP Unit outstanding</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.91</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(5.79</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.56</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Average number of common shares/OP Units outstanding    (1)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">17,131,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,557,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">799,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  colspan="2" valign="top">
  <hr size="1" width="25%" noshade color=black align=left>


  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(1)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Assumes conversion of OP Units</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">35</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p36></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Inflation</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Low to moderate levels of inflation during the past  several years have favorably impacted the Company&#146;s operations by stabilizing  operating expenses.&#160; At the same time,  low inflation has had the indirect effect of reducing the Company&#146;s ability to  increase tenant rents. However, the Company&#146;s properties have tenants whose  leases include expense reimbursements and other provisions to minimize the  effect of inflation.&#160; </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item  7A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and  Qualitative Disclosures About Market Risk</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The primary market risk facing  the Company is interest rate risk on its mortgage loans payable and secured  revolving credit facility.&#160; The Company  will, when advantageous, hedge its interest rate risk using derivative  financial instruments.&#160; The Company is  not subject to foreign currency risk.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company is exposed to interest rate changes  primarily through (i) the secured floating-rate revolving credit facility used  to maintain liquidity, fund capital expenditures and expand its real estate  investment portfolio, and (ii) floating rate acquisition and construction  financing. The Company&#146;s interest rate risk management objectives are to limit  the impact of interest rate changes on operations and cash flows, and to lower  its overall borrowing costs. To achieve these objectives, the Company may  borrow at fixed rates and may enter into derivative financial instruments such  as interest rate swaps, caps and/or treasury locks in order to mitigate its  interest rate risk on a related variable-rate financial instrument. The Company  does not enter into derivative or interest rate transactions for speculative  purposes.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s interest rate risk is managed using a  variety of techniques. At December 31, 2004, long-term debt consisted of fixed-  and variable-rate mortgage loans payable, and the variable-rate secured  revolving credit facility. The average interest rate on the $161.5 million of  fixed rate indebtedness outstanding was 6.5%, with maturities at various dates  through 2013. The average interest rate on the Company&#146;s $87.1 million of  variable-rate debt was 4.1%, with maturities at various dates through 2007. At  December 31, 2004, the Company&#146;s pro rata share of variable rate debt amounted  to $84.7 million. Based upon this amount, if interest rates either increase or  decrease by 1%, the Company&#146;s net income would decrease or increase  respectively by approximately $847,000 per annum.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">36</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>




<div><a name=p37></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Item 8.&#160; Financial Statements and Supplementary Data </b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p38">Reports of    Independent Registered Public Accounting Firm</a></font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p38">38 - 39</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p40">Consolidated Balance Sheets, December    31, 2004 and 2003</a></font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p40">40</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p41">Consolidated Statements of    Operations, years ended December 31, 2004, 2003 and 2002</a></font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p41">41</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p42">Consolidated Statements of    Shareholders&#146; Equity, years ended December 31, 2004, 2003 and 2002</a></font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p42">42</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p43">Consolidated Statements of Cash    Flows, years ended December 31, 2004, 2003 and 2002</a></font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p43">43</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p44">Notes to Consolidated Financial    Statements</a></font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p44">44 - 59</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">37</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p38></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Report  of Independent Registered Public Accounting Firm</b></font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>The  Board of Directors and Shareholders</b></font></div>

<div><font size="2" face="Times New Roman"><b>Cedar Shopping Centers, Inc.</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">We have audited the accompanying consolidated balance sheets of Cedar  Shopping Centers, Inc. as of December 31, 2004 and 2003, and the related  consolidated statements of operations, shareholders&#146; equity, and&#160; cash flows for each of the three years in  the period ended December 31, 2004. We have also audited the financial  statement schedule listed in the Index at Item 15(a). These financial  statements and financial statement schedule are the responsibility of the  Company&#146;s management. Our responsibility is to express an opinion on these  financial statements and financial statement schedule based on our audits.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">We conducted our audits in accordance with the standards of the Public  Company Accounting Oversight Board (United States). Those standards require  that we plan and perform the audit to obtain reasonable assurance about whether  the financial statements are free of material misstatement. An audit includes  examining, on a test basis, evidence supporting the amounts and disclosures in  the financial statements. An audit also includes assessing the accounting  principles used and significant estimates made by management, as well as  evaluating the overall financial statement presentation. We believe that our  audits provide a reasonable basis for our opinion.</font></div>

<div><font size="2" face="Times New Roman">&#160;</font></div>

<div><font size="2" face="Times New Roman">In our opinion, the financial statements  referred to above present fairly, in all material respects, the consolidated  financial position of Cedar Shopping Centers, Inc. at December 31, 2004 and  2003, and the consolidated results of its operations and its cash flows for  each of the three years in the period ended December 31, 2004, in conformity  with U.S. generally accepted accounting principles. Also, in our opinion the  financial statement schedule referred to above, when considered in relation to  the basic financial statements taken as a whole, presents fairly, in all  material respects, the information set forth therein.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">We also have audited, in accordance
    with the standards of the Public Company Accounting Oversight Board (United
    States), the effectiveness of Cedar Shopping Centers, Inc.&#146;s internal
    control over financial reporting as of December 31, 2004, based on criteria
    established
    in Internal Control - Integrated Framework issued by the Committee of Sponsoring
    Organizations of the Treadway Commission, and our report dated March 10,
    2005 expressed an unqualified opinion thereon. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="36%" valign="bottom">
  <div><font size="2" face="Times New Roman">/s/ E<small>RNST</small> &amp; Y<small>OUNG</small>    LLP</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">New York, NY</font></div>

<div><font size="2" face="Times New Roman">March 10, 2005</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">38</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p39></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Report  of Independent Registered Public Accounting Firm</b></font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>The  Board of Directors and Shareholders</b></font></div>

<div><font size="2" face="Times New Roman"><b>Cedar Shopping Centers, Inc.</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">We have audited management&#146;s assessment,  included in the accompanying Management Report on Internal Control Over  Financial Reporting, that Cedar Shopping Centers, Inc. maintained effective  internal control over financial reporting as of December 31, 2004, based on  criteria established in Internal Control - Integrated Framework issued by the  Committee of Sponsoring Organizations of the Treadway Commission (the COSO  criteria). The Company&#146;s management is responsible for maintaining effective  internal control over financial reporting and for its assessment of the  effectiveness of internal control over financial reporting. Our responsibility  is to express an opinion on management&#146;s assessment and an opinion on the  effectiveness of the Company&#146;s internal control over financial reporting based  on our audit.</font></div>

<div><font size="2" face="Times New Roman">&#160;</font></div>

<div><font size="2" face="Times New Roman">We conducted our audit in accordance with the  standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable  assurance about whether effective internal control over financial reporting was  maintained in all material respects. Our audit included obtaining an understanding  of internal control over financial reporting, evaluating management&#146;s  assessment, testing and evaluating the design and operating effectiveness of  internal control, and performing such other procedures as we considered  necessary in the circumstances. We believe that our audit provides a reasonable  basis for our opinion.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">A company&#146;s internal control over financial  reporting is a process designed to provide reasonable assurance regarding the  reliability of financial reporting and the preparation of financial statements  for external purposes in accordance with generally accepted accounting  principles. A company&#146;s internal control over financial reporting includes  those policies and procedures that (1) pertain to the maintenance of records  that, in reasonable detail, accurately and fairly reflect the transactions and  dispositions of the assets of the company; (2) provide reasonable assurance  that transactions are recorded as necessary to permit preparation of financial  statements in accordance with generally accepted accounting principles, and  that receipts and expenditures of the company are being made only in accordance  with authorizations of management and directors of the company; and (3) provide  reasonable assurance regarding prevention or timely
detection of unauthorized  acquisition, use, or disposition of the company&#146;s assets that could have a  material effect on the financial statements.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Because of its inherent limitations, internal  control over financial reporting may not prevent or detect misstatements. Also,  projections of any evaluation of effectiveness to future periods are subject to  the risk that controls may become inadequate because of changes in conditions,  or that the degree of compliance with the policies or procedures may  deteriorate.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">In our opinion, management&#146;s assessment that  Cedar Shopping Centers, Inc. maintained effective internal control over  financial reporting as of December 31, 2004 is fairly stated, in all material  respects, based on the COSO criteria. Also, in our opinion, Cedar Shopping  Centers, Inc. maintained, in all material respects, effective internal control  over financial reporting as of December 31, 2004, based on the COSO criteria.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">We also have audited, in accordance with the  standards of the Public Company Accounting Oversight Board (United States), the  2004 consolidated financial statements of Cedar Shopping Centers, Inc. and our  report dated March 10, 2005 expressed an unqualified opinion thereon. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="31%" valign="bottom">
  <div><font size="2" face="Times New Roman">/s/ E<small>RNST</small> &amp; Y<small>OUNG</small>    LLP</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">New York, NY</font></div>

<div><font size="2" face="Times New Roman">March 10, 2005</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">39</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p40></a><font  size="2" face="Times New Roman"><b><a href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Consolidated Balance Sheets</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>December    31,</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%"valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Assets</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Real estate:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:6%'><font size="2" face="Times New Roman">Land</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">97,617,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">61,774,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:6%'><font size="2" face="Times New Roman">Buildings and    improvements</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">423,735,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">269,031,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">521,352,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">330,805,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:6%'><font size="2" face="Times New Roman">Less accumulated    depreciation</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(16,027,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(6,274,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Real estate, net</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">505,325,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">324,531,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Cash and cash    equivalents</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,457,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,154,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Cash at joint ventures    and restricted cash</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,105,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,668,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Rents and other    receivables, net</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,483,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,269,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Other assets</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,379,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,540,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Deferred charges, net</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,411,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,485,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Total assets</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">537,160,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">349,647,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Liabilities and shareholders&#146; equity</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Mortgage loans payable</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">180,430,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">145,458,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Secured revolving    credit facility</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">68,200,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">17,000,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Accounts payable,    accrued expenses, and other</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,012,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,019,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Unamortized intangible    lease liabilities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">25,227,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13,552,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Total liabilities</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">282,869,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">182,029,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,995,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,435,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Limited partners&#146; interest in Operating Partnership</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,542,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,035,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Shareholders&#146; equity:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Preferred stock&#160; ($.01 par value, $25.00 per share    liquidation value, 5,000,000 shares authorized, 2,350,000 shares issued and    outstanding)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">58,750,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Common stock&#160; ($.06 par value, 50,000,000 shares    authorized, 19,351,000 and 16,456,000 shares issued and outstanding)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,161,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">987,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Treasury stock&#160; (339,000 and 319,000 shares, at cost)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(3,919,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(3,669,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Additional paid-in    capital</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">215,271,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">181,306,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Cumulative distributions    in excess of net income</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(35,139,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(27,091,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Accumulated other    comprehensive income (loss)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(165,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(385,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Unamortized deferred    compensation plans</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(205,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Total shareholders&#146; equity</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">235,754,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">151,148,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Total liabilities and shareholders&#146; equity</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">537,160,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">349,647,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">See accompanying notes to  consolidated financial statements.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">40</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p41></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>Consolidated Statements of Operations</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="40%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Years    ended December 31,</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="40%" colspan="8"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2002</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Revenues:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Rents</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">40,110,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">20,943,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,974,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Expense recoveries</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,565,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,509,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,990,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Interest and other</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">469,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">227,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">25,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Total revenues</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">51,144,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">26,679,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,989,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Expenses:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Operating, maintenance    and management</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,751,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,190,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,158,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Real estate and other    property-related taxes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,872,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,861,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,527,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">General and    administrative</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,575,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,161,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,160,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Depreciation and    amortization</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,401,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,196,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,546,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Interest</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,239,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,412,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,523,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Costs incurred in    acquiring external advisor</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,960,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Early extinguishment of    debt</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,935,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">487,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Other</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,893,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Total expenses</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">41,838,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">48,608,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14,401,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Income (loss) before minority and limited partners&#146;    interests and loss on sale of property:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,306,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,929,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,412,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1,229,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(983,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(159,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Limited partners&#146;    interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(217,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,637,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,152,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Loss on sale of property</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(49,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Net income (loss)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,860,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,275,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Preferred distribution requirements (net of limited    partners&#146; share of $60,000 and $178,000)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,158,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(76,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Net income (loss) applicable to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,702,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,351,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Per common share (basic and diluted)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.34</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(7.09</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2.03</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Dividends to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13,750,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Per common share</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.835</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Average number of common shares outstanding</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,681,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,010,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">231,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman">See accompanying  notes to consolidated financial statements.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">41</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p42></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>Condolidated Statement of Shareholders&#146; Equity</b></font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>Years ended December 31, 2004, 2003 and 2002</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Preferred stock</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Common stock</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Shares</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>$25.00<br>    Liquidation<br>    value</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Shares</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>$0.06<br>    Par value</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Treasury<br>    stock,<br>    at cost</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, December 31, 2001</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">232,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net loss</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Unrealized loss on change    in fair value of cash flow hedge</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Issuance of warrants</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Conversion of OP Units to    common stock</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, December 31, 2002</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">232,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net loss</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Unrealized gain on change    in fair value of cash flow hedges</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Issuance of warrants</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Issuances of common stock    for services</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Conversion of OP Units to    common stock</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">46,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Conversion of common stock    to OP Units</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(46,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(3,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net proceeds from common    stock offering</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">15,525,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">931,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Redemption of limited    partner&#146;s interest in excess of basis</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Issuance of common stock in    connection with acquiring external advisor</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">693,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">42,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Contribution from Company&#146;s    chairman relating to employee payroll taxes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Preferred distribution    requirements, net of limited partners&#146; share of $178,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Deferred compensation    program funded by treasury stock</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(3,669,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, December 31, 2003</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,456,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">987,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(3,669,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Unrealized gain on change    in fair value of cash flow hedges</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Deferred compensation    plans, net</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">20,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(250,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Accretion/dilution    adjustment of limited partners&#146; interest</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net proceeds from preferred    stock offering</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,350,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">58,750,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net proceeds from common    stock offering</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,875,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">173,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Preferred distribution    requirements, net of limited partners&#146; share of $60,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Dividends to common    shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, December 31, 2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,350,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">58,750,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,351,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,161,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(3,919,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Additional <br>    paid-in<br>    capital</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Cumulative<br>    distributions<br>    in excess of<br>    net income</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Accumulated<br>    other<br>    comprehensive<br>    income<br>    (loss)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Unamortized<br>    deferred<br>    compensation<br>    plans</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total<br>    shareholders&#146;<br>    equity</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, December 31, 2001</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8,925,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(5,272,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,667,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net loss</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Unrealized loss on change in fair value of cash flow hedge</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(65,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(65,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Issuance of warrants</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">100,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">100,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Conversion of OP Units to common stock</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, December 31, 2002</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,036,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(5,740,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(65,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,245,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net loss</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,275,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,275,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Unrealized gain on change in fair value of cash flow hedges</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">112,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">112,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Issuance of warrants</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">70,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">70,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Issuances of common stock for services</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">95,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">95,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Conversion of OP Units to common stock</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">500,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">503,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Conversion of common stock to OP Units</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(503,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net proceeds from common stock offering</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">161,982,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">162,913,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Redemption of limited partner&#146;s interest in excess of basis</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2,110,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(432,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2,542,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Issuance of common stock in connection with acquiring external advisor</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,931,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,973,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Contribution from Company&#146;s chairman relating to employee payroll taxes</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">633,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">633,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Preferred distribution requirements, net of limited partners&#146; share of $178,000</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(76,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(76,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Deferred compensation program funded by treasury stock</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,669,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, December 31, 2003</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">181,306,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(27,091,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(385,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">151,148,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,860,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,860,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Unrealized gain on change in fair value of cash flow hedges</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">220,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">220,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Deferred compensation plans, net</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">499,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(205,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">45,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Accretion/dilution adjustment of limited partners&#146; interest</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,510,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,510,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net proceeds from preferred stock offering</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2,027,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">56,723,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net proceeds from common stock offering</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">38,003,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">38,176,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Preferred distribution requirements, net of limited partners&#146; share of $60,000</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2,158,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2,158,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom" bgcolor="#eeeeee"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Dividends to common shareholders</font></div></td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(13,750,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(13,750,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom"><Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, December 31, 2004</font></div></td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">215,271,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(35,139,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(165,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(205,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">235,754,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman">See accompanying notes to consolidated financial statements.</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman">42</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p43></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>Consolidated Statements of Cash Flows</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="40%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Years    ended December 31,</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="top">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="40%" colspan="8"  valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2002</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash flow from operating    activities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Net    income (loss)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,860,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,275,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Adjustments    to reconcile net income (loss) to net cash provided by (used in) operating    activities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:6%'><font size="2" face="Times New Roman">Non-cash    provisions:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%; text-indent:6%'><font size="2" face="Times New Roman">Minority    interests</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">329,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">193,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%; text-indent:6%'><font size="2" face="Times New Roman">Limited    partners&#146; interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">217,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,637,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(806,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%; text-indent:6%'><font size="2" face="Times New Roman">Straight-line    rents</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1,333,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(835,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(385,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:9%'><font size="2" face="Times New Roman">Depreciation    and amortization</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,401,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,196,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,546,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:9%'><font size="2" face="Times New Roman">Amortization    of intangible lease liabilities</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,154,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(879,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(146,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:9%'><font size="2" face="Times New Roman">Acquisition    of external advisor for common stock and OP Units</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,960,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%; text-indent:6%'><font size="2" face="Times New Roman">Early    extinguishment of debt</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,442,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">487,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%; text-indent:6%'><font size="2" face="Times New Roman">Other</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">45,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">851,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">222,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:6%'><font size="2" face="Times New Roman">Increases/decreases    in operating assets and liabilities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:9%'><font size="2" face="Times New Roman">Joint    venture cash</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(190,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">225,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(601,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:9%'><font size="2" face="Times New Roman">Rents    and other receivables</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">119,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1,698,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(87,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:9%'><font size="2" face="Times New Roman">Other    assets</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,180,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,470,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(663,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:9%'><font size="2" face="Times New Roman">Accounts    payable and accrued expenses</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,220,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,071,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,199,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net cash provided by (used    in) operating activities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,334,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(4,856,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,298,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash flow from investing    activities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Expenditures    for real estate and improvements</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(168,893,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(188,111,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(44,584,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Decrease    (increase) in construction/improvement escrows</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">830,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(3,427,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(252,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Acquisitions    of minority interests</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(8,360,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Net    proceeds from sale of property</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,353,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net cash (used in)    investing activities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(168,063,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(199,898,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(40,483,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash flow from financing    activities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Net    proceeds from public offerings</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">94,899,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">162,508,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Proceeds    from mortgage financings</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">44,222,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">49,296,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">32,708,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Mortgage    repayments</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(19,601,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(7,700,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(617,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Line    of credit and other interim financings, net</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">51,200,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">40,573,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Distributions    to minority interest partners</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(769,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(867,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,026,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Distributions    to limited partners</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(377,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Preferred    distribution requirements</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2,218,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(254,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Distributions    to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(13,750,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Termination    of interest rate hedges</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">609,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Repayments    of interim financings</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(30,037,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Contributions    from minority interest partners</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,665,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,030,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Redemption    of OP Units</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(9,000,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Redemption/sale    of Preferred OP Units</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(3,000,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,000,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Deferred    financing, leasing and other costs, net</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(3,183,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(4,103,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,328,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net cash provided by    financing activities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">151,032,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">207,081,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">40,767,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net increase in cash and    cash equivalents</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,303,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,327,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,582,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash and cash equivalents    at beginning of year</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,154,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,827,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,245,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash and cash equivalents    at end of year</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8,457,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,154,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,827,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Supplemental disclosure of    cash activities:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Interest    paid</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,837,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,806,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,144,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Supplemental disclosure of    non-cash investing and financing activities:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Purchase    accounting adjustments</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,187,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,481,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,117,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Assumption    of mortgage loans payable</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,993,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,825,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,800,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Issuances    of OP Units</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">210,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,000,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman">See accompanying notes to consolidated financial statements.</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman">43</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p44></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Note 1.  Organization and Basis of Preparation</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Cedar Shopping Centers, Inc. (the &#147;Company&#148;) was  organized in 1984 and elected to be taxed as a real estate investment trust  (&#147;REIT&#148;) in 1986. The Company has focused on the ownership, operation and  redevelopment of community and neighborhood shopping centers located in the  Northeast, primarily in Pennsylvania. At December 31, 2004, the Company owned  31 properties, aggregating approximately 4.9 million square feet of gross  leasable area (&#147;GLA&#148;). </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Cedar Shopping Centers Partnership, L.P. (the  &#147;Operating Partnership&#148;) is the entity through which the Company conducts  substantially all of its business and owns (either directly or through  subsidiaries) substantially all of its assets. At December 31, 2004 and 2003,  the Company owned a 97.3% and 97.4%, respectively, economic interest in, and is  the sole general partner of, the Operating Partnership.&#160; The limited partners&#146; interest in the  Operating Partnership is adjusted at the end of each reporting period to an  amount equal to the limited partners&#146; ownership percentage of the Operating  Partnership&#146;s net equity.&#160; Such  ownership percentage was 2.7% and 2.6% at December 31, 2004 and 2003,  respectively. The 454,000 OP Units outstanding at December 31, 2004 are economically equivalent to the Company&#146;s common stock and are convertible into the Company&#146;s common stock at the option of the holders on a one-to-one basis.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The consolidated financial statements include the  accounts and operations of the Company, the Operating Partnership, its  subsidiaries, and joint venture partnerships in which it participates. With  respect to its joint ventures, the Company has general partnership interests  ranging from 20% to 50% and, since the Company is the sole general partner,  exercises substantial operating control over these entities, and has determined  pursuant to The Financial  Accounting Standards Board (&#147;FASB&#148;) Interpretation No. 46,  &#147;Consolidation of Variable Interest Entities&#148;, that they are not  variable-interest entities, such partnerships are included in the consolidated  financial statements. Prior years&#146; consolidated financial statements have been  reclassified to conform to the 2004 presentation.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">As used herein, the &#147;Company&#148; refers to Cedar Shopping  Centers, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership, or,  where the context so requires, Cedar Shopping Centers, Inc. only.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Note 2.  Summary of Significant Accounting Policies</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The accompanying financial statements are prepared on  the accrual basis in accordance with accounting principles generally accepted  in the United States (&#147;GAAP&#148;). The preparation of financial statements in  conformity with GAAP requires management to make estimates and assumptions that  affect the disclosure of contingent assets and liabilities, the reported  amounts of assets and liabilities at the date of the financial statements, and  the reported amounts of revenue and expenses during the periods covered by the  financial statements. Actual results could differ from these estimates.</font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Real Estate Investments</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Real estate investments are carried at cost less  accumulated depreciation. The provision for depreciation has been calculated  using the straight-line method based upon the following estimated useful lives  of the respective assets:</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">44</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>




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  <div><font size="2" face="Times New Roman">Buildings and improvements</font></div>
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  <td width="55%" valign="top">
  <div><font size="2" face="Times New Roman">40 years</font></div>
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  <div><font size="2" face="Times New Roman">Tenant improvements</font></div>
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  <td width="55%" valign="top">
  <div><font size="2" face="Times New Roman">Over the lives of the respective leases</font></div>
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<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Depreciation expense amounted to $9,753,000,  $3,878,000, and $1,722,000 for 2004, 2003, and 2002, respectively. Additions  and betterments that substantially extend the useful lives of the properties  are capitalized. Expenditures for maintenance, repairs, and betterments that do  not materially prolong the normal useful life of an asset are charged to  operations as incurred, and amounted to $2,102,000, $1,903,000, and $827,000  for 2004, 2003, and 2002, respectively.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Upon the sale or other disposition of assets, the cost  and related accumulated depreciation and amortization are removed from the  accounts and the resulting gain or loss, if any, is reflected as discontinued  operations. Real estate investments include costs of development and redevelopment  activities, and construction in progress. Capitalized costs, including interest  and other carrying costs during the construction and/or renovation periods, are  included in the cost of the related asset and charged to operations through  depreciation over the asset&#146;s estimated useful life. Interest capitalized  amounted to $1,633,000, $184,000, and none, in 2004, 2003, and 2002,  respectively.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">FASB&#146;s Statement  of Financial Accounting Standards (&#147;SFAS&#148;) No. 144, &#147;Accounting for the  Impairment or Disposal of Long-Lived Assets&#148;, requires that management  review each real estate investment for impairment whenever events or  circumstances indicate that the carrying value of a real estate investment may  not be recoverable. The review of recoverability is based on an estimate of the  future cash flows that are expected to result from the real estate investment&#146;s  use and eventual disposition. These cash flows consider factors such as  expected future operating income, trends and prospects, as well as the effects  of leasing demand, competition and other factors. If an impairment trigger  exists due to the inability to recover the carrying value of a real estate  investment, an impairment loss is recorded to the extent that the carrying  value exceeds estimated fair market value.&nbsp;No impairment
provisions were  recorded by the  Company during the three years ended December 31, 2004. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;Real estate investments held for sale are  carried at the lower of carrying amount or estimated fair value, less cost to  sell. Depreciation and amortization are suspended during the period held for  sale.</font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Intangible Lease Asset/Liability</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">SFAS No. 141, &#147;Business Combinations&#148;, and SFAS No.  142, &#147;Goodwill and Other Intangibles&#148;, require that management allocate the  fair value of real estate acquired to land, building and building improvements.  In addition, the fair value of in-place leases, consisting primarily of  below-market rents, is allocated to intangible lease liabilities.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The fair value of the tangible assets of an acquired  property is determined by valuing the property as if it were vacant, and the  &#147;as-if-vacant&#148; value is then allocated to land, building and building  improvements based on management&#146;s determination of the relative fair values of  these assets. Management determines the as-if-vacant value of a property using  methods similar to those used by independent appraisers. Factors considered by  management in performing these analyses include an estimate of carrying costs  during the expected lease-up periods considering current market conditions and  costs to execute similar leases. In estimating carrying costs, management  includes real estate taxes, insurance and other operating expenses, and  estimates of lost rental revenue during the expected lease-up </font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">45</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">periods based on its evaluation of current market demand. Management  also estimates costs to execute similar leases, including leasing commissions,  tenant improvements, legal and other related costs.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The value of in-place leases  is measured by the excess of (i)&nbsp;the purchase price paid for a property  after adjusting existing in-place leases to market rental rates, over  (ii)&nbsp;the estimated fair value of the property as if vacant.&#160; Above-market and below-market in-place lease  values are recorded based on the present value (using an interest rate which  reflects the risks associated with the leases acquired) of the difference  between the contractual amounts to be received and&nbsp;management&#146;s estimate  of market lease rates, measured over the non-cancelable terms. This aggregate  value is allocated among above-market and below-market leases, tenant  relationships, and other intangibles based on management&#146;s evaluation of the  specific characteristics of each lease. The value of other intangibles is  amortized to expense, and the above-market and below-market lease values are  amortized to rental income over
the remaining non-cancelable terms of the  respective leases. If a lease were to be terminated prior to its stated  expiration, all unamortized amounts relating to that lease would be immediately  recognized in operations.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">During 2004, the Company finalized the real estate  valuation allocations with respect to property acquisitions completed during  the fourth quarter of 2003 and, in this connection, the December 31, 2003  consolidated balance sheet was adjusted. Real estate, net, increased by  $5,907,000, deferred charges (leasing costs) increased by $2,433,000, and  unamortized intangible lease liabilities increased by $8,340,000; 2003 results  of operations were not affected by these allocations. With respect to the  Company&#146;s 2004 acquisitions, the fair value of in-place leases and other  intangibles has been allocated, on a preliminary basis, to the applicable  intangible asset and liability accounts. Unamortized intangible lease liabilities of $25,227,000 and $13,552,000  at December 31, 2004 and 2003, respectively, relate primarily to below-market  leases.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Revenues include  $2,154,000, $879,000 and $146,000 for the years ended December 31, 2004, 2003  and 2002, respectively, relating to the amortization of intangible lease  liabilities. Correspondingly, depreciation and amortization expense includes  $2,656,000, $307,000 and $17,000 for the years ended December 31, 2004, 2003  and 2002, respectively, applicable to amounts allocated to intangible lease  assets.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The  unamortized balance of intangible lease liabilities at December 31, 2004 will  be credited to future operations as follows:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>




<table align="center" border="0" cellspacing="0" cellpadding="0" width="40%">
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2005</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="22%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,568,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2006</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="22%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,209,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
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  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2007</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="22%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,224,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2008</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="22%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,209,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2009</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="22%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,132,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Thereafter</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="22%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,885,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
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  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="22%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="22%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">25,227,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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<div  align="center"><font size="2" face="Times New Roman">46</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Cash Equivalents</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Cash and cash equivalents consist of cash in banks and  short-term investments with original maturities of less than ninety days.</font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Cash at Joint  Ventures and Restricted Cash</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Joint venture partnership agreements require, among  other things, that the Company maintain separate cash accounts for the  operation of the joint ventures, and distributions to the general and limited  (joint venture) partners are strictly controlled. Cash at joint ventures  amounted to $1,193,000 and $1,003,000 at December 31, 2004 and 2003,  respectively.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The terms of several of the Company&#146;s mortgage loans  payable require it to deposit certain replacement and other reserves with its  lenders. This restricted cash is generally available for property-level capital  requirements for which the reserve was established.&#160; This cash is not, however, available to fund other property-level  or Company-level obligations. Restricted cash amounted to $5,912,000 and  $6,665,000 at December 31, 2004 and 2003, respectively.</font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Rents and Other Receivables</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Management has determined that all of the Company&#146;s  leases with its various tenants are operating leases. Base rents are recognized  on a straight-line basis over the terms of the related leases, net of valuation  adjustments based on management&#146;s assessment of credit, collection and other  business risks. The excess of rents recognized over amounts contractually due  is included in rents and other receivables on the consolidated balance sheet  and, where applicable, are evaluated under the provisions of SFAS No. 144. The  leases also typically provide for tenant reimbursements of common area  maintenance and other operating expenses, and real estate taxes; such income is  recognized in the period earned. The Company makes estimates as to the  collectibility of its accounts receivables based on evaluations of tenant  creditworthiness, current economic trends, and changes in customer payment  patterns when determining the
adequacy of its allowance for doubtful accounts.</font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Deferred Charges</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Deferred charges consist principally of lease  origination costs, the costs incurred in connection with the Company&#146;s secured  revolving credit facility and other long-term debt, and the cost of interest  rate protection agreements. Such costs are amortized over the term of the  related agreement and, where applicable, are evaluated under the provisions of  SFAS No. 144.</font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Income Taxes</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company has elected since 1986 to be taxed as a  REIT under the Internal Revenue Code of 1986, as amended. A REIT will generally  not be subject to federal income taxation on that portion of its income that  qualifies as REIT taxable income, to the extent that it distributes at least  90% of its taxable income to its shareholders and complies with certain other  requirements.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">47</font></div>

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<div><a name=p48></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Derivative Financial Instruments</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company utilizes derivative financial instruments,  principally interest rate swaps and interest rate caps, to manage its exposure  to fluctuations in interest rates. The Company has established policies and  procedures for risk assessment, and the approval, reporting and monitoring of  derivative financial instrument activities. The Company has not entered into,  and does not plan to enter into, derivative financial instruments for trading  or speculative purposes. Additionally, the Company has a policy of only  entering into derivative contracts with major financial institutions.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">SFAS No. 133, &#147;Accounting for Derivative Instruments  and Hedging Activities&#148;, requires the Company to measure derivative instruments  at fair value and to record them in the consolidated balance sheet as an asset  or liability, depending on the Company&#146;s rights or obligations under the  applicable derivative contract. The Company&#146;s derivative investments are  primarily cash flow hedges that limit the base rate of variable rate debt.&#160; For cash flow hedges, the ineffective portion  of a derivative&#146;s change in fair value is immediately recognized in operations,  if applicable, and the effective portion of the fair value difference of the  derivative is reflected separately in shareholders&#146; equity as accumulated other  comprehensive income (loss).</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">SFAS No. 149, &#147;Amendment of Statement 133 on  Derivative Instruments and Hedging Activities&#148;, amended and clarified the  accounting treatment of (1) derivative instruments (including certain  derivative instruments embedded in other contracts), and (2) hedging activities  that fall within the scope of SFAS No. 133.&#160;  SFAS No. 149 also amended certain other existing pronouncements, which  result in more consistent reporting of contracts that are derivatives in their  entirety, or that contain embedded derivatives that warrant separate  accounting.&#160; SFAS No. 149 was effective  prospectively (1) for contracts entered into or modified after June 30, 2003,  with certain exceptions, and (2) for hedging relationships designated after  June 30, 2003, and has had no material affect on the Company&#146;s results of  operations.</font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Fair Value of Financial Instruments</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">SFAS No. 107, &#147;Disclosures about Fair Value of  Financial Instruments&#148;, requires the Company to disclose fair value information  of all financial instruments for which it is practicable to estimate fair  value. The Company&#146;s financial instruments, other than fixed-rate mortgage  loans payable, are generally short-term in nature, or bear interest at variable  current market rates, and contain minimal credit risk. These instruments  consist of cash and cash equivalents, cash at joint ventures and restricted  cash, rents and other receivables, and accounts payable. The carrying amount of  these assets and liabilities are assumed to be at fair value.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The fair values of fixed-rate mortgage loans payable,  estimated utilizing discounted cash flow analysis at interest rates reflective  of current market conditions, were $168,959,000 and $152,037,000, respectively,  at December 31, 2004 and 2003; the carrying values of such loans were  $161,476,000 and $145,458,000, respectively at those dates.</font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Earnings Per Share</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In accordance with SFAS No. 128, &#147;Earnings Per Share&#148;,  basic earnings per share (&#147;EPS&#148;) is computed by dividing net income available  to common shareholders by the average number of common</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">48</font></div>

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<PAGE>

<div><a name=p49></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">shares outstanding for the period. Fully diluted EPS reflects the  potential dilution that could occur if securities or other contracts to issue  common stock were exercised or converted into common stock. For 2004, 2003 and  2002, fully diluted EPS were not different than basic EPS.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In July 2003, the Company  paid a stock dividend of one new share for each share of common stock  outstanding. In October 2003, the Company effectuated a one-for-six &#147;reverse&#148;  stock split. The accompanying financial statements and all share and per share  data have been retroactively adjusted to give effect to the stock dividend and  the reverse stock split.</font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Stock-Based Compensation</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">SFAS No. 148, &#147;Accounting for Stock-Based Compensation  - Transition and Disclosure&#148;, which amended SFAS No. 123, &#147;Accounting for  Stock-Based Compensation&#148;, provides alternative methods of transition for an  entity that voluntarily adopts the fair value recognition method of recording  stock option expense. It also amends the disclosure provisions of SFAS 123 and  APB Opinion No. 28, &#147;Interim Financial Reporting&#148; to require disclosure in the  summary of significant accounting policies, of the effects of an entity&#146;s  accounting policy with respect to stock options on reported net income and EPS  in annual and interim financial statements.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">SFAS No. 123 established financial accounting and  reporting standards for stock-based employee compensation plans, including all  arrangements by which employees receive shares of stock or other equity  instruments of the employer, or the employer incurs liabilities to employees in  amounts based on the price of the employer&#146;s stock. SFAS No. 123 defined a fair  value based method of accounting for an employee stock option or similar equity  instrument, and encouraged all entities to adopt that method of accounting for  all of their employee stock compensation plans. However, it also allowed an  entity to continue to measure compensation cost using the intrinsic value based  method of accounting prescribed by APB Opinion No. 25, &#147;Accounting for Stock  Issued to Employees&#148;.&#160; The Company has elected  to continue using APB Opinion No. 25 and make pro forma disclosures of net  income and EPS as if the fair value method
of accounting defined in SFAS No.  123 had been applied.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In 2003, the Company&#146;s shareholders approved an  amendment to its stock option plan, originally approved by shareholders in  1998, authorizing the Company to issue option grants for a total of 2,000,000  shares. In 2001, the Company granted to five directors ten-year options to  purchase 3,333 shares at $10.50 per share, the market value of the Company&#146;s  common stock on the date of the grant. The following table sets forth, on a pro  forma basis, the net income (loss) and net income (loss) per share as if the  fair value method of accounting defined in SFAS No. 123 had been applied:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">49</font></div>

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<PAGE>

<div><a name=p50></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0"  align="center" width="80%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="14%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="14%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="14%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2002</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income (loss)    applicable to common shareholders, as reported</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,702,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,351,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Adjustment to amortize the    value of stock options granted</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(17,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(17,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(17,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Pro forma net income    (loss)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,685,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,368,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(485,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Average number of common    shares outstanding</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,681,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,010,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">231,000    </font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Pro forma net income    (loss) per common share</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.34</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(7.10</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2.10</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In 2004, the Company&#146;s shareholders approved the 2004  Stock Incentive Plan, which provides for the granting of incentive stock  options, stock appreciation rights, restricted shares, performance units and  performance shares. The maximum number of shares of the Company&#146;s common stock  that may be issued pursuant to this plan is 850,000, and the maximum number of  shares that may be subject to grants to any single participant may not exceed  250,000. The Company&#146;s Board of Directors determined to grant $20,000 of  restricted shares annually to each of its five independent directors, which  shares would vest on the third anniversary of the grant date. In addition, the  Board determined to grant $50,000 of restricted shares to each of three  independent directors as consideration for past services rendered, which shares  would vest 20% on the first anniversary of the grant date, and 40% each on the  second and third
anniversaries of the grant date. In August 2004, 19,970 shares  of the Company&#146;s common stock became issuable relating to these grants at  $12.525 per share, the fair value on the date of grant, an aggregate of  $250,000. Such shares were transferred to a Rabbi Trust for the benefit of the  Directors, have been classified as treasury stock and deferred compensation  plan in the Company&#146;s consolidated balance sheet, and are accounted for  pursuant to Emerging Issues Task Force (&#147;EITF&#148;) No. 97-14, &#147;Accounting for  Deferred Compensation Arrangements Where Amounts Earned Are Held in a Rabbi  Trust and Invested&#148;. Amortization of amounts deferred are being charged to  operations over the vesting periods. Shares held by the Rabbi Trust are included  in outstanding shares for EPS computations.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In connection with the Red Lion acquisition, the  Operating Partnership issued warrants to purchase 83,333 OP Units to a minority  interests partner in the property; such warrants have an exercise price of  $13.50 per unit, subject to anti-dilution adjustments. The warrants became  fully vested in January 2004 and expire in May 2012. The first 27,778 warrants  were capitalized at fair value as part of the property acquisition cost;  approximately $173,000 was charged to operations during each of 2003 and  2002.&#160; </font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Note 3. Public Offerings</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In October 2003, the Company sold 13,500,000 shares of  its common stock in a public offering at a price of $11.50 per share, and  realized approximately $141.2 million after underwriting fees and offering  costs. The Company&#146;s shares were listed on the New York Stock Exchange and  commenced trading on October 24, 2003. In November 2003, the underwriter  exercised its over-allotment option to</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">50</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><font size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b><a name=p51></a></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">purchase an additional 2,025,000 shares at $11.50 per share, less  underwriting fees, and the Company received an additional $21.7 million.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In July 2004, the Company sold 2,350,000 shares of  8-7/8% Series A Cumulative Redeemable Preferred Stock in a public offering at a  price of $25.00 per share, an aggregate of $58.75 million. The preferred stock  has no stated maturity and is not convertible into any other security of the  Company. The preferred stock is redeemable at the Company&#146;s option on or after  July 28, 2009 at a price of $25.00 per share, plus accrued and unpaid  distributions. The net proceeds of the offering, after underwriting fees and  offering costs, amounted to approximately $56.7 million, substantially all of  which were used to repay amounts outstanding on the Company&#146;s secured revolving  credit facility.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In December 2004, the Company sold 2,500,000 shares of  its common stock in a public offering at a price of $13.60 per share, and  realized approximately $33.2 million after underwriting fees and offering  costs, substantially all of which were used to repay amounts outstanding on the  Company&#146;s secured revolving credit facility. Later in December 2004, the underwriters  exercised their over-allotment option to purchase an additional 375,000 shares  at $13.60 per share less underwriting fees, and the Company received an  additional $5.0 million of proceeds.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Note 4. Related-Party Transactions,  Allocation of Costs and Expenses and Pro Forma Financial Information</b></font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Transactions with  CBRA, SKR and Brentway</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Prior to the 2003 public offering, the Company was  externally advised and, in this connection, Cedar Bay Realty Advisors, Inc.  (&#147;CBRA&#148;), SKR Management Corp. (&#147;SKR&#148;) and Brentway Management LLC (&#147;Brentway&#148;)  (collectively the &#147;External Advisor&#148;) provided advisory, management and legal  services to the Company. The Company paid fees in connection with these  services of approximately $2.2 million and $1.9 million during 2003 and 2002,  respectively. Contemporaneously with the public offering, CBRA and SKR merged  into the Company and Brentway merged into the Operating Partnership. Each of  the Company&#146;s executive officers was also a principal or officer of the  External Advisor and each became an employee of the Company, together with the  other employees of the External Advisor.&#160;  An independent committee of the Board retained a financial advisor who  advised it as to the fairness of
the consideration paid in connection with the  merger. The merger was approved at the annual meeting of stockholders held in  October 2003. The total consideration paid for the External Advisor was $11.96  million, comprised of 693,333 shares of the Company&#146;s common stock and 346,667  OP Units, each valued at $11.50 per share/unit, and such consideration was  charged to operations during 2003.&#160; The  consideration was distributed to the owners, who are also executive officers of  the Company, and to other officers and employees of the Company. In connection  with the merger, an aggregate of 319,000 shares of the consideration, with a  value of $3.7 million, was transferred to a Rabbi Trust for the benefit of  certain of the Company&#146;s executive officers; such shares have been classified  as treasury stock in the Company&#146;s consolidated financial statements, and are  accounted for pursuant to EITF No. 97-14, &#147;Accounting for Deferred Compensation  Arrangements Where Amounts Earned
Are Held in a Rabbi Trust and Invested&#148;. Also  in connection with the merger, 90,000 shares, with an aggregate value of $1.04  million, were distributed to non-executive employees. At the time the aggregate  consideration for the External Advisor was being negotiated with the  independent committee of the Board, the Company&#146;s chairman and principal owner  of the External Advisor agreed to reimburse these non&#150;executive </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">51</font></div>

<hr noshade align="center" width="100%" size="2">
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<PAGE>

<div><a name=p52></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">employees for their personal income taxes incurred as a result of  receiving the shares. The chairman paid $633,000 to the Company which, in  accordance with Interpretation of APB 25, &#147;Accounting for Stock Issued to  Employees&#148;, was credited to shareholders&#146; equity; the tax payments were charged  to operations during 2003. </font></div>

<div><font size="2" face="Times New Roman"><b><i>&nbsp;</i></b></font></div>

<div><font size="2" face="Times New Roman"><b><i>Transactions with  CBC</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Prior to the 2003 public offering, Cedar Bay Company  (&#147;CBC&#148;) owned approximately 78% of the Company&#146;s common stock and OP Units  (comprised of approximately 63,000 shares of common stock and approximately 568,000  OP Units). CBC received $9.0&nbsp;million of the proceeds from the public  offering in connection with the repurchase all the OP Units owned by it ($15.85  per unit). The same financial advisor who opined as to the fairness of the  consideration paid for the External Advisor also advised the independent  committee of the Board as to the fairness of the consideration paid to CBC.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In May 2003, an affiliate of CBC loaned $750,000 to  the Company, which was used to partially fund the deposit requirement for the South  Philadelphia shopping center. The principal, plus interest at an annual rate of  15%, was repaid in full with the proceeds from the public offering.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In November 2003, the Company used approximately  $2.4&nbsp;million of the proceeds from the public offering to purchase the  remaining 50% interest in The Point owned by an affiliate of CBC. The purchase  price for this interest was arrived at through negotiation with the owner of  CBC.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In December 2003, the Company used approximately $1.6 million of  the proceeds from the public offering to acquire Golden Triangle from an  affiliate of CBC. In connection with the acquisition, the Company assumed a  $9.8 million 7.39% existing first mortgage.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In connection with the June 2002 acquisition of the  Red Lion partnership interest from an affiliate of CBC, the Company agreed to  pay $887,000 in three equal annual installments, plus interest at 7.5%. This  loan was repaid in full with the proceeds from the public offering.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Transactions with  Homburg Invest Inc.</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In December 2002, Homburg Invest USA Inc., a  wholly-owned subsidiary of Homburg Invest Inc. (&#147;Homburg Invest&#148;), which is  owned approximately 62% by Mr. Richard Homburg, a director of the Company,  purchased 3,300 Preferred OP Units for $3.0 million ($909.09 each), with a liquidation  value of $1,000 each and a preferred distribution rate of 9%. In October 2003,  the Company exercised its option and redeemed the Preferred OP Units from the  proceeds of the public offering, at $1,200 per unit, an aggregate of  $3.96&nbsp;million. The $960,000 cost above par was charged to operations  during 2003. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Homburg Invest supplied substantially all the equity  (through the purchase of joint venture interests) in connection with the  Company&#146;s acquisitions of the Pine Grove Plaza, Swede Square and Wal-Mart  center properties. Homburg Invest received 10% in origination fees for  providing the equity in each acquisition.&#160;  The Company had the option to buy the Homburg Invest joint venture  interest in the Wal-Mart property for 120% of Homburg Invest&#146;s original  investment plus a 12% preferential return. In the case of the Pine Grove Plaza  and Swede Square properties, the Company had the option to purchase the Homburg  Invest joint venture interests provided that Homburg Invest receive a 15%  annualized rate of </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">52</font></div>

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<PAGE>

<div><a name=p53></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">return from the date each center was acquired. The Company exercised  these options and used the proceeds from the public offering to purchase these  joint venture interests.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Homburg Invest provided to the Company a one-year,  $1.1 million, 9% interest-only loan. The loan included a $100,000 entrance fee  and required the payment of a $220,000 exit fee. The loan was used to partially  fund the deposit requirements for the South Philadelphia property. This loan  was repaid in full with the proceeds from the public offering and the entrance  and exit fees were charged to operations during 2003. In addition, Homburg Invest  arranged for and guaranteed the third-party financing for the acquisitions of  the Valley Plaza and Wal-Mart properties, and received approximately $325,000  in fees from the third-party lender.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The entrance and exit fees paid to Homburg Invest in  connection with the aforementioned transactions, either directly or indirectly,  aggregated approximately $2.6 million.</font></div>

<div><font size="2" face="Times New Roman"><i>&nbsp;</i></font></div>

<div><font size="2" face="Times New Roman"><i>A<b>llocation of Costs and  Expenses </b></i></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Costs and expenses charged to operations during 2003  in connection with the above transactions (exclusive of fees paid to the  External Advisor prior to the merger) are summarized as follows:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="90%">
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  <div  align="center">&nbsp;</div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>Contract<br>    termination<br>    costs</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>Other<br>    costs</b></font></div>
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  <hr noshade size="1">


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  </td>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <hr noshade size="1">


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  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  </td>
  <td width="10%" valign="bottom">
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  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Acquisition of External Advisor</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,960,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,960,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Redemption of Preferred OP Units</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">960,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">960,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
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  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Mortgage defeasance</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,754,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,754,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Payment of employee personal income taxes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">633,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">633,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Early extinguishment of debt</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,181,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,181,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Other</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">300,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">300,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">20,788,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,960,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,935,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,893,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Pro  Forma Financial Information (unaudited)</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The following table summarizes, on an unaudited pro  forma basis, the combined results of operations of the Company for the years  ended December 31, 2004 and 2003 as though (1) the transactions described  above, (2) the 2003 public offering, and (3) the 2004 and 2003 property  acquisitions were all completed as of January 1, 2003. This unaudited pro forma  information does not purport to represent what the actual results of operations  of the Company would have been had all the above occurred as of January 1,  2003, nor do they purport to predict the results of operations of future  periods. </font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">53</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p54></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="90%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Revenues</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">61,159,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">56,927,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income applicable to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,768,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,332,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Per common share (basic and fully diluted)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.41</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.44 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Average number of common shares outstanding</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,681,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,681,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Note 5.  Real Estate</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The following table summarizes the activity in real estate  for 2004 and 2003:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0"  align="center" width="80%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="17%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="17%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b><u>Cost</u></b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, beginning of year</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">330,805,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">123,634,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Properties acquired</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">172,192,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">200,342,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Improvements and betterments</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">18,355,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,829,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, end of year</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">521,352,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">330,805,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b><u>Accumulated depreciation</u></b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, beginning of year</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,274,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,396,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Depreciation expense</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,753,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,878,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Balance, end of year</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,027,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,274,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">During 2004, the Company acquired 8 properties, of  which three are redevelopment properties; in addition, the Company acquired 55  acres of land for development and/or future expansion. During 2003, the Company  acquired 14 properties, of which two were redevelopment properties. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">At December 31, 2004, substantially all of the  Company&#146;s real estate was pledged as collateral for mortgage loans payable and  the secured revolving credit facility. In addition, one of the Company&#146;s  properties is owned subject to a ground lease which provides for annual  payments of $129,000, subject to cost-of-living adjustments, through May 2071.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Note 6. Rentals Under Operating  Leases</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Annual future base rents due to be received under  non-cancelable operating leases in effect at December 31, 2004 are as follows:</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">54</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p55></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>




<table align="center" border="0" cellspacing="0" cellpadding="0" width="40%">
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2005</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="30%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">43,455,000 </font></div>
  </td>
  <td width="4%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2006</font></div>
  </td>
  <td width="5%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">40,984,000 </font></div>
  </td>
  <td width="4%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2007</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">37,356,000 </font></div>
  </td>
  <td width="4%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2008</font></div>
  </td>
  <td width="5%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">33,999,000 </font></div>
  </td>
  <td width="4%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2009</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">29,640,000 </font></div>
  </td>
  <td width="4%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Thereafter</font></div>
  </td>
  <td width="5%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">169,717,000 </font></div>
  </td>
  <td width="4%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="30%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="4%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="30%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">355,151,000 </font></div>
  </td>
  <td width="4%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="30%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="4%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>




<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Total future base rents do not include expense  recoveries for real estate taxes and operating costs, or percentage rents based  upon tenants&#146; sales volume. Such other rentals amounted to approximately  $11,070,000, $5,724,000, and $2,990,000 in 2004, 2003, and 2002, respectively.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Giant Food Stores, Inc. (&#147;Giant Foods&#148;) and Stop &amp;  Shop, Inc., which are both owned by Ahold N.V., a Netherlands corporation,  collectively accounted for approximately 10%, 12% and 10% of the Company&#146;s  total revenues in 2004, 2003 and 2002, respectively.&#160; The Giant Foods leases are generally guaranteed by the parent  company.</font></div>

<div><font size="2" face="Times New Roman">&#160;</font></div>

<div><font size="2" face="Times New Roman"><b>Note 7. Mortgage Loans Payable,  Secured Revolving Credit Facility, and Other Loans Payable&#160; </b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Mortgage loans payable at  December 31, 2004 and 2003 consist of the following:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Balance at    December 31,</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  rowspan="2"  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Collateral    property</b></font></div>
  </td>
  <td width="2%" rowspan="2"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" rowspan="2"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" rowspan="2"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Original<br>    amount</b></font></div>
  </td>
  <td width="2%" rowspan="2"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" rowspan="2"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Interest<br>    rate</b></font></div>
  </td>
  <td width="2%" rowspan="2"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" rowspan="2"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Maturity</b></font></div>
  </td>
  <td width="2%" rowspan="2"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" rowspan="2"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">The Point</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">20,000,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7.63</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">Sep&#160; 2012</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">19,264,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">19,575,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Academy Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,715,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7.28</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Mar&#160; 2013</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,278,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,422,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Port Richmond Village</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,610,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7.17</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">Mar&#160; 2008</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,135,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,292,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Washington Center Shoppes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,236,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7.53</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Nov&#160; 2007</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,749,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,826,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Red Lion</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,800,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8.86</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">Feb&#160; 2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,459,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,590,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Loyal Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13,877,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7.18</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Jun&#160; 2011</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13,532,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13,677,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Camp Hill Mall</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,000,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4.74</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">Nov&#160; 2005</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,000,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Camp Hill Mall (a)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,000,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">LIBOR+1.95</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Nov&#160; 2005</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14,000,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,000,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">LA Fitness Facility (b)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,000,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">LIBOR+2.75</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">Dec&#160; 2007</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,955,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,559,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Fairview Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,080,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5.71</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Feb&#160; 2013</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,941,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,018,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Halifax Plaza</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,265,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6.83</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">Feb&#160; 2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,100,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,190,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Newport Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,424,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6.83</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Feb&#160; 2010</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,237,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,346,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Pine Grove</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,000,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6.24</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">Apr&#160; 2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,738,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,888,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Pine Grove outparcel</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">388,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8.50</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Mar&#160; 2006</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">388,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">388,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Swede Square (b)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,560,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">LIBOR+2.75</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">May&#160; 2005</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,560,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Valley Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,430,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">LIBOR+2.50</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Jun&#160; 2005</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,361,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Wal-Mart</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,444,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">LIBOR+2.50</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">Aug&#160; 2005</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,441,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Golden Triangle (c)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,325,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6.00</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Apr&#160; 2008</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,987,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,325,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Townfair Center (c)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,351,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6.00</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">Mar&#160; 2008</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,167,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Franklin Village Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">43,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4.81</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center"><font size="2" face="Times New Roman">Nov&#160; 2011</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">43,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Totals</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">202,005,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">180,430,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">145,458,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">55</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p56></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(a)</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">In February 2005, the    Company received a commitment for an aggregate of $49 million in construction    financing, which provides for the repayment of the $14 million in original    acquisition financing, as well as funding for substantially all the projected    redevelopment costs at the property. The facility will bear interest at 185    bps over LIBOR and mature in three years.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(b)</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">The LA Fitness Facility and Swede Square mortgage    loans payable have minimum interest rate requirements of 5.75% and 7.25%,    respectively.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(c)</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">The principal amounts and rates of interest on these    assumed loans represent the fair market values at the dates of acquisition.    The stated amounts were as follows: Golden Triangle - $9,825,000 at 7.39% and    Townfair Center - $9,993,000 at 6.96%.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Scheduled principal payments on mortgage loans payable  at December 31, 2004 are as follows: 2005 - $16,094,000 (including the $14  million Camp Hill Mall obligation), 2006 - $2,595,000, 2007 - $12,754,000, 2008  - $30,292,000, 2009 - $1,542,000, and thereafter - $117,153,000.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Secured Revolving Credit Facility</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In January 2004 (as amended  in November 2004 and January 2005), the Company concluded a three-year  $100&nbsp;million (expandable to $200 million, subject to certain conditions  being met) syndicated secured revolving credit facility with Bank of America  (formerly Fleet National Bank) and several other banks, and Bank of America as  agent, pursuant to which the Company pledged certain of its shopping center  properties as collateral for borrowings thereunder. Borrowings under the  facility aggregated $68,200,000 at December 31, 2004, and bore interest at a rate of 3.9% per  annum. Based on covenants and collateral in place, the Company was permitted to  draw the entire $100 million, and $31.8 million remained available as of that  date. In January 2005, the banks&#146; commitments were increased to $140 million  and the Company was permitted to draw approximately $120 million. The Company  plans to add additional properties to the
collateral pool with the intent to  make the full facility available. Borrowings under the facility presently  incur interest at a rate of LIBOR plus 150 basis points (&#147;bps&#148;), subject to  increases to a maximum of 205 bps depending upon the Company&#146;s leverage ratio,  as defined. The facility also requires an unused portion fee of 15 or 20 bps,  depending on the level of outstanding borrowings, and limits dividends to 95%  of funds from operations, as defined. The Company has paid facility and  arrangement fees to the banks, plus legal and other on-going closing costs as  properties are added to the collateral pool, aggregating approximately $2.2  million through December 31, 2004.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The credit facility is used to fund acquisitions,  development/redevelopment activities, capital expenditures, mortgage  repayments, dividend distributions, working capital and other general corporate  purposes. The facility is  subject to customary financial covenants, including limits on leverage and  other financial statement ratios.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In December 2003, Bank of America provided a $40  million secured bridge line of credit. Borrowings under that temporary facility  aggregated $17 million at December 31, 2003, which were repaid in January 2004  when the syndicated facility was concluded. </font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">56</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p57></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b><i>Other Loans Payable</i></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The December 31, 2002  balance of other loans payable of $7.5 million, together with $22.5 million of  additional interim financing during 2003, were repaid in full with $30.0  million in funds from the 2003 public offering and the secured bridge line of  credit. An additional $1.0 million of interim financing was converted, at the  election of the lender, into approximately 93,000 OP Units. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Note 8.  Interest Rate Hedges</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In 2003 and 2002, the Company entered into interest  rate swaps in connection with the Camp Hill Mall, Newport Plaza, Halifax Plaza  and Pine Grove Plaza acquisitions converting LIBOR-based variable rate debt to  fixed annual rates.&#160; </font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In November and December 2003, respectively, the  Company entered into $20 million and $10 million non-specific five-year  interest rate hedges capping LIBOR at 4.5%. Since these caps did not relate to  specific debt, they were ineffective for accounting purposes and, accordingly,  changes in their fair values were charged to operations. These hedge positions  were closed in December 2004.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">In December 2003, the Company entered into a fair  value hedge with respect to its mortgage at Washington Center Shoppes.&#160; The derivative had swapped a fixed rate  amortization schedule on $5,788,000 at 7.53% to a variable rate of LIBOR plus  250 bps through November 2007. The change in fair value of this hedge was  charged to operations. This hedge position was closed in December 2004.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The following table summarizes the notional values and  fair values of the Company&#146;s derivative financial instruments as of December  31, 2004 and 2003 (the fair value liabilities are included in accounts payable,  accrued expenses and other; the fair value assets are included in deferred  charges): </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>

  <td  rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Hedge</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="14%" rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Type</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Notational<br>    value</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Interest<br>    rate</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Expiration<br>    date</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Fair value    at December 31, </b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td  colspan="5">

  <div  align="center">   <hr noshade size="1">    </div>         </td>
  </tr>
<tr>     <td  colspan="2">     <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="14%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Interest rate swap</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">Cash flow hedge</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,190,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6.83</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">Feb 2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(80,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(125,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Interest rate swap</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">Cash flow hedge</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,346,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6.83</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">Feb 2010</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(71,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(122,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Interest rate swap</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">Cash flow hedge</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,888,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6.24</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">Apr 2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(38,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Interest rate swap</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">Cash flow hedge</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,000,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4.74</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">Nov 2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(93,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Interest rate cap</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">Cash flow hedge</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">20,000,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4.50</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">Nov 2008</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">609,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Interest rate cap</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">Cash flow hedge</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,000,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4.50</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">Oct 2008</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">335,000 </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Interest rate swap</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">Fair value hedge</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,788,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">LIBOR +2.50</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">Nov 2007</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">395,000 </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">During 2004, the Company recognized losses of  $503,000, representing the change in fair value of the derivatives. A $220,000  gain was recorded in accumulated other comprehensive income (loss), a $7,000  gain was credited to limited partners&#146; interest, and the $730,000 ineffective portion  of net loss was charged to operations (included in depreciation and  amortization). During 2003, the Company recognized losses of $367,000,  representing the change in fair value of the derivatives. A $112,000 gain was  recorded in accumulated other comprehensive income (loss), a $266,000 loss was  charged to limited partners&#146; </font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">57</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p58></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">interest, and the $213,000 ineffective portion of net loss was charged  to operations. During 2002, an unrealized loss resulting from a change in the  fair value of the derivatives totaled $224,000, of which $65,000 was reflected  in accumulated other comprehensive income (loss) and $159,000 was charged to  limited partners&#146; interest.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Note 9.  Commitments and Contingencies</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company is a party to certain legal actions  arising in the normal course of business. Management does not expect there to  be adverse consequences from these actions that would be material to the  Company&#146;s consolidated financial statements. </font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Under various federal, state, and local laws,  ordinances, and regulations, an owner or operator of real estate may be  required to investigate and clean up hazardous or toxic substances, or  petroleum product releases, at its properties. The owner may be liable to  governmental entities or to third parties for property damage, and for  investigation and cleanup costs incurred by such parties in connection with any  contamination. Management is unaware of any environmental matters that would  have a material impact on the Company&#146;s consolidated financial statements.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s principal office is located in 6,200  square feet (increasing to 7,500 square feet effective March 1, 2005) at 44 South  Bayles Avenue, Port Washington, NY, which it leases from a partnership owned  24% by the Company&#146;s CEO.&#160; Future  minimum rents payable under the terms of the lease, as amended, amount to  $209,000, $220,000, $225,000, $231,000, $237,000, and $39,000 during the years  2005 through 2009, and through February 2010, respectively. The Company&#146;s  Wal-Mart shopping center is subject to a ground lease running through May 2071,  with future minimum rents payable amounting to $129,000 per annum.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Note 10. Selected Quarterly Financial  Data (unaudited)</b></font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="56%" colspan="12"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Quarter    ended</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  rowspan="2"  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Year</b></font></div>
  </td>
  <td width="2%" rowspan="2"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="56%" colspan="12"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" rowspan="2"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" rowspan="2"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Year ended<br>    December 31</b></font></div>
  </td>
  <td width="2%" rowspan="2"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>March 31</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>June 30</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>September    30</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>December    31</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b><u>2004</u></b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Revenues</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,275,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,667,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,464,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14,738,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">51,144,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income applicable to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,343,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,903,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,208,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,248,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,702,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Basic and fully diluted net income per share</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.08</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.12</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.07</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.07</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.34</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b><u>2003</u></b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Revenues</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,284,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,138,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,672,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,585,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">26,679,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net loss applicable to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(199,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(40,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(228,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(20,884,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,351,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Basic and fully diluted net loss per share</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.73</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.14</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.96</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1.86</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(7.09</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b><u>2002</u></b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Revenues</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,510,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,657,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,614,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,208,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,989,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net loss applicable to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(53,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(222,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(45,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(148,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(468,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Basic and fully diluted net loss per share</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.23</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.96</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.20</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(0.64</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(2.03</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Note  11.&#160; Subsequent Events</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">On  February 2, 2005, the Company&#146;s Board of Directors approved a dividend of $.225  per share with respect to its common stock as well as an equal distribution per  unit on its 454,000 outstanding OP Units. At the same time, the Board approved  a dividend of $0.554688 per share with respect to the </font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">58</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to  Consolidated Financial Statements</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Company&#146;s 8-7/8%  Series A Cumulative Redeemable Preferred Stock. The distributions were paid on  February 22, 2005 to shareholders of record on February 14, 2005.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">On February 7, 2005, the Company announced that it had  reached an non-binding agreement to acquire a portfolio of 27 properties  located primarily in Ohio. The properties contains approximately 735,000 sq.  ft. of GLA, and the purchase price is expected to be approximately $90 million.  Eleven of the properties are anchored by an Ohio-based drug store chain. The  Company expects to finance the acquisition by (1) issuing approximately $15  million of OP Units, and (2) funding the balance with a combination of  fixed-rate debt and borrowings from its secured revolving credit facility. </font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">On March 2, 2005, the Company acquired the Kenley  Village and St. James Square shopping centers, both located in Hagerstown, MD.  These community shopping centers contain approximately 52,000 and 40,000 square  feet of GLA, respectively, and both are anchored by Food Lion supermarkets.  Kenley Village was built in 1988 and St. James Square was built in 2000. The  combined purchase price for both properties, including closing costs, was  approximately $8.3 million.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">59</font></div>

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<PAGE>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 9.&#160;&#160; Changes in, and Disagreements with  Accountants on, Accounting and Financial Disclosure</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">None </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">I<b>tem 9A.&#160;&#160; Controls and Procedures</b></font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Evaluation  of Disclosure Controls and Procedures</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company maintains  disclosure controls and procedures and internal controls designed to ensure  that information required to be disclosed in its filings under the Securities  Exchange Act of 1934 is reported within the time periods specified in the  Securities and Exchange Commission&#146;s (&#147;SEC&#148;) rules and forms.&#160; In this regard, the Company has formed a  Disclosure Committee currently comprised of several of the Company&#146;s executive  officers as well as certain other employees with knowledge of information that  may be considered in the SEC reporting process.&#160; The Committee has responsibility for the development and  assessment of the financial and non-financial information to be included in the  reports filed with the SEC, and assists the Company&#146;s Chief Executive Officer  and Chief Financial Officer in connection with their certifications contained  in the Company&#146;s SEC filings.&#160; The
Committee meets regularly and reports to the Audit Committee on a quarterly or  more frequent basis.&#160; The Company&#146;s  principal executive and financial officers have evaluated its disclosure  controls and procedures as of December 31, 2004, and have determined that such  disclosure controls and procedures are effective.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Management Report on Internal Control Over Financial  Reporting</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s management is  responsible for establishing and maintaining adequate internal control over  financial reporting. The Company&#146;s internal control system was designed to  provide reasonable assurance to the Company&#146;s management and Board of Directors  regarding the preparation and fair presentation of published financial statements.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">All internal control  systems, no matter how well designed, have inherent limitations. Therefore,  even those systems determined to be effective can provide only reasonable  assurance with respect to financial statement preparation and presentation.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">The Company&#146;s management  assessed the effectiveness of the Company&#146;s internal control over financial  reporting as of December 31, 2004. In making this assessment, it used the  criteria set forth by the Committee of Sponsoring Organizations of the Treadway  Commission (&#147;COSO&#148;) in &#147;Internal Control &#150; Integrated Framework&#148;. Based on such  assessment, management believes that, as of December 31, 2004, the Company&#146;s  internal control over financial reporting is effective based on those criteria.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">There have been no changes  in the internal controls over financial reporting or in other factors that have  materially affected, or are reasonably likely to materially affect, these  internal controls over financial reporting during the last quarter of 2004.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">Ernst &amp; Young LLP, the  Company&#146;s independent auditors, have issued an audit report on management&#146;s  assessment of the Company&#146;s internal control over financial reporting, which  appears elsewhere in this report.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 9B.&#160;&#160; Other Information</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">None.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">60</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Part  III.</b></font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Item  10.&#160;&#160; Directors and Executive Officers  of the Registrant</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">This item is incorporated by reference to the  definitive proxy statement for the 2005 Annual Meeting of Shareholders, to be  filed pursuant to Regulation 14A.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Item  11.&#160;&#160; Executive Compensation</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">This item is incorporated by reference to the  definitive proxy statement for the 2005 Annual Meeting of Shareholders, to be  filed pursuant to Regulation 14A.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 12.&#160;&#160; Security Ownership of Certain Beneficial Owners and Management  and Related Stockholder Matters</b></font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">This item is incorporated by reference to the  definitive proxy statement for the 2005 Annual Meeting of Shareholders, to be  filed pursuant to Regulation 14A.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Item 13.&#160;&#160; Certain Relationships and Related Transactions</b></font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">This item is incorporated by  reference to the definitive proxy statement for the 2005 Annual Meeting of  Shareholders, to be filed pursuant to Regulation 14A.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>Item  14.&#160; Principal Accountant Fees and  Services</b></font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">This item is incorporated by  reference to the definitive proxy statement for the 2005 Annual Meeting of  Shareholders, to be filed pursuant to Regulation 14A.</font></div>

<div style='text-indent:5%'><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">61</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Part IV</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman"><b>Item    15.</b></font></div>
  </td>
  <td width="7%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman"><b>Exhibits    and Financial Statement Schedules</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(a)</font></div>
  </td>
  <td width="7%" valign="top">
  <div><font size="2" face="Times New Roman">1.</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Financial Statements</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">The response to this portion of Item 15 is included    in Item 8 of this report.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div><font size="2" face="Times New Roman">2.</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Financial Statement Schedules</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">III.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Real    Estate and Accumulated Depreciation</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">All other schedules have been omitted because the    required information is not present, is not present in amounts sufficient to    require submission of the schedule, or is included in the consolidated    financial statements or notes thereto.</font></div>
  </td>
 </tr>
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  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <div><font size="2" face="Times New Roman">3.</font></div>
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  <div><font size="2" face="Times New Roman">Exhibits</font></div>
  </td>
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<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
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  <div><font size="1" face="Times New Roman"><b>Item</b></font></div>
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  <div  align="center">&nbsp;</div>
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  <td width="86%" valign="top">
  <div  align="center"><font size="1" face="Times New Roman"><b>Title or    Description</b></font></div>
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  <hr noshade size="1">


  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <hr noshade size="1">


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  <div><font size="2" face="Times New Roman">3.1.a</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">Articles of Incorporation of the Company, as    amended, incorporated by reference to Exhibits 3.1 and 3.2 of the    Registration Statement on Form S-11 filed on August 20, 2003, as amended.</font></div>
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  <div><font size="2" face="Times New Roman">3.1.b</font></div>
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  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Articles Supplementary for 8-7/8% Series A    Cumulative Redeemable Preferred Stock.</font></div>
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  <div><font size="2" face="Times New Roman">3.2</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">By-laws of the Company, as amended, incorporated by    reference to Exhibit 3.3 of the Registration Statement on Form S-11 filed on    August 20, 2003, as amended.</font></div>
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  <div><font size="2" face="Times New Roman">3.3.a</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">Agreement of Limited Partnership of Cedar Shopping    Centers Partnership, L.P., incorporated by reference to Exhibit 3.4 the    Registration Statement on Form S-11 filed on August 20, 2003, as amended.</font></div>
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  <div><font size="2" face="Times New Roman">3.3.b</font></div>
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  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment No. 1 to Agreement of Limited Partnership    of Cedar Shopping Centers Partnership, L.P., incorporated by reference to    Exhibit 3.5 of the Registration Statement on Form S-11 filed on August 20,    2003, as amended.</font></div>
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  <div><font size="2" face="Times New Roman">3.3.c</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">Amendment No. 2 to Agreement of Limited Partnership    of Cedar Shopping Centers Partnership, L.P.</font></div>
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  <div><font size="2" face="Times New Roman">10.1.a</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">[Intentionally left blank]</font></div>
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  <div><font size="2" face="Times New Roman">10.1.b</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Standstill Agreement by and between Robert J.    Ambrosi of ARC Properties, Inc. and Cedar Shopping Centers, Inc., dated May    31, 2002, incorporated by reference to Exhibit 10.3 of Form 8-K filed on June    13, 2002.</font></div>
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  <div><font size="2" face="Times New Roman">10.1.c</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">Indemnity Agreement by Cedar-RL, LLC to and for the    benefit of Leo S. Ullman, dated as of May 31, 2002, incorporated by reference    to Exhibit 10.5 of Form 8-K filed on June 13, 2002.</font></div>
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  <div><font size="2" face="Times New Roman">10.1.d</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">Promissory Note from Cedar-RL, LLC to Silver Circle    Management Corp., dated as of May 31, 2002, incorporated by reference to    Exhibit 10.6 of Form 8-K filed on June 13, 2002.</font></div>
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  <div><font size="2" face="Times New Roman">10.1.e</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Subordinate Pledge and Security Agreement by    Cedar-RL, LLC and Silver Circle Management Corp., dated as of May 31, 2002,    incorporated by reference to Exhibit 10.7 of Form 8-K filed on June 13, 2002.</font></div>
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  <div><font size="2" face="Times New Roman">10.1.f</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">Compensation Agreement between Cedar Shopping    Centers, Inc., Cedar Shopping Centers Partnership, L.P. SKR Management Corp.,    Cedar Bay Realty Advisors, Inc., Brentway Management LLC, Leo S. Ullman and    ARC Properties, Inc., dated May 31, 2002, incorporated by reference to    Exhibit 10.8 of Form 8-K filed on June 13, 2002.</font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">62</font></div>

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<div><a name=p63></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
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  <div><font size="2" face="Times New Roman">10.1.g</font></div>
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  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">Amended and Restated Limited Partnership Agreement    of API Red Lion Shopping Center Associates, L.P., a New York Limited    Partnership, among Cedar-RL, LLC and Silver Circle Management Corp. and    Philadelphia ARC-Cedar, LLC, dated as of May 31, 2002, incorporated by    reference to Exhibit 11.11 of Form 8-K filed on June 13, 2002.</font></div>
  </td>
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  <div><font size="2" face="Times New Roman">10.1.h</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">Warrant by Cedar Shopping Centers Partnership, L.P.    to ARC Properties, Inc., dated as of May 31, 2002, incorporated by reference    to Exhibit 10.12 of Form 8-K filed on June 13, 2002.</font></div>
  </td>
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  <div><font size="2" face="Times New Roman">10.2.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement to Purchase Real Estate by and between    Loyal Plaza Venture, L.P. and Cedar Shopping Centers Partnership, L.P. dated    January 7, 2002; First Amendment to Agreement to Purchase Real Estate by and    between Loyal Plaza Venture, L.P. and Cedar Shopping Centers Partnership,    L.P., dated February 22, 2002; Second Amendment to Agreement to Purchase Real    Estate by and between Loyal Plaza Venture, L.P. and Cedar Shopping Centers    Partnership, L.P., dated February 24, 2002; Third Amendment to Agreement to    Purchase Real Estate between Loyal Plaza Venture, L.P. and Cedar Shopping    Centers Partnership, L.P., dated March 1, 2002; Fourth Amendment to Agreement    to Purchase Real Estate by and between Loyal Plaza Venture, L.P. and Cedar    Shopping Centers Partnership, L.P., dated March 8, 2002; Fifth Amendment to    Agreement to Purchase Real Estate by and between Loyal Plaza Venture, L.P.    and Cedar Shopping Centers Partnership, L.P., dated
March 13, 2002; Sixth    Amendment to Agreement to Purchase Real Estate by and between Loyal Plaza    Venture, L.P. and Cedar Shopping Centers Partnership, L.P., dated March 15,    2002; and Seventh Amendment to Agreement to Purchase Real Estate by and    between Loyal Plaza Venture, L.P. and Cedar Shopping Centers Partnership,    L.P., dated March 22, 2002 (collectively, the &#147;Purchase Contract&#148;),    incorporated by reference to Exhibit 10.1 of Form 8-K filed on July 17, 2002.</font></div>
  </td>
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  <div><font size="2" face="Times New Roman">10.2.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Partnership Agreement of Loyal Plaza    Associates, L.P. between CIF-Loyal Plaza Associates, L.P. and Kimco Preferred    Investor IV Trust, dated June 28, 3002, incorporated by reference to Exhibit    10.3 of Form 8-K filed on July 17, 2002.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.2.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Partnership Agreement of CIF-Loyal Plaza    Associates, L.P. by and among CIF-Loyal Plaza Associates, L.P. and Cedar    Shopping Centers Partnership, L.P., dated as of June 28, 2002, incorporated    by reference to Exhibit 10.4 of Form 8-K filed on July 17, 2002.</font></div>
  </td>
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  <div><font size="2" face="Times New Roman">10.2.d</font></div>
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  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Open-End Mortgage and Security Agreement in the    amount of $14 million (Original Mortgage) by Loyal Plaza Venture, L.P.    (Borrower) and Glimcher Loyal Plaza Tenant, L.P. (Tenant) (collectively    referred to as Mortgagor) to Lehman Brothers Bank, FSB (Lender), dated May    31, 2001, incorporated by reference to Exhibit 10.5 of Form 8-K file don July    17, 2002.</font></div>
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  <div><font size="2" face="Times New Roman">10.2.e</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Assumption and Modification Agreement by and    among Loyal Plaza Associates, L.P. (Assuming Borrower), Cedar Shopping    Centers, Inc. (Assuming Principal), Loyal Plaza Venture, L.P. (Original    Borrower), Glimcher Properties Limited Partnership (Glimcher) and Glimcher    Loyal Plaza Tenant, L.P. (Tenant), in favor of LaSalle Bank National    Association (Trustee) and LB-UBS Commercial Mortgage Trust 2001-C3 (Lender),    dated as of July 2, 2002, incorporated by reference to Exhibit 10.6 of Form    8-K filed on July 17, 2002.</font></div>
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  <div><font size="2" face="Times New Roman">10.2.f</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Post Closing Agreement regarding the Assumption by    Loyal Plaza Associates, L.P. (Assuming Borrower) of that certain Loan    evidenced by that certain Note dated May 31, 2001, payable by Loyal Plaza    Venture, L.P. (Original Borrower) to Lehman Brothers Bank, FSB (Original    Lender) as secured by that certain Open-End Mortgage and Security Agreement    of even date to Glimcher Loyal Plaza Tenant, L.P. (Mortgage) currently held </font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">63</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p64></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
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  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">and owned by LaSalle Bank National Association    (Trustee) of LB-UBS Commercial Trust (Lender), dated July 2, 2002,    incorporated by reference to Exhibit 10.13 of Form 8-K filed on July 17,    2002.</font></div>
  </td>
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  <div><font size="2" face="Times New Roman">10.3.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement of Purchase and Sale between Connecticut    General Life Insurance Company and Cedar Shopping Centers Partnership, L.P.,    dated September 12, 2002, incorporated by reference to Exhibit 10.1 of Form    8-K filed on December 9, 2002.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.3.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">First Amendment to Agreement of Purchase and Sale    between Connecticut General Life Insurance Company and Cedar Shopping Centers    Partnership, L.P., dated September 12, 2002, incorporated by reference to    Exhibit 10.2 of Form 8-K filed on December 9, 2002.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.3.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Second Amendment to Agreement of Purchase and Sale    between Connecticut General Life Insurance Company and Cedar Shopping Centers    Partnership, L.P., dated September 12, 2002, incorporated by reference to    Exhibit 10.3 of Form 8-K filed on December 9, 2002.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.3.d</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Third Amendment to Agreement of Purchase and Sale    between Connecticut General Life Insurance Company and Cedar Shopping Centers    Partnership, L.P., dated as of November 15, 2002, incorporated by reference    to Exhibit 10.4 of Form 8-K filed on December 9, 2002.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.3.e</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Liability Company Agreement of Cedar-Camp    Hill, LLC by Cedar Shopping Centers Partnership, L.P., effective as of    November 1, 2002, incorporated by reference to Exhibit 10.6 of Form 8-K filed    on December 9, 2002.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.3.f</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Agreement by and between Cedar-Camp Hill, LLC    and Citizens Bank of Pennsylvania, executed on November 14, 2002,    incorporated by reference to Exhibit 10.10 of Form 8-K filed on December 9,    2002.</font></div>
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  <div><font size="2" face="Times New Roman">10.3.g</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Open-End Mortgage and Security Agreement between    Cedar-Camp Hill, LLC, Cedar Bay Realty Advisors, Inc. and Citizens Bank of    Pennsylvania, executed on November 14, 2002, incorporated by reference to    Exhibit 10.11 of Form 8-K filed on December 9, 2002.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Partnership Agreement of Fairport    Associates, L.P. between CIF-Fairport Associates, LLC and Kimco Preferred    Investor III, Inc, dated as of January 8, 2003, incorporated by reference to    Exhibit 10.1 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Partnership Agreement of Fairview Plaza    Associates, L.P. between CIF-Fairview Associates, LLC and Fairport    Associates, L.P., dated as of January 10, 2003, incorporated by reference to    Exhibit 10.3 of Form 8-K filed on February 21, 2003. </font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Agreement from General Electric Capital Corp.    to Fairview Plaza Associates, L.P., dated as of January 10, 2003,    incorporated by reference to Exhibit 10.5 of Form 8-K filed on February 21,    2003.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.d</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Open-End Mortgage, Assignment of Leases and Rents,    Security Agreement and Fixture Filing by Fairview Plaza Associates, L.P. for    the benefit of General Electric Capital Corporation, is executed as of    January 10, 2003, incorporated by reference to Exhibit 10.7 of Form 8-K filed    on February 21, 2003.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.e</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Promissory Note for Fairview Plaza Associates, L.P.    to General Electric Capital Corporation, dated January 10, 2003, incorporated    by reference to Exhibit 10.8 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.f</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loans to One Borrower Certificate from General    Electric Capital Corp. to Fairview Plaza Associates, L.P. guaranteed by Cedar    Income Fund, Ltd., dated January 10, 2003, incorporated by reference to    Exhibit 10.10 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.g</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement for the Sale of Real Estate of Newport    Plaza by and between Cedar Income Fund Partnership, L.P. and Caldwell    Development, Inc., dated in August 2002, incorporated by reference to Exhibit  10.11 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
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  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.h</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Partnership Agreement of Newport Plaza    Associates, L.P. between CIF-Newport Plaza Associates, LLC and Fairport    Associates, L.P., dated as of January 7, 2003, incorporated by reference to    Exhibit 10.12 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">64</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p65></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Indemnification Agreement between Mark G. Caldwell    and Newport Plaza Associates, L.P. by and between Mark G. Caldwell and    Newport Plaza Associates, L.P., dated February 6, 2003, incorporated by    reference to Exhibit 10.16 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.j</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Agreement by and between Newport Plaza    Associates, L.P. and Citizens Bank of Pennsylvania, dated as of February 6,    2003, incorporated by reference to Exhibit 10.17 of Form 8-K filed on    February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.k</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Promissory Note from Citizens Bank of Pennsylvania    for the benefit of Newport Plaza Associates, L.P., dated as of February 6,    2003, incorporated by reference to Exhibit 10.18 of Form 8-K filed on    February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.l</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Open-End Mortgage and Security Agreement between    Newport Plaza Associates, L.P. and Citizens Bank of Pennsylvania, dated as of    February 6, 2003, incorporated by reference to Exhibit 10.19 of Form 8-K    filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.m</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Guaranty and Suretyship Agreement by Cedar Income    Fund, Ltd. and Cedar Income Fund Partnership, L.P. made in favor of Citizens    Bank of Pennsylvania, made as of February 6, 2003, incorporated by reference    to Exhibit 10.23 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.n</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement for the Sale of Real Estate of Halifax    Plaza between Cedar Income Fund Partnership, L.P. and Caldwell Development    Company, dated in August 2002, incorporated by reference to Exhibit 10.27 of    Form 8-K filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.o</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">First Addendum to Agreement of Sale of Halifax Plaza    between Cedar Income Fund Partnership, L.P. and Caldwell Development Company,    dated in August 2002, incorporated by reference to Exhibit 10.28 of Form    8-K filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.p</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Partnership Agreement of Halifax Plaza    Associates, L.P. between CIF-Halifax Plaza Associates, LLC and Fairport    Associates, L.P., entered into as of January 7, 2003, incorporated by    reference to Exhibit 10.29 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.q</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Indemnification Agreement between Mark G. Caldwell and    Halifax Plaza Associates, L.P. by and between Mark G. Caldwell and Halifax    Plaza Associates, L.P., dated as of February 6, 2003, incorporated by    reference to Exhibit 10.32 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.r</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Agreement by and between Halifax Plaza    Associates, L.P. and Citizens Bank of Pennsylvania, made as of February 6,    2003, incorporated by reference to Exhibit 10.33 of Form 8-K filed on    February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.s</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Promissory Note for Halifax Plaza Associates, L.P.    to Citizens Bank of Pennsylvania, dated as of February 6, 2003, incorporated    by reference to Exhibit 10.34 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.t</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Open-End Mortgage and Security Agreement between    Halifax Plaza Associates, L.P. and Citizens Bank of Pennsylvania, dated as of    February 6, 2003, incorporated by reference to Exhibit 10.35 of Form 8-K    filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.4.u</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Guaranty and Suretyship Agreement by Cedar Income    Fund, Ltd. and Cedar Income Fund Partnership, L.P. in favor of Citizens Bank    of Pennsylvania, made as of February 6, 2003, incorporated by reference to    Exhibit 10.39 of Form 8-K filed on February 21, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.a.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Employment Agreement between Cedar Shopping Centers,    Inc. and Leo S. Ullman, dated as of November 1, 2003, incorporated by reference    to Exhibit 10.39 of the Registration Statement on Form S-11 filed on August    20, 2003, as amended.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.a.ii</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">First Amendment to Employment Agreement between    Cedar Shopping Centers, Inc. and Leo S. Ullman, dated as of March 23, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.b.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Employment Agreement between Cedar Shopping Centers,    Inc. and Brenda J. Walker, dated as of November 1, 2003, incorporated by    reference to Exhibit 10.40 of the Registration Statement on Form S-11 filed    on August 20, 2003, as amended.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.b.ii</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">First Amendment to Employment Agreement between    Cedar Shopping Centers, Inc. and Brenda J. Walker, dated as of March 23,    2004.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">65</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p66></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.c.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Employment Agreement between Cedar Shopping Centers,    Inc. and Thomas J. O&#146;Keeffe, dated as of November 1, 2003, incorporated by    reference to Exhibit 10.41 of the Registration Statement on Form S-11 filed    on August 20, 2003, as amended.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.c.ii</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">First Amendment to Employment Agreement between    Cedar Shopping Centers, Inc. and Thomas J. O&#146;Keeffe, dated as of March 23,    2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.d.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Employment Agreement between Cedar Shopping Centers,    Inc. and Thomas B. Richey, dated as of November 1, 2003, incorporated by    reference to Exhibit 10.42 of the Registration Statement on Form S-11 field    on August 20, 2003, as amended.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.d.ii</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">First Amendment to Employment Agreement between    Cedar Shopping Centers, Inc. and Thomas B. Richey, dated as of March 23,    2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.e.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Employment Agreement between Cedar Shopping Centers,    Inc. and Stuart H. Widowski, dated as of November 1, 2003, incorporated by    reference to Exhibit 10.43 of the Registration Statement on Form S-11 filed    on August 20, 2003, as amended.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.5.e.ii</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">First Amendment to Employment Agreement between    Cedar Shopping Centers, Inc. and Stuart H. Widowski, dated as of March 23,    2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.6.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Cedar Shopping Centers, Inc. Senior Executive    Deferred Compensation Plan, effective as of October 29, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.6.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment No. 1 to the Cedar Shopping Centers, Inc.    Senior Executive Deferred Compensation Plan, effective as of October 29,    2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.6.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment No. 2 to the Cedar Shopping Centers, Inc.    Senior Executive Deferred Compensation Plan, effective as of August 9, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.7.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement to Enter into Net Lease among SPSP, PSI,    24<sup>th</sup> Street (collectively. &#147;Owners&#148;) and Cedar I, dated as of    April 23, 2003 (&#147;Original Agreement&#148;).</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.7.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment to Original Agreement among Owners and    Cedar I, dated May 15, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.7.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment to Original Agreement and Original    Commitment among Owners and Cedar I, Cedar II and Cedar Income Fund    Partnership, LP (&#147;Cedar Partnership:) dated June 18, 2003 (the &#147;Second    Amendment Letter&#148;).</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.7.d</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amended and Restated Agreement to Enter into Letter    Agreement Among Owners, Cedar I and Cedar II, dated June 18, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.7.e</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment to Original Agreement among Owners, Cedar    I, Cedar II and Cedar Partnership, dated July 29, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.7.f</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment to Original Agreement among Owners, Cedar    I, Cedar II and Cedar Partnership, dated October 30, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.7.g</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Lease between Owners and Cedar I (the &#147;Lease&#148;).</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.7.h</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Promissory Note in the original principal amount of    $39,000,000 made by Owners in favor of Cedar II (the &#147;Loan&#148;).</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.7.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Open-End Mortgage and Security Agreement made by    Owners in favor of Cedar II, dated October 23, 2003 and made effective as of    October 31, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.8.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Contribution Agreement by and among Owner Entities    and Cedar LP, dated as of October 2, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.8.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment to Contribution Agreement by and among    Owner Entities and Cedar LP.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.8.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Agreement between Owner Entities and Cedar    Lender.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.8.d</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Promissory Note by Owner Entities in favor of Cedar    Lender.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.8.e</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Pledge and Security Agreement by Owner Entities in    favor of Cedar Lender.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.8.f</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Guaranty by Owner Principal in favor of Cedar GP,    Cedar LP and Cedar Lender.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.8.g</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement of Limited Partnership of the Partnership    by and among Cedar GP, Cedar LP and Owner Entities.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Recapitalization Agreement by and among the    Partnership, Owner Entities and Cedar LP, dated as of October 2, 2003.</font></div>
  </td>
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</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">66</font></div>

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<div><a name=p67></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment to Recapitalization Agreement by and among    the Partnership, Owner Entities and Cedar LP, dated November 3, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Second Amendment to Recapitalization Agreement by    and among the Partnership and Owner Entities and Cedar LP.</font></div>
  </td>
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 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.d</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Right of First Refusal by the Partnership to Owner    Entities, executed on November 19, 2003, and effective as of December 9,    2003.</font></div>
  </td>
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 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.e</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Agreement between Owner Entities and Cedar    Lender.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.f</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Promissory Note by Owner Entities in favor of Cedar    Lender.</font></div>
  </td>
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 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.g</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Pledge and Security Agreement by Owner Entities in    favor of Cedar Lender.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.h</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Guaranty by Owner Principal in favor of Cedar GP,    Cedar LP and Cedar Lender.</font></div>
  </td>
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 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Promissory Note by Cedar Partners in favor of    Lender.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.9.j</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amended and Restated Partnership Agreement of    Limited Partnership of the Partnership LP, by and among the Partnership,    Cedar GP, Cedar LP and Owner Entities.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.10.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Agreement (the &#147;Loan Agreement&#148;) by and among    Cedar Shopping Centers Partnership, L.P., Fleet National Bank (now Bank of    America), Commerzbank AG New York Branch, PB Capital Corporation,    Manufacturers and Traders Trust Company, Sovereign Bank, Raymond James Bank,    FSB, Citizens Bank and the other lending institutions which are or may become    parties to the Loan Agreement (the &#147;Lenders&#148;) and Fleet National Bank (as    Administrative Agent), dated January 30, 2004, incorporated by reference to    Exhibit 10.1 of Form 8-K filed on March 22, 2004.</font></div>
  </td>
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 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.10.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">First Amendment to Loan Agreement, dated as of June    16, 2004.</font></div>
  </td>
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 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.10.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Second Amendment to Loan Agreement, dated as of    November 2, 2004, incorporated by reference to Exhibit 10.1 of Form 8-K filed    on November 8, 2004.</font></div>
  </td>
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 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.10.d</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Third Amendment to Loan Agreement, dated as of    January 28, 2005.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement of Purchase and Sale between Dubois Realty    Partners, L.P. and Cedar Shopping Centers Partnership, L.P., dated as of    December 24 2003, incorporated by reference to Exhibit 10.2 of Form 8-K filed    on March 22, 2004.</font></div>
  </td>
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 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Guaranty of Cedar Dubois, LLC by and among Cedar    Shopping Centers Partnership, L.P. and Fleet National Bank, dated January 30,    2004, incorporated by reference to Exhibit 10.3 of Form 8-K filed on March 22,    2004. </font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Pledge and Security Agreement of Cedar Dubois, LLC    by and between Cedar Shopping Centers Partnership, L.P. and Fleet National    Bank, dated as of March 2004, incorporated by reference to Exhibit 10.4 of    Form 8-K filed on March 22, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.d</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Open-End Mortgage and Security Agreement of Cedar    Dubois, LLC between Fleet National Bank and Cedar Shopping Centers    Partnership, L.P., dated as of March 2004, incorporated by reference to    Exhibit 10.5 of Form 8-K filed on March 22, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.e</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Liability Company Agreement of Cedar Dubois,    LLC by Cedar Shopping Centers Partnership, L.P. as sole member, dated March    2004, incorporated by reference to Exhibit 10.8 of Form 8-K filed on March    22, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.f</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement of Purchase and Sale between Townfair    Center Associates and Townfair Center Associates, Phase III (comprised of    P.J. Dick Incorporated and Michael Joseph Limited Partnership) and Cedar    Shopping Centers Partnership, L.P., dated as of December 24, 2003,    incorporated by reference to Exhibit 10.9 of Form 8-K filed on March 22,    2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.g</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Agreement between Patrician Financial Company    Limited Partnership as Lender and Townfair Center Associates as Borrower,    dated as of February 13, 1998, incorporated by reference to Exhibit 10.10 of    Form 8-K filed on March 22, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.h</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Promissory Note (Townfair Center Phases I &amp; II)    from Cedar Shopping Centers Partnership, L.P. to Patrician Financial Company    Limited Partnership, Note Date: February 13, 1998, incorporated by reference    to Exhibit 10.11 of Form 8-K filed on March 22, 2004.</font></div>
  </td>
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</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">67</font></div>

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<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p68></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Open-End Mortgage, Assignment of Leases and Rents    and Security Agreement by Townfair Center Associates in favor of Patrician    Financial Company Limited Partnership, entered into as of February 13, 1998,    incorporated by reference to Exhibit 10.12 of Form 8-K filed on March 22,    2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.j</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Liability Company Agreement of Cedar    Townfair, LLC between Cedar Shopping Centers Partnership, L.P. as sole member    and Frank Ullman as special member, dated March 2004, incorporated by    reference to Exhibit 10.17 of Form 8-K filed on March 22, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.11.k</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Liability Company Agreement of Cedar    Townfair Phase III, LLC between Cedar Shopping Centers Partnership, L.P.    as&#160; sole member, dated March 2004,    incorporated by reference to Exhibit 10.18 of Form 8-K filed on March 22,    2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement of Purchase and Sale by and between Roger    V. Calarese and A. Richard Calarese as Trustees of the Franklin Village Trust    and Cedar-Franklin Village, LLC, dated as of August 2, 2004, incorporated by    reference to Exhibit 10.1 of Form 8-K filed on November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.b</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Amendment to Agreement of Purchase and Sale by and    between Roger V. Calarese and A. Richard Calarese as Trustees of the Franklin    Village Trust and Cedar-Franklin Village, LLC, dated as of September 2, 2004,    incorporated by reference to Exhibit 10.2 of Form 8-K filed on November 5,    2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.c</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Second Amendment to Agreement of Purchase and Sale    by and between Roger V. Calarese and A. Richard Calarese as Trustees of the    Franklin Village Trust and Cedar-Franklin Village, LLC, dated as of September    10, 2004, incorporated by reference to Exhibit 10.3 of Form 8-K filed on    November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.d</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Third Amendment to Agreement of Purchase and Sale by    and between Roger V. Calarese and A. Richard Calarese as Trustees of the    Franklin Village Trust and Cedar-Franklin Village, LLC, dated as of September    13, 2004, incorporated by reference to Exhibit 10.4 of Form 8-K filed on    November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.e</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Fourth Amendment to Agreement of Purchase and Sale    by and between Roger V. Calarese and A. Richard Calarese as Trustees of the    Franklin Village Trust and Cedar-Franklin Village, LLC, dated as of October    29, 2004, incorporated by reference to Exhibit 10.5 of Form 8-K filed on    November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.f</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Limited Liability Company Agreement of    Cedar-Franklin Village LLC entered into by Cedar-Franklin Village 2 LLC as    sole equity member,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzanne M.    Hay as Springing Member 1 and Jan Koeman as Springing Member 2, dated October    22, 2004, incorporated by reference to Exhibit 10.6 of Form 8-K filed on    November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.g</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Operating Agreement of Cedar-Franklin Village 2 LLC    made and entered into by Cedar Shopping Centers Partnership, L.P. dated as of    October 21, 2004, incorporated by reference to Exhibit 10.7 of Form 8-K filed    on November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.h</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Loan Agreement between Cedar-Franklin Village LLC as    Borrower and Eurohypo AG, New York Branch as Lender, dated as of November 1,    2004, incorporated by reference to Exhibit 10.13 of Form 8-K filed on    November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.i</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Promissory Note for Cedar-Franklin Village LLC to    Eurohypo AG, New York Branch, dated November 1, 2004, incorporated by    reference to Exhibit 10.14 of Form 8-K filed on November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.j</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Mortgage and Security Agreement for Cedar-Franklin    Village LLC as Borrower to Eurohypo AG, New York Branch as Lender, dated as    of November 1, 2004, incorporated by reference to Exhibit 10.15 of Form 8-K    filed on November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.k</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Guaranty for Cedar Shopping Centers Partnership,    L.P. as Guarantor for the benefit of Eurohypo AG, New York Branch as Lender,    executed as of November 1, 2004, incorporated by reference to Exhibit 10.18    of Form 8-K filed on November 5, 2004.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">68</font></div>

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<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p69></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.12.l</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Supplemental Guaranty by Cedar Shopping Centers    Partnership, L.P. as Guarantor    for the benefit of Eurohypo AG, New York Branch as Lender, executed as of    November 1, 2004, incorporated by reference to Exhibit 10.19 of Form 8-K    filed on November 5, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">10.13.a</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Agreement of Purchase and    Sale dated as of November 15, 2004, by and between Gateway Connecticut    Properties, Inc., as Seller, and Cedar Shopping Centers Partnership, L.P., a    Delaware Limited Partnership,    as Purchaser,    in respect of the Brickyard Shopping Center, incorporated by reference to    Exhibit 10.1 of Form 8-K filed on December 21, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">21.1</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">List of Subsidiaries of    the Registrant</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">23.1</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Consent of Independent    Registered Public Accounting Firm</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">31.1</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Section 302 Chief Executive Officer Certification</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">31.2</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Section 302 Chief Financial Officer Certification</font></div>
  </td>
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  <div><font size="2" face="Times New Roman">32.1</font></div>
  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Section 906 Chief Executive Officer Certification</font></div>
  </td>
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  <div><font size="2" face="Times New Roman">32.2</font></div>
  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="86%" valign="top">
  <div><font size="2" face="Times New Roman">Section 906 Chief Financial Officer Certification</font></div>
  </td>
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</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

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  <div><font size="2" face="Times New Roman">(b)</font></div>
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  <div><font size="2" face="Times New Roman">Exhibits</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <div><font size="2" face="Times New Roman">The response to this portion of Item 15 is included    in Item 15(a) (3) above.</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">(c)</font></div>
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  <div><font size="2" face="Times New Roman">The following documents are filed as part of the    report:</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="2" face="Times New Roman">None.</font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">69</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p70></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>SIGNATURES</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Pursuant to the requirements of Section 13 or 15(d) of the Securities  Exchange Act of 1934, the registrant has duly caused this report to be signed  on its behalf by the undersigned thereunto duly authorized.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">C<small>EDAR</small> S<small>HOPPING </small>C<small>ENTERS</small>,    I<small>NC</small>.</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ L<small>EO</small> S. U<small>LLMAN</small></font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ T<small>HOMAS</small> J. O&#146;K<small>EEFFE</small></font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Leo S. Ullman</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Thomas J. O&#146;Keeffe</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">President and Chairman</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="32%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Chief Financial Officer</font></div>
  </td>
  <td width="30%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">(principal executive officer)</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="32%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">(principal financial officer)</font></div>
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  <td width="30%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ A<small>NN</small> M<small>ANERI</small></font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ J<small>EFFREY</small> L. G<small>OLDBERG</small></font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Ann Maneri</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Jeffrey L. Goldberg</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Property Controller</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Corporate Controller</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">(principal accounting officer)</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">March 10, 2005</font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934,  the following persons on behalf of the registrant and in the capacities and as  of the date indicated this report has been signed by the below.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ J<small>AMES</small> J. B<small>URNS</small></font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ J.A.M.H. D<small>ER</small>    K<small>INDEREN</small></font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">James J. Burns</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">J.A.M.H. der Kinderen</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
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  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ R<small>ICHARD</small> H<small>OMBURG</small></font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ E<small>VERETT</small> B. M<small>ILLER</small>, III</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Richard Homburg</font></div>
  </td>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="30%" valign="bottom">
  <div><font size="2" face="Times New Roman">Everett B. Miller, III</font></div>
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  <td width="24%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ L<small>EO</small> S. U<small>LLMAN</small></font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/ B<small>RENDA</small> J. W<small>ALKER</small></font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <hr noshade size="1">


  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <hr noshade size="1">


  </td>
  <td width="24%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Leo S. Ullman</font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Brenda J. Walker</font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">/s/R<small>OGER</small> M. W<small>IDMANN</small></font></div>
  </td>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <hr noshade size="1">


  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="24%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Roger M. Widmann</font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Director</font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">March 10, 2005</font></div>
  </td>
  <td width="19%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="24%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">70</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p71></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div><font  size="2" face="Times New Roman"><b>SCHEDULE III - Real Estate and Accumulated Depreciation</b></font></div>

<div><font  size="2" face="Times New Roman"><b>Year Ended December 31, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>

  <td  rowspan="3"  valign="bottom">

  <Div><font size="1" face="Times New Roman"><b>Property<br>    location/% - owned (1)</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Gross<br>    leasable<br>    area</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Year<br>    acquired</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Year    built/<br>    year last<br>    renovated</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Initial    cost to Company</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Subsequent<br>    cost<br>    capitalized</b></font></div>
  </td>
  <td width="1%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td  colspan="5">

  <div  align="center">    <hr noshade size="1">    </div>


  </td>
 </tr>
 <tr>

  <td  colspan="2"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Land</b></font></div>
  </td>
  <td width="2%" valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2"  valign="bottom">
  <div  align="center">
<font size="1" face="Times New Roman"><b>Buildings    and<br>    improvements</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>STABILIZE2D    PROPERTIES (2):</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">The Point</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">255,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1972/2001</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,700,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10,800,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,179,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Harrisburg,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Academy Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">153,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1965/1998</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,406,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,623,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">908,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Port Richmond Village</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">155,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1988</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,942,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,769,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">324,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Washington Center Shoppes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">153,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1979/1995</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,811,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7,314,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">859,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Washington    Tnsp, NJ (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Red Lion</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">224,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1990/2000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,221,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,531,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(658,000)</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (20%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Loyal Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">294,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1969/2000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,853,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">15,620,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,129,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Williamsport,    PA (25%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">LA Fitness Facility</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">41,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,107,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,920,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Fort    Washington, PA (50%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Fairview Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">70,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1992</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,810,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7,272,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">156,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">New    Cumberland, PA (30%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Halifax Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">54,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1994</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,102,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,609,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">85,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Halifax,    PA (30%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Newport Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">67,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1996</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,316,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,320,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">99,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Newport,    PA (30%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Pine Grove Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">79,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2001/2002</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,622,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,489,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Pemberton    Tnsp, NJ (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Swede Square</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">99,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1980/2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,555,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,232,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,932,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">East    Norriton, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Valley Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">191,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1975/1994</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,950,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7,766,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">59,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Hagerstown,    MD (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Wal-Mart Center</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">156,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1972/2000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,834,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Southington,    CT (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">South Philadelphia</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">283,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1950/2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,222,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">35,907,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">857,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">River View Plaza I II III</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">244,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1991/1998</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,718,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">40,356,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">75,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Columbus Crossing</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">142,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,579,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,135,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Sunset Crossing</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">74,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,150,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,980,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(13,000)</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Dickson    City, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">The Commons</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">175,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2000    - 2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,098,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">14,047,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">DuBois,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Townfair Center</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">204,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1995    - 2002</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,022,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">13,786,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">393,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">White    Township, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Lake Raystown Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">84,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1995</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,482,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,735,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Huntingdon,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Franklin Village Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">304,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1987/1989</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">13,825,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">58,203,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Franklin,    MA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">The Brickyard</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">275,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1989    - 1990</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,463,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">28,198,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">42,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Berlin,    CT (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">3,776,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">81,954,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">346,526,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">21,362,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>

  <td  rowspan="3"  valign="bottom"
 >

  <Div><font size="1" face="Times New Roman"><b>Property<br>    location/% - owned (1)</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="43%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Gross    amount at which carried at Dec 31, 2004</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="13%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Accumulated<br>    depreciation<br>    (4)</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Amount Of<br>    encumbrance</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

    <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td  colspan="8">

  <div  align="center">    <hr noshade size="1">    </div>         </td>
  </tr>
  <tr>
     <td  colspan="2">     <div  align="center"><font size="1" face="Times New Roman"><b>Land</b></font></div>
  </td>
  <td width="2%" valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="13%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Buildings    and<br>    improvements</b></font></div>
  </td>
  <td width="2%" valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="13%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>STABILIZED    PROPERTIES (2):</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">The Point</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,996,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">21,683,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">24,679,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,121,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,264,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Harrisburg,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Academy Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,406,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10,531,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">12,937,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">822,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10,278,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Port Richmond Village</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,942,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">12,093,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">15,035,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">979,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,135,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Washington Center Shoppes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,811,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,173,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,984,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">691,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,749,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Washington    Tnsp, NJ (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Red Lion</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,221,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">15,873,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20,094,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,099,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,459,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (20%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Loyal Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,853,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,749,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20,602,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,007,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">13,532,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Williamsport,    PA (25%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">LA Fitness Facility</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,107,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,920,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,027,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">97,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,955,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Fort    Washington, PA (50%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Fairview Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,810,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7,428,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,238,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">367,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,941,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">New    Cumberland, PA (30%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Halifax Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,102,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,694,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,796,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">225,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,100,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Halifax,    PA (30%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Newport Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,316,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,419,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,735,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">260,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,237,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Newport,    PA (30%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Pine Grove Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,622,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,489,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,111,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">282,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,738,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Pemberton    Tnsp, NJ (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Swede Square</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,268,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7,451,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,719,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">412,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">East    Norriton, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Valley Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,950,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7,825,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,775,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">292,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Hagerstown,    MD (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Wal-Mart Center</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,844,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,844,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">395,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Southington,    CT (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">South Philadelphia</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,222,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">36,764,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">44,986,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,384,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">River View Plaza I II III</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,718,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">40,431,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">50,149,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,492,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Columbus Crossing</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,579,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,140,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">23,719,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">610,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Philadelphia,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Sunset Crossing</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,150,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,967,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,117,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">268,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Dickson    City, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">The Commons</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,098,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">14,048,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">17,146,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">475,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">DuBois,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Townfair Center</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,022,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">14,179,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">17,201,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">405,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10,167,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">White    Township, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Lake Raystown Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,482,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,735,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,217,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">144,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Huntingdon,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Franklin Village Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">13,825,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">58,203,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">72,028,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">422,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,500,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Franklin,    MA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">The Brickyard</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,463,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">28,240,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">34,703,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Berlin,    CT (100%)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">82,963,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">366,879,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">449,842,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">14,255,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">156,055,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">71</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p72></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div><font  size="2" face="Times New Roman"><b>SCHEDULE III - Real Estate and Accumulated Depreciation</b></font></div>

<div><font  size="2" face="Times New Roman"><b>Year Ended December 31, 2004 (continued)</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>

  <td  rowspan="3"  valign="bottom"
 >

  <Div><font size="1" face="Times New Roman"><b>Property<br>    location/% - owned (1)</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Gross<br>    leasable<br>    area</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Year<br>    acquired</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" rowspan="3"  valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Year    built/<br>    year last<br>    renovated</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Initial    cost to Company</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Subsequent<br>    cost<br>    capitalized</b></font></div>
  </td>
  <td width="1%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td  colspan="5">

  <div  align="center">   <hr noshade size="1"> </div>


  </td>
 </tr>
 <tr>

  <td  colspan="2">

  <div  align="center"><font size="1" face="Times New Roman"><b>Land</b></font></div>
  </td>
  <td width="2%" valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Buildings    and<br>    improvements</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>DEVELOPMENT/REDEVELOPMENT    PROPERTIES:</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Camp Hill Mall</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">449,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1958/2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,460,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">17,857,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10,897,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Camp    Hill, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Golden Triangle</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">192,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1960/2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,320,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,713,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,787,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Lancaster,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Carbondale Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">130,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1972</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,586,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7,289,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">95,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Carbondale,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Huntingdon Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">151,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1972    - 2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">933,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,129,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">39,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Huntingdon,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Hamburg Commons</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">98,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1988    - 1993</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,153,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,678,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">117,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Hamburg,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Meadows Marketplace</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">91,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,914,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">63,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">So.    Hanover Tnsp, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,111,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12,366,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">43,666,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12,998,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>LAND    ASSETS:</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Washington Center Shoppes</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">parcel</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">250,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Washington    Tnsp, NJ (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Pine Grove Plaza parcel</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">388,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Pemberton    Township, NJ (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Lake Raystown Plaza parcel</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">749,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">21,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Huntingdon,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Halifax Plaza parcel</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">901,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">171,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Halifax,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,288,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">192,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Totals</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,887,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">96,608,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">390,192,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">34,552,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>

  <td  rowspan="3"  valign="bottom"
 >

  <Div><font size="1" face="Times New Roman"><b>Property<br>    location/% - owned (1)</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="43%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Gross    amount at which carried at Dec 31, 2004</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="13%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Accumulated<br>    depreciation<br>    (4)</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Amount Of<br>    encumbrance</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td  colspan="8">

  <div  align="center"><hr noshade size="1"> </div>


  </td>
 </tr>
 <tr>

  <td  colspan="2">

  <div  align="center"><font size="1" face="Times New Roman"><b>Land</b></font></div>
  </td>
  <td width="2%" valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="13%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Buildings    and<br>    improvements</b></font></div>
  </td>
  <td width="2%" valign="bottom">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="13%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>DEVELOPMENT/REDEVELOPMENT    PROPERTIES:</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Camp Hill Mall</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,460,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">28,754,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">33,214,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">957,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">14,000,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Camp    Hill, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Golden Triangle</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,320,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">13,820,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">429,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,987,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Lancaster,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Carbondale Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,586,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7,384,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,970,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">212,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Carbondale,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Huntingdon Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">933,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,168,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,101,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">98,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Huntingdon,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Hamburg Commons</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,153,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,795,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,948,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">76,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Hamburg,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Meadows Marketplace</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,914,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">63,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,977,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">So.    Hanover Tnsp, PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12,366,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">56,664,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">69,030,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,772,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">23,987,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>LAND    ASSETS:</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Washington Center Shoppes</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">parcel</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">250,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">250,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Washington    Tnsp, NJ (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Pine Grove Plaza parcel</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">388,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">388,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">388,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Pemberton    Township, NJ (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Lake Raystown Plaza parcel</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">749,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">21,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">770,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Huntingdon,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Halifax Plaza parcel</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">901,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">171,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,072,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="1" face="Times New Roman">Halifax,    PA (100%)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,288,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">192,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,480,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">388,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Totals</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">97,617,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">423,735,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">521,352,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">16,027,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">180,430,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="11%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="9%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>


<hr size="1" width="25%" noshade color=black align=left>



<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(1)</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">Other than the partnerships    owning the Red Lion and the LA Fitness Facility properties, the terms of the    several joint venture agreements provide, among other things, that the    minority interest partners receive certain preferential returns on their    investments prior to any distributions to the Company.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(2)</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">&#147;Stabilized properties&#148; are    those properties, with no development/redevelopment activities, having an    occupancy rate of at least 80%.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(3)</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">Properties pledged as    collateral under the Company&#146;s secured revolving credit facility, including    Valley Plaza which is in the process of being added to the collateral pool.    The total net book value of all such properties was $209,451,000 at December    31, 2004; the total amounts outstanding under the secured revolving credit    facility at that date was $68,200,000.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(4)</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">Depreciation is provided    over the estimated useful lives of buildings and improvements, which range    from 5 to 40 years.</font></div>
  </td>
 </tr>
</table>

<div style='margin-left:5%; text-indent:-.5%'><font  size="2" face="Times New Roman">&nbsp;</font></div>

<div align="center" ><font  size="2" face="Times New Roman">72</font></div>




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<FILENAME>ex3-01b.txt
<DESCRIPTION>EX3-01B.TXT
<TEXT>
<PAGE>

                          CEDAR SHOPPING CENTERS, INC.

                             ARTICLES SUPPLEMENTARY

              8 7/8% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK

        Cedar Shopping Centers, Inc., a Maryland corporation (the
"Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:

                FIRST : Under a power contained in Article IV of the Articles of
Incorporation of the Corporation, as amended and supplemented (the "Charter"),
the Board of Directors of the Corporation (the "Board of Directors"), by
resolution duly adopted at a meeting duly called and held on July 19, 2004 (the
"Board Resolutions"), and the Pricing Committee of the Board of Directors
established by the Board Resolutions, by resolution duly adopted at a meeting
duly called and held on July 23, 2004, classified and designated 2,350,000
shares (the "Shares") of Preferred Stock (as defined in the Charter) as shares
of 8?% Series A Cumulative Redeemable Preferred Stock, with the preferences,
conversions and other rights, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications and terms and conditions of
redemption of shares of stock as follows and provided for the issuance thereof.
Upon any restatement of the Charter, Sections 1 through 13 of this Article FIRST
shall become part of Article IV of the Charter, with such changes in enumeration
as are necessary to complete such restatement.

                (1)     Designation and Number. A series of shares of Preferred
Stock, designated as the "8?%% Series A Cumulative Redeemable Preferred Stock"
(the "Series A Preferred Stock"), is hereby established. The number of shares of
Series A Preferred Stock shall be 2,350,000. The par value of the Series A
Preferred Stock shall be $.01 per share.

                (2)     Rank. The Series A Preferred Stock will, with respect to
distribution rights and rights upon liquidation, dissolution or winding up of
the Corporation, rank (a) senior to all classes or series of Common Stock (as
defined in the Charter), and to all equity securities the terms of which provide
that such equity securities shall rank junior to the Series A Preferred Stock;
(b) on parity with all equity securities issued by the Corporation the terms of
which specifically provide that such equity securities rank on parity with the
Series A Preferred Stock; and (c) junior to all equity securities issued by the
Corporation the terms of which specifically provide that such equity securities
rank senior to the Series A Preferred Stock. The term "equity securities" shall
not include convertible debt securities.

                (3)     Distributions.

                        (a)     Holders of Series A Preferred Stock shall be
entitled to receive, when and if declared by the Board of Directors, out of
funds legally available for payment of distributions, cumulative preferential
cash distributions at the rate of 8?% of the liquidation preference per annum
(which is equivalent to a fixed annual amount of $2.21875 per share of Series A
Preferred Stock). Such distributions shall accrue and cumulate from the date of
original issuance (July 28, 2004) and shall be payable quarterly in arrears on
the 20th day of February, May, August and November of each year or, if not a
business day, the next succeeding business day (each a "Distribution Payment
Date"). The first distribution on the Series A Preferred Stock

<PAGE>

shall be paid on November 20, 2004, will be for more than a full quarter and
will reflect distributions accumulated from the date of original issuance
through November 20, 2004. Any distribution payable on the Series A Preferred
Stock for any partial distribution period shall be prorated and computed on the
basis of a 360-day year consisting of twelve 30-day months. Distributions shall
be payable to holders of record as they appear in the stock records of the
Corporation at the close of business on the applicable distribution record date,
which shall be a date designated by the Board of Directors for the payment of
distributions that is not more than 60 nor less than 10 calendar days
immediately preceding such Distribution Payment Date (each, a "Distribution
Record Date").

                        (b)     No distribution on the Series A Preferred Stock
shall be authorized or declared or paid or set apart for payment by the
Corporation at such time as the terms and provisions of any agreement of the
Corporation, including any agreement relating to its indebtedness or any other
of the Corporation's preferred stock, prohibits such authorization, declaration,
payment or setting apart for payment or provides that such authorization,
declaration, payment or setting apart for payment would constitute a breach or
default thereunder, or if such authorization, declaration, payment or setting
apart for payment shall be restricted or prohibited by law.

                        Notwithstanding anything to the contrary contained
herein, distributions on the Series A Preferred Stock shall accrue and cumulate
whether or not the Corporation has earnings, whether or not there are funds
legally available for the payment of such distributions and whether or not such
distributions are declared by the Board of Directors. Accrued but unpaid
distributions on the Series A Preferred Stock shall cumulate as of the
Distribution Payment Date on which they first become payable or on the date of
redemption, as the case may be. No interest shall be payable in respect of any
distribution on the Series A Preferred Stock that may be in arrears.

                        (c)     Except as provided in the following sentence, if
any Series A Preferred Stock are outstanding, no distributions, other than
distributions in kind of the Corporation's Common Stock or other shares of the
Corporation's equity securities ranking junior to the Series A Preferred Stock
as to distributions and upon liquidation, may be declared or paid or set apart
for payment, and no other distribution may be declared or made upon, the
Corporation's Common Stock or any other shares of equity securities of the
Corporation of any other class or series ranking, as to distributions and upon
liquidation, on parity with or junior to the Series A Preferred Stock unless
full cumulative distributions have been or contemporaneously are declared and
paid or declared and a sum sufficient is set apart for such payment on the
Series A Preferred Stock for all past distribution periods and the then current
distribution period. When distributions are not paid in full (or a sum
sufficient for such full payment is not so set apart) upon the Series A
Preferred Stock and all other equity securities ranking on parity, as to
distributions, with the Series A Preferred Stock, all distributions declared
upon the Series A Preferred Stock and any other equity securities ranking on
parity, as to distributions, with the Series A Preferred Stock shall be
authorized pro rata so that the amount of distributions authorized per share of
Series A Preferred Stock and each such other equity security shall in all cases
bear to each other the same ratio that accrued distributions per share of Series
A Preferred Stock and such other equity security (which shall not include any
accumulation in respect of unpaid distributions for prior distribution periods
if such other equity securities do not

                                        2
<PAGE>

have a cumulative distribution) bear to each other. No interest, or sum of money
in lieu of interest, shall be payable in respect of any distribution payment or
payments on Series A Preferred Stock which may be in arrears.

                        (d)     Except as provided in clause (c), unless full
cumulative distributions on the Series A Preferred Stock have been or
contemporaneously are declared and paid or declared and a sum sufficient is set
apart for payment for all past distribution periods and the then current
distribution period, no Common Stock or any other shares of equity securities of
the Corporation ranking junior to or on parity with the Series A Preferred Stock
as to distributions or upon liquidation shall be redeemed, purchased or
otherwise acquired for any consideration (or any monies be paid to or made
available for a sinking fund for the redemption of any such shares) by the
Corporation (except by conversion into or exchange for Common Stock or other
shares of equity securities of the Corporation ranking junior to the Series A
Preferred Stock as to distributions and amounts upon liquidation). The foregoing
shall not prohibit any redemption, purchase or other acquisition by the
Corporation of any class or series of equity securities of the Corporation for
the purpose of enforcing restrictions on ownership contained in the
Corporation's Charter or preserving the Corporation's status as a real estate
investment trust.

                        (e)     Holders of Series A Preferred Stock shall not be
entitled to any distribution, whether payable in cash, property or shares, in
excess of full cumulative distributions on the Series A Preferred Stock as
described above. Any distribution payment made on the Series A Preferred Stock,
including any capital gain distributions, shall first be credited against the
earliest accrued but unpaid distribution due with respect to the Series A
Preferred Stock which remains payable.

                        (f)     If, for any taxable year, the Corporation elects
to designate as a "capital gain dividend" (as defined in Section 857 of the
Code) any portion (the "Capital Gains Amount") of the dividends (as determined
for federal income tax purposes) paid or made available for the year to holders
of all series or classes of the Corporation's stock (the "Total Dividends"),
then, except as otherwise required by applicable law, that portion of the
Capital Gains Amount that shall be allocable to the holders of Series A
Preferred Stock shall be in proportion to the amount that the total dividends
(as determined for federal income tax purposes) paid or made available to the
holders of the Series A Preferred Stock for the year bears to the Total
Dividends. Except as otherwise required by applicable law, the Corporation will
make a similar allocation with respect to any undistributed long-term capital
gains of the Corporation which are to be included in its stockholders' long-term
capital gains, based on the allocation of the Capital Gains Amount which would
have resulted if such undistributed long-term capital gains has been distributed
as "capital gains dividends" by the Corporation to its stockholders.

                (4)     Liquidation Preference.

                        (a)     In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation (referred to herein
sometimes as a "liquidation"), the holders of Series A Preferred Stock then
outstanding shall be entitled to receive out of the assets of the Corporation
legally available for distribution to stockholders (after payment or provision
for payment of all debts and other liabilities of the Corporation) the sum of
(i) the liquidation

                                        3
<PAGE>

preference of $25.00 per share, (ii) the applicable premium per share (expressed
as a percentage of the liquidation preference of $25.00 per share) as set forth
in the table below during the twelve-month period beginning on July 28 of each
year and (c) an amount equal to any accrued and unpaid distributions (whether or
not declared) to the date of payment, before any distribution of assets is made
to holders of Common Stock (as defined in the Charter) or any equity securities
that the Corporation may issue that rank junior to the Series A Preferred Stock
as to liquidation rights.

                       12-MONTH PERIOD            APPLICABLE PREMIUM
                ------------------------------    -------------------
                July 28, 2004 to July 27, 2005            5%
                July 28, 2005 to July 27, 2006            4%
                July 28, 2006 to July 27, 2007            3%
                July 28, 2007 to July 27, 2008            2%
                July 28, 2008 to July 27, 2009            1%
                 July 28, 2009 and thereafter              0

                        (b)     If, upon any such voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, the assets of the
Corporation are insufficient to make full payment to holders of the Series A
Preferred Stock and any shares of other classes or series of equity securities
of the Corporation ranking on parity with the Series A Preferred Stock as to
liquidation rights, then the holders of the Series A Preferred Stock and all
other such classes or series of equity securities ranking on parity with the
Series A Preferred Stock as to liquidation rights shall share ratably in any
distribution of assets in proportion to the full liquidating distributions to
which they would otherwise be respectively entitled.

                        (c)     Written notice of any such liquidation,
dissolution or winding up of the Corporation, stating the payment date or dates
when, and the place or places where, the amounts distributable in such
circumstances shall be payable, shall be given by first class mail, postage
pre-paid, not less than 30 nor more than 60 calendar days immediately preceding
the payment date stated therein, to each record holder of the Series A Preferred
Stock at the respective addresses of such holders as the same shall appear on
the share transfer records of the Corporation.

                        (d)     After payment of the full amount of the
liquidating distributions to which they are entitled, the holders of Series A
Preferred Stock shall have no right or claim to any of the remaining assets of
the Corporation.

                        (e)     None of a consolidation or merger of the
Corporation with or into another entity, the merger of another entity with or
into the Corporation, a statutory share exchange by the Corporation or a sale,
lease, transfer or conveyance of all or substantially all of the Corporation's
assets or business shall be considered a liquidation, dissolution or winding up
of the Corporation.

                        (f)     In determining whether a distribution (other
than upon voluntary or involuntary dissolution) by dividend, redemption or other
acquisition of shares of the Corporation or otherwise is permitted under
Maryland law, amounts that would be needed, if the Corporation were to be
dissolved at the time of the distribution, to satisfy the preferential rights

                                        4
<PAGE>

upon dissolution of the holders of Series A Preferred Stock will not be added to
the Corporation's total liabilities.

                (5)     Redemption.

                        (a)     Except as otherwise set forth in this Section 5
and in Section 8, the Series A Preferred Stock is not redeemable prior to July
28, 2009, except that the Corporation will be entitled to redeem, purchase or
acquire shares of Series A Preferred Stock in order to ensure that the
Corporation remains qualified as a REIT for federal income tax purposes.

                        (b)     On or after July 28, 2009 the Corporation, at
its option, upon giving notice as provided below, may redeem the Series A
Preferred Stock, in whole or from time to time in part, for cash, at a
redemption price of $25.00 per share, plus all accrued and unpaid distributions
on such Series A Preferred Stock to the date of redemption, whether or not
declared (the "Redemption Right").

                        (c)     If fewer than all of the outstanding shares of
Series A Preferred Stock are to be redeemed pursuant to the Redemption Right,
the shares to be redeemed shall be selected pro rata (as nearly as practicable
without creating fractional shares) or by lot or in such other equitable method
prescribed by the Board of Directors. If such redemption is to be by lot and, as
a result of such redemption, any holder of Series A Preferred Stock would become
a holder of a number of Series A Preferred Stock in excess of the Ownership
Limit because such holder's shares of Series A Preferred Stock were not
redeemed, or were only redeemed in part, then, except as otherwise provided in
the Charter, the Corporation shall redeem the requisite number of shares of
Series A Preferred Stock of such holder such that no holder will hold in excess
of the Ownership Limit subsequent to such redemption.

                        (d)     Notwithstanding anything to the contrary
contained herein, unless full cumulative distributions on all shares of Series A
Preferred Stock have been or contemporaneously are declared and paid or declared
and a sum sufficient is set apart for payment for all past distribution periods
and the then current distribution period, no shares of Series A Preferred Stock
shall be redeemed unless all outstanding shares of Series A Preferred Stock are
simultaneously redeemed. In addition, unless full cumulative distributions on
all shares of Series A Preferred Stock have been or contemporaneously are
declared and paid or declared and a sum sufficient is set apart for payment for
all past distribution periods and the then current distribution period, the
Corporation shall not purchase or otherwise acquire directly or indirectly any
shares of Series A Preferred Stock or any other shares of equity securities of
the Corporation ranking junior to or on parity with the Series A Preferred Stock
as to distributions or upon liquidation (except by conversion into or exchange
for shares of equity securities of the Corporation ranking junior to the Series
A Preferred Stock as to distributions and upon liquidation). The restrictions in
this Section 5 on redemptions, purchases and other acquisitions shall not
prevent the redemption, purchase or acquisition by the Corporation of Preferred
Stock of any series pursuant to Article IV of the Charter or Section 5(a)
hereof, or otherwise in order to ensure that the Corporation remains qualified
as a REIT for United States federal income tax purposes, or the purchase or
acquisition of Series A Preferred Stock pursuant to a purchase or exchange offer
made on the same terms to all holders of the Series A Preferred Stock.

                                        5
<PAGE>

                        (e)     Immediately prior to any redemption of shares of
Series A Preferred Stock, the Corporation shall pay, in cash, any accrued and
unpaid distributions to the redemption date, whether or not declared, unless a
redemption date falls after a Distribution Record Date and prior to the
corresponding Distribution Payment Date, in which case each holder of Series A
Preferred Stock at the close of business on such Distribution Record Date shall
be entitled to the distribution payable on such shares on the corresponding
Distribution Payment Date notwithstanding the redemption of such shares before
the Distribution Payment Date. Except as provided in the previous sentence, the
Corporation shall make no payment or allowance for unpaid distributions, whether
or not in arrears, on Series A Preferred Stock for which a notice of redemption
has been given.

                        (f)     The following provisions set forth the
                procedures for redemption.

                        (i)     Notice of redemption will be mailed by the
                Corporation, postage prepaid, no less than 30 nor more than 60
                calendar days immediately preceding the redemption date,
                addressed to the respective holders of record of the Series A
                Preferred Stock to be redeemed at their respective addresses as
                they appear on the stock transfer records of the Corporation. No
                failure to give such notice or any defect thereto or in the
                mailing thereof shall affect the validity of the proceedings for
                the redemption of any Series A Preferred Stock except as to the
                holder to whom notice was defective or not given.

                        (ii)    In addition to any information required by law
                or by the applicable rules of any exchange upon which the Series
                A Preferred Stock may be listed or admitted to trading, each
                notice shall state: (A) the redemption date; (B) the redemption
                price; (C) the number of Series A Preferred Stock to be
                redeemed; (D) the place or places where the holders of Series A
                Preferred Stock may surrender certificates for payment of the
                redemption price; and (E) that distributions on the Series A
                Preferred Stock to be redeemed will cease to accrue on the
                redemption date. If less than all of the Series A Preferred
                Stock held by any holder are to be redeemed, the notice mailed
                to each holder shall also specify the number of Series A
                Preferred Stock held by such holder to be redeemed.

                        (iii)   On or after the redemption date, each holder of
                Series A Preferred Stock to be redeemed shall present and
                surrender the certificates representing his Series A Preferred
                Stock to the Corporation at the place designated in the notice
                of redemption and thereupon the redemption price of such shares
                (including all accrued and unpaid distributions up to the
                redemption date) shall be paid to or on the order of the person
                whose name appears on such certificate representing Series A
                Preferred Stock as the owner thereof and each surrendered
                certificate shall be canceled. If fewer than all the shares
                represented by any such certificate representing Series A
                Preferred Stock are to be redeemed, a new certificate shall be
                issued representing the unredeemed shares.

                        (iv)    From and after the redemption date (unless the
                Corporation defaults in payment of the redemption price), all
                distributions on the Series A Preferred Stock designated for
                redemption and all rights of the holders thereof,

                                        6
<PAGE>

                except the right to receive the redemption price thereof and all
                accrued and unpaid distributions up to the redemption date,
                shall terminate with respect to such shares and such shares
                shall not thereafter be transferred (except with the consent of
                the Corporation) on the Corporation's stock transfer records,
                and such shares shall not be deemed to be outstanding for any
                purpose whatsoever. At its election, the Corporation, prior to a
                redemption date, may irrevocably deposit the redemption price
                (including accrued and unpaid distributions to the redemption
                date) of the Series A Preferred Stock so called for redemption
                in trust for the holders thereof with a bank or trust company,
                in which case the redemption notice to holders of the Series A
                Preferred Stock to be redeemed shall (A) state the date of such
                deposit, (B) specify the office of such bank or trust company as
                the place of payment of the redemption price and (C) require
                such holders to surrender the certificates representing such
                shares at such place on or about the date fixed in such
                redemption notice (which may not be later than the redemption
                date) against payment of the redemption price (including all
                accrued and unpaid distributions to the redemption date). Any
                monies so deposited which remain unclaimed by the holders of the
                Series A Preferred Stock at the end of two years after the
                redemption date shall be returned by such bank or trust company
                to the Corporation.

                        (g)     Any Series A Preferred Stock that shall at any
time have been redeemed shall, after such redemption, have the status of
authorized but unissued Preferred Stock, without designation as to series until
such shares are once more designated as part of a particular series by the Board
of Directors.

                (6)     Voting Rights.

                        (a)     Holders of the Series A Preferred Stock shall
not have any voting rights, except as set forth below.

        Whenever distributions on the Series A Preferred Stock are in arrears
for six or more consecutive quarterly periods (a "Preferred Distribution
Default"), the holders of Series A Preferred Stock (voting together as a single
class with all other equity securities of the Corporation upon which like voting
rights have been conferred and are exercisable ("Parity Preferred Stock")) shall
be entitled to elect a total of two additional directors to the Corporation's
Board of Directors (the "Preferred Stock Directors") at a special meeting called
by the holders of record of at least 10% of the outstanding shares of Series A
Preferred Stock (unless such request is received less than 90 calendar days
before the date fixed for the next annual or special meeting of stockholders)
or, if the request for a special meeting is received by the Corporation less
than 90 calendar days before the date fixed for the next annual or special
meeting of stockholders, at the next annual meeting of stockholders, and at each
subsequent annual meeting until all distributions accrued on the Series A
Preferred Stock for the past distribution periods and the then current
distribution period shall have been fully paid or declared and a sum sufficient
for the payment thereof set aside for payment. On any matter in which the
holders of Series A Preferred Stock are entitled to vote (as expressly provided
herein or as may be required by law), including any action by written consent,
each share of Series A Preferred Stock shall have one vote per share, except
that when shares of any other series of preferred stock of the Corporation shall

                                        7
<PAGE>

have the right to vote with the Series A Preferred Stock as a single class on
any matter, then the Series A Preferred Stock and such other series shall have
with respect to such matters one vote per $25.00 of stated liquidation
preference.

                        (b)     If and when all accrued distributions and the
distribution for the then current distribution period on the Series A Preferred
Stock shall have been paid in full or declared and a sum sufficient for the
payment thereof set aside for payment in full, the holders of Series A Preferred
Stock shall be divested of the voting rights set forth in clause (a) above
(subject to revesting in the event of each and every Preferred Distribution
Default) and, if all accrued distributions and the distribution for the then
current distribution period have been paid in full or declared by the Board of
Directors and set aside for payment in full on all other series of Parity
Preferred Stock upon which like voting rights have been conferred and are
exercisable, the term of office of each Preferred Stock Director so elected
shall terminate. Any Preferred Stock Director may be removed at any time with or
without cause by the vote or consent of, and shall not be removed otherwise than
by the vote of, the holders of a majority of the outstanding Series A Preferred
Stock when they have the voting rights set forth in clause (a) above and all
other series of Parity Preferred Stock (voting as a single class). So long as a
Preferred Distribution Default shall continue, any vacancy in the office of a
Preferred Stock Director may be filled by written consent of the Preferred Stock
Director remaining in office, or if none remains in office, by a vote of the
holders of a majority of the outstanding Series A Preferred Stock when they have
the voting rights set forth in clause (a) above and all other series of Parity
Preferred Stock (voting as a single class). The Preferred Stock Directors shall
each be entitled to one vote per director on any matter.

                        (c)     So long as any Series A Preferred Stock remain
outstanding, the Corporation shall not, without the affirmative vote or consent
of the holders of at least two-thirds of the Series A Preferred Stock
outstanding at the time, given in person or by proxy, either in writing or at a
meeting (such series voting separately as a class), (i) authorize, create or
increase the authorized or issued amount of any class or series of equity
securities ranking senior to the outstanding Series A Preferred Stock with
respect to the payment of distributions or the distribution of assets upon
voluntary or involuntary liquidation, dissolution or winding up of the
Corporation or reclassify any authorized equity securities of the Corporation
into any such senior equity securities, or create, authorize or issue any
obligation or security convertible into or evidencing the right to purchase any
such senior equity securities; or (ii) amend, alter or repeal the provisions of
the Charter (including these Articles Supplementary), whether by merger or
consolidation (in either case, an "Event") or otherwise, so as to materially and
adversely affect any right, preference, privilege or voting power of the Series
A Preferred Stock; provided, however, that with respect to any such amendment,
alteration or repeal of the provisions of the Charter (including these Articles
Supplementary) upon the occurrence of an Event, so long as shares of the Series
A Preferred Stock remain outstanding with the terms thereof materially unchanged
in any adverse respect, taking into account that, upon the occurrence of an
Event, the Corporation may not be the surviving entity and such surviving entity
may thereafter be the issuer of the Series A Preferred Stock, the occurrence of
any such Event shall not be deemed to materially and adversely affect the
rights, preferences or voting powers of the Series A Preferred Stock; and
provided further that any increase in the amount of authorized Series A
Preferred Stock or the creation or issuance of or increase in the amount of any
other class or series of the Corporation's equity securities, in each case
ranking on parity with or junior to the Series A

                                        8
<PAGE>

Preferred Stock with respect to the payment of distributions and the
distribution of assets upon voluntary or involuntary liquidation, dissolution or
winding up of the Corporation, shall not be deemed to materially and adversely
affect the rights, preferences, privileges or voting powers of the Series A
Preferred Stock.

                        (d)     The foregoing voting provisions shall not apply
if, at or prior to the time when the action with respect to which such vote or
consent would otherwise be required shall be effected, all outstanding Series A
Preferred Stock shall have been redeemed or called for redemption upon proper
notice and sufficient funds shall have been deposited in trust to effect such
redemption.

                (7)     Conversion. The Series A Preferred Stock is not
convertible into or exchangeable for any other property or securities of the
Corporation.

                (8)     Ownership Limitations. The provisions of this Section 8
shall apply with respect to the limitations on the ownership and acquisition of
shares of Series A Preferred Stock.

                        (a)     Definitions

For the purposes of this Section 8, the following terms shall have the following
meanings:

                "Act"   shall mean the General Corporation Law of Maryland.

                "Beneficial Ownership" shall mean ownership of Series A
        Preferred Stock by a Person who would be treated as an owner of such
        shares of Series A Preferred Stock either directly or constructively
        through the application of Section 544 of the Code, as modified by
        Section 856(h) of the Code. The terms "Beneficial Owner," "Beneficially
        Owns" and "Beneficially Owned" shall have the correlative meanings.

                "Charitable Trust" shall mean the trust created pursuant to
        subparagraph 8(c)(i) of this Section 8.

                "Code" shall mean the Internal Revenue Code of 1986, as amended
        from time to time. All section references to the Code shall include any
        successor provisions thereof as may be adopted from time to time.

                "Constructive Ownership" shall mean ownership of Series A
        Preferred Stock by a Person who would be treated as an owner of such
        shares of Series A Preferred Stock either directly or constructively
        through the application of Section 318 of the Code, as modified by
        Section 856(d)(5) of the Code. The terms "Constructive Owner,"
        "Constructively Owns" and "Constructively Owned" shall have the
        correlative meanings.

                "Holder" shall mean the record holder of shares of Series A
        Preferred Stock, or in the case of shares held by a Purported Record
        Transferee, the Charitable Trust.

                "Initial Date" shall mean the date upon which the Corporation
        issues the Series A Preferred Stock.

                                        9
<PAGE>

                "IRS" shall mean the United States Internal Revenue Service.

                "Market Price" shall mean the last reported sales price reported
        on the New York Stock Exchange of Series A Preferred Stock on the
        trading day immediately preceding the relevant date, or if the Series A
        Preferred Stock is not then traded on the New York Stock Exchange, the
        last reported sales price of the Series A Preferred Stock on the trading
        day immediately preceding the relevant date as reported on any exchange
        or quotation system over which the Series A Preferred Stock may be
        traded, or if the Series A Preferred Stock is not then traded over any
        exchange or quotation system, then the market price of the Series A
        Preferred Stock on the relevant date as determined in good faith by the
        Board of Directors of the Corporation.

                "Ownership Limit" shall mean 9.9% of the outstanding Series A
        Preferred Stock of the Corporation, and after any adjustment as set
        forth in subparagraph 8(i) of this Section 8, shall mean such greater
        percentage.

                "Partner" shall mean any Person owning Units.

                "Partnership" shall mean Cedar Shopping Centers Partnership,
        L.P., a Delaware limited partnership.

                "Partnership Agreement" shall mean the Agreement of Limited
        Partnership of the Partnership, of which the Corporation is the sole
        general partner, as amended, as such agreement may be further amended
        from time to time.

                "Person" shall mean an individual, corporation, partnership,
        estate, trust, a portion of a trust permanently set aside for or to be
        used exclusively for the purposes described in Section 642(c) of the
        Code, association, private foundation within the meaning of Section
        509(a) of the Code, joint stock company or other entity and also
        includes a group as that term is used for purposes of Section 13(d)(3)
        of the Securities Exchange Act of 1934, as amended; but does not include
        an underwriter which participates in a public offering of the Series A
        Preferred Stock provided that the ownership of Series A Preferred Stock
        by such underwriter would not result in the Corporation failing to
        qualify as a REIT.

                "Purported Transferee" shall mean, with respect to any purported
        Transfer (or other event) which results in a violation of subparagraph
        8(b) of this Section 8, the purported beneficial transferee or owner for
        whom the Purported Record Transferee would have acquired or owned shares
        of Series A Preferred Stock, if such Transfer had been valid under such
        subparagraph.

                "Purported Record Transferee" shall mean, with respect to any
        purported Transfer which results in a violation of subparagraph 8(b) of
        this Section 8, the record holder of the Series A Preferred Stock if
        such Transfer had been valid under such subparagraph.

                "REIT" shall mean a Real Estate Investment Trust under Section
        856 of the Code.

                                       10
<PAGE>

                "Restriction Termination Date" shall mean the first day on which
        the Board of Directors of the Corporation determines that it is no
        longer in the best interests of the Corporation to attempt to, or
        continue to, qualify as a REIT.

                "Transfer" shall mean any sale, issuance, transfer, gift,
        assignment, devise or other disposition of Series A Preferred Stock as
        well as any other event that causes any Person to Beneficially Own or
        Constructively Own Series A Preferred Stock (including (i) the granting
        of any option or entering into any agreement for the sale, transfer or
        other disposition of Series A Preferred Stock or (ii) the sale,
        transfer. assignment or other disposition of any securities or rights
        convertible into or exchangeable for Series A Preferred Stock), whether
        voluntary or involuntary, whether of record or beneficially or
        Beneficially or Constructively (including but not limited to transfers
        of interests in other entities which result in changes in Beneficial or
        Constrictive Ownership of Series A Preferred Stock), and whether by
        operation of law or otherwise.

                "Trustee" shall mean the Corporation as trustee for the
        Charitable Trust, and any successor trustee appointed by the
        Corporation.

                "Units" shall mean the units into which partnership interests of
        the Partnership are divided, and as the same may be adjusted, as
        provided in the Partnership Agreement.

                        (b)     Restriction on Ownership and Transfer.

                        (i)     Except as provided in subparagraph 8(k) of this
Section 8, from the Initial Date and prior to the Restriction Termination Date,
no Person shall Beneficially Own shares of Series A Preferred Stock in excess of
the Ownership Limit.

                        (ii)    Except as provided in subparagraph 8(k) of this
Section 8, from the Initial Date and prior to the Restriction Termination Date,
any Transfer that, if effective, would result in any Person Beneficially Owning
Series A Preferred Stock in excess of the Ownership Limit shall be void ab
initio as to the Transfer of such shares of Series A Preferred Stock which would
be otherwise Beneficially Owned by such Person in excess of the Ownership Limit;
and the Purported Transferee shall acquire no rights in such shares of Series A
Preferred Stock.

                        (iii)   Except as provided in subparagraph 8(k) of this
Section 8, from the Initial Date and prior to the Restriction Termination Date,
any Transfer that, if effective, would result in the Series A Preferred Stock
being beneficially owned by less than 100 Persons (determined without reference
to any rules of attribution) shall be void ab initio as to the Transfer of such
shares of Series A Preferred Stock which would be otherwise beneficially owned
by the transferee; and the intended transferee shall acquire no rights in such
shares of Series A Preferred Stock.

                        (iv)    Notwithstanding any other provisions contained
in this Section 8, from the Initial Date and prior to the Restriction
Termination Date, any Transfer or other event that, if effective, would result
in the Corporation being "closely held" within the meaning of Section 856(h) of
the Code, or would otherwise result in the Corporation failing to qualify as a
REIT (including, but not limited to, a Transfer or other event that would result
in the Corporation owning (directly or Constructively) an interest in a tenant
that is described in Section

                                       11
<PAGE>

856(d)(2)(B) of the Code if the income derived by the Corporation from such
tenant would cause the Corporation to fail to satisfy, any of the gross income
requirements of Section 856(c) of the Code), shall be void ab initio as to the
Transfer of the shares of Series A Preferred Stock which would cause the
Corporation to be "closely held" within the meaning of Section 856(h) of the
Code or would otherwise result in the Corporation failing to qualify as a REIT;
and the intended transferee or owner or Constructive or Beneficial Owner shall
acquire or retain no rights in such shares of Series A Preferred Stock.

                        (c)     Effect of Transfer in Violation of Subparagraph
                8(b).

                        (i)     If, notwithstanding the other provisions
contained in this Section 8, at any time after the Initial Date and prior to the
Restriction Termination Date, there is a purported Transfer, or change in the
capital structure of the Corporation, or other event such that one or more of
the restrictions on ownership and transfers described in subparagraph 8(b) above
has been violated, then the shares of Series A Preferred Stock being Transferred
(or in the case of an event other than a Transfer, the shares owned or
Constructively Owned or Beneficially Owned) which would cause one or more of the
restrictions on ownership or transfer to be violated (rounded up to the nearest
whole share) (the "Trust Shares"), shall automatically be transferred to the
Corporation, as Trustee of a trust (the "Charitable Trust") for the exclusive
benefit of The American Cancer Society (the "Designated Charity"), an
organization described in Section 170(b)(1)(A ) and 170(c) of the Code. The
Purported Transferee shall have no rights in such Trust Shares.

                        (ii)    The Corporation, as Trustee of the Charitable
Trust, may transfer the shares held in such trust to a Person whose ownership of
the shares will not result in a violation of the ownership restrictions (a
"Permitted Transferee"). If such a transfer is made, the interest of the
Designated Charity will terminate and proceeds of the sale will be payable to
the Purported Transferee and to the Designated Charity. The Purported Transferee
will receive the lesser of (1) the price paid by the Purported Transferee for
the shares or, if the Purported Transferee did not give value for the shares,
the Market Price of the shares on the day of the event causing the shares to be
held in trust, and (2) the price per share received by the Corporation, as
Trustee, from the sale or other disposition of the shares held in trust. The
Designated Charity will receive any proceeds in excess of the amount payable to
the Purported Transferee. The Purported Transferee will not be entitled to
designate a Permitted Transferee.

                        (iii)   All stock held in the Charitable Trust will be
deemed to have been offered for sale to the Corporation or its designee for a
90-day period, at the lesser of the price paid for that stock by the Purported
Transferee and the Market Price on the date that the Corporation accepts the
offer. This period will commence on the date of the violative transfer, if the
Purported Transferee gives notice to the Corporation of the transfer, or the
date that the Board of Directors of the Corporation determines that a violative
transfer occurred, if no such notice is provided.

                        (iv)    Any dividend or distribution paid prior to the
discovery by the Corporation that shares of Series A Preferred Stock have been
transferred in violation of subparagraph 8(b) of this Section 8, shall be repaid
to the Corporation upon demand and shall be

                                       12
<PAGE>

held in trust for the Designated Charity. Any dividend or distribution declared
but unpaid shall be rescinded as void ab initio with respect to such shares of
stock.

                        (v)     In the event of any voluntary or involuntary
liquidation, dissolution or winding up of, or any distribution of the assets of,
the Corporation, the Designated Charity shall be entitled to receive, ratably
with each other holder of Series A Preferred Stock, that portion of the assets
of the Corporation available for distribution to its stockholders as the number
of Trust Shares bears to the total number of shares of Series A Preferred Stock
then outstanding (including the Trust Shares). The Corporation, as Trustee, or
if the Corporation shall have been dissolved, any trustee appointed by the
Corporation prior to its dissolution, shall distribute to the Designated
Charity, when determined (or if not determined, or only partially determined,
ratably to the other holders of Series A Preferred Stock who have been
determined and the Designated Charity), any such assets received in respect of
the Trust Shares in any liquidation, dissolution or winding up of, or any
distribution of the assets of, the Corporation.

                        (vi)    The Purported Transferee will not be entitled to
vote any Series A Preferred Stock it attempts to acquire, and any stockholder
vote will be rescinded if a Purported Transferee votes and the stockholder vote
would have been decided differently if such Purported Transferee's vote was not
counted.

                        (d)     Remedies for Breach. If the Board of Directors
or its designees shall at any time determine in good faith that a Transfer or
other event has taken place in violation of subparagraph 8(b) of this Section 8
or that a Person intends to acquire or has attempted to acquire beneficial
ownership (determined without reference to any rules of attribution), Beneficial
Ownership or Constructive Ownership of any shares of Series A Preferred Stock in
violation of subparagraph 8(b) of this Section 8, the Corporation shall inform
the Purported Transferee of its obligations pursuant to this Section 8,
including such Purported Transferee's obligations to pay over to the Charitable
Trust any and all dividends received with respect to the Trust Shares. In
addition, the Board of Directors or its designees shall take such action as it
deems advisable to refuse to give effect or to prevent such Transfer, including,
but not limited to, refusing to give effect to such Transfer on the books of the
Corporation or instituting proceedings to enjoin such Transfer and to recover
any dividend erroneously paid and declaring any votes erroneously cast to be
retroactively invalid; provided, however, that any Transfers (or, in the case of
events other than a Transfer, ownership or Constructive Ownership or Beneficial
Ownership) in violation of subparagraph 8(b) of this Section 8 shall
automatically result in a transfer to the Charitable Trust as described in
subparagraph 8(c), irrespective of any action (or non-action) by the Board of
Directors.

                        (e)     Notice of Restricted Transfer. Any Person who
acquires or attempts to acquire shares of Series A Preferred Stock in violation
of subparagraph 8(b) of this Section 8, or any Person who is a Purported
Transferee, shall immediately give written notice to the Corporation of such
event and shall provide to the Corporation such other information as the
Corporation may request in order to determine the effect, if any, of such
Transfer or attempted Transfer on the Corporation's status as a REIT.

                        (f)     Owners Required To Provide Information. From the
Initial Date and prior to the Restriction Termination Date each Person who is a
beneficial owner or

                                       13
<PAGE>

Beneficial Owner or Constructive Owner of Series A Preferred Stock and each
Person (including the stockholder of record) who is holding Series A Preferred
Stock for a Beneficial Owner or Constructive Owner shall provide to the
Corporation such information that the Corporation may request, in good faith, in
order to determine the Corporation's status as a REIT.

                        (g)     Remedies Not Limited. Nothing contained in this
Section 8 shall limit the authority of the Board of Directors to take such other
action as it deems necessary or advisable to protect the Corporation and the
interests of its stockholders by preservation of the Corporation's status as a
REIT.

                        (h)     Ambiguity. In the case of an ambiguity in the
application of any of the provisions of subparagraph 8 of this Section 8,
including any definition contained in subparagraph 8(a), the Board of Directors
shall have the power to determine the application of the provisions of this
subparagraph 8 with respect to any situation based on the facts known to it.

                        (i)     Modification of Ownership Limit. Subject to the
limitations provided in subparagraph 8(j), the Board of Directors may from time
to time increase the Ownership Limit and shall file Articles Supplementary with
the State Department of Assessment and Taxation of Maryland to evidence such
increase.

                        (j)     Limitations on Modifications.

                        (i)     From the Initial Date and prior to the
Restriction Termination Date, the Ownership Limit may not be increased if, after
giving effect to such increase, five Persons who are Beneficial Owners of Series
A Preferred Stock could (taking into account the Ownership Limit) Beneficially
Own, in the aggregate, more than 49.5% of the outstanding Series A Preferred
Stock.

                        (ii)    Prior to the modification of any Ownership Limit
pursuant to subparagraph 8(i) of this Section 8, the Board of Directors of the
Corporation may require such opinions of counsel, affidavits, undertakings or
agreements as it may deem necessary or advisable in order to determine or ensure
the Corporation's status as a REIT.

                        (k)     Exceptions.

                        (i)     The Board of Directors, in its sole discretion,
may exempt a Person from the Ownership Limit, if such Person is not an
individual for purposes of Section 542(a)(2) of the Code and the Board of
Directors obtains such representations and undertakings from such Person as are
reasonably necessary to ascertain that no individual's Beneficial Ownership of
such shares of Series A Preferred Stock will violate the Ownership Limit, and
agrees that any violation of such representations or undertaking (or other
action which is contrary to the restrictions contained in this subparagraph 8 of
this Section 8) or attempted violation will result in such shares of Series A
Preferred Stock automatically being transferred to the Charitable Trust.

                        (ii)    Prior to granting any exception pursuant to
subparagraph 8(k)(i) of this Section 8, the Board of Directors may require a
ruling from the IRS, or an opinion of counsel, in either case in form and
substance satisfactory to the Board of Directors in its sole

                                       14
<PAGE>

discretion, as it may deem necessary or advisable in order to determine or
ensure the Corporation's status as a REIT.

                        (l)     Legend. Each certificate for shares of Series A
Preferred Stock shall bear legends substantially to the effect of the following:

                "The Corporation is authorized to issue two classes of capital
stock which are designated as Common Stock and Preferred Stock. The Board of
Directors is authorized to determine the preferences, limitations and relative
rights of the Preferred Stock before the issuance of any Preferred Stock. The
Corporation will furnish, without charge, to any stockholder making a written
request therefor, a copy of the Corporation's charter and a written statement of
the designations, relative rights, preferences and limitations applicable to
each such class of stock. Requests for the Corporation's charter and such
written statement may be directed to Cedar Shopping Centers, Inc., 44 South
Bayles Avenue, Port Washington, New York 11050, Attention: Secretary.

                The shares of Series A Preferred Stock represented by this
certificate are subject to restrictions on ownership and Transfer for the
purpose of the Corporation's maintenance of its status as a Real Estate
Investment Trust under the Code. No Person may Beneficially Own shares of Series
A Preferred Stock in excess of 9.9% (or such greater percentage as may be
determined by the Board of Directors of the Corporation) of the outstanding
Series A Preferred Stock of the Corporation with certain exceptions set forth in
the Corporation's charter. Any Person who attempts to Beneficially Own shares of
Series A Preferred Stock in excess of the above limitations must immediately
notify the Corporation. All capitalized terms in this legend have the meanings
defined in the Corporation's charter. Transfers in violation of the restrictions
described above may be void ab initio.

                In addition, upon the occurrence of certain events, if the
restrictions on ownership are violated, the shares of Series A Preferred Stock
represented hereby may be automatically exchanged for Trust Shares which will be
held in trust by the Corporation. The Corporation has an option to acquire Trust
Shares under certain circumstances. The Corporation will furnish to the holder
hereof upon request and without charge a complete written statement of the terms
and conditions of the Trust Shares. Requests for such statement may be directed
to Cedar Shopping Centers, Inc., 44 South Bayles Avenue, Port Washington, New
York 11050, Attention: Secretary."

                        (m)     Severability. If any provision of this Section 8
or any application of any such provision is determined to be invalid by any
Federal or state court having jurisdiction over the issues, the validity of the
remaining provisions shall not be affected and other applications of such
provision shall be affected only to the extent necessary to comply with the
determination of such court.

                (9)     Status. Upon any redemption of shares of Series A
Preferred Stock, the shares of Series A Preferred Stock which are redeemed will
be reclassified as authorized and unissued shares of Preferred Stock, and the
number of shares of Series A Preferred Stock which the Corporation has the
authority to issue will be decreased by the redemption of shares of Series

                                       15
<PAGE>

A Preferred Stock, so that the shares of Series A Preferred Stock which were
redeemed may not be reissued.

                (10)    Exclusion of Other Rights. The shares of Series A
Preferred Stock shall not have any preferences, conversion or other rights,
voting powers, restrictions, limitations as to dividends or other distributions,
qualifications or terms or conditions of redemption other than those
specifically set forth in these Articles Supplementary. The shares of Series A
Preferred Stock shall have no preemptive or subscription rights.

                (11)    Headings of Subdivisions. The headings of the various
subdivisions hereof are for convenience of reference only and shall not affect
the interpretation of any of the provisions hereof.

                (12)    Severability of Provisions. If any preferences,
conversion or other rights, voting powers, restrictions, limitations as to
dividends or other distributions, qualifications or terms or conditions of
redemption of the Series A Preferred Stock set forth in the Charter is invalid,
unlawful or incapable of being enforced by reason of any rule of law or public
policy, all other preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends or other distributions, qualifications
or terms or conditions of redemption of Series A Preferred Stock set forth in
the Charter which can be given effect without the invalid, unlawful or
unenforceable provision thereof shall, nevertheless, remain in full force and
effect, and no preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends or other distributions, qualifications
or terms or conditions of redemption of Series A Preferred Stock herein set
forth shall be deemed dependent upon any other provision thereof unless so
expressed therein.

                SECOND : The Shares have been classified and designated by the
Board of Directors under the authority contained in the Charter.

                THIRD : These Articles Supplementary have been approved by the
Board of Directors in the manner and by the vote required by law.

                FOURTH : The undersigned President of the Corporation
acknowledges these Articles Supplementary to be the corporate act of the
Corporation and, as to all matters or facts required to be verified under oath,
the undersigned President acknowledges that to the best of his knowledge,
information and belief, these matters and facts are true in all material
respects and that this statement is made under the penalties for perjury.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       16
<PAGE>

                IN WITNESS WHEREOF, the Corporation has caused these Articles
Supplementary to be executed under seal in its name and on its behalf by its
President and attested to by its Secretary on this 26th of July, 2004.

ATTEST:                                            CEDAR SHOPPING CENTERS, INC.

/s/ STUART H. WIDOWSKI                             /s/ LEO S. ULLMAN
-----------------------------                      -----------------------------
Stuart H. Widowski, Secretary                      Leo S. Ullman, President

                                       17
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>5
<FILENAME>ex3-03c.txt
<DESCRIPTION>EX3-03C.TXT
<TEXT>
<PAGE>

                                 AMENDMENT NO. 2
                                       TO
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                    CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.

        This Amendment No. 2 to Agreement of Limited Partnership (the
"Partnership Agreement") of Cedar Shopping Centers Partnership, L.P. (this
"Amendment") is entered into as of July 26, 2004, by and among Cedar Shopping
Centers, Inc. (the "General Partner") and the limited partners signatory hereto.
All capitalized terms used herein shall have the meanings given to them in the
Partnership Agreement.

        WHEREAS, Section 4.5 of the Partnership Agreement authorizes the General
Partner to cause the Partnership to issue additional Partnership Units in one or
more classes or series, with such designations, preferences and relative,
participating, optional or other special rights, powers and duties as shall be
determined by the General Partner, subject to the provisions of such Section;
and

        WHEREAS, the General Partner desires to amend the Partnership Agreement
(i) to establish a new class of Partnership Units, designated the 8?% Series A
Cumulative Redeemable Preferred Partnership Units (the "Series A Preferred
Partnership Units") and (ii) to issue the Series A Preferred Partnership Units
to the General Partner.

        NOW THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

        Section 1.      Issuance of Series A Preferred Partnership Units.

        In consideration of the contribution of the net proceeds from the issue
and sale by the General Partner of 2,350,000 shares of its 8?% Series A
Cumulative Redeemable Preferred Stock in an underwritten public offering, the
Partnership hereby issues to the General Partner 2,350,000 Series A Preferred
Partnership Units.

        Section 2.      Definitions.

                A.      In addition to those terms defined in the Partnership
Agreement, the following definitions shall be for all purposes, unless otherwise
clearly indicated to the contrary, applied to the terms used in the Partnership
Agreement and in this Amendment:

                "Common Partnership Unit" means a Partnership Unit that is not a
Preferred Partnership Unit.

                "Liquidation Preference Amount" means, with respect to any
Preferred Partnership Unit, the amount payable with respect to such Preferred
Partnership Unit (as established by the instrument designating such Preferred
Partnership Unit) upon the voluntary or involuntary dissolution, liquidation or
winding up of the Partnership, or upon the earlier redemption of such Preferred
Partnership Units, as the case may be.

<PAGE>

                "Preferred Partnership Unit" means any Partnership Unit issued
from time to time pursuant to Section 4.5 of the Partnership Agreement that is
designated by the General Partner at the time of its issuance as a Preferred
Partnership Unit. Each Preferred Partnership Unit shall have such preferences,
conversions and other rights, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications and terms and conditions of
redemption as shall be determined by the General Partner subject to the
requirements of Section 4.5 of the Partnership Agreement.

                "Partnership Interest" means, as to a Partner, with respect to
any class of Partnership Units held by such Partner, an ownership interest in
such class of Partnership Units (including any and all benefits to which the
holder of such a Partnership Interest may be entitled as provided in the
Partnership Agreement, together with all obligations of such Person to comply
with the terms and provisions of the Partnership Agreement) as determined by
dividing the number of Partnership Units in such class owned by such Partner by
the total number of Partnership Units in such class then outstanding. A
Partnership Interest may be expressed as a number of Partnership Units.

                "Partnership Unit" means a fractional, undivided share of the
Partnership Interests of all Partners issued pursuant to Sections 4.1, 4.2 and
4.5 of the Partnership Agreement. The ownership of Partnership Units shall be
evidenced by such form, if any, of certificate for units as the General Partner
adopts from time to time on behalf of the Partnership. Without limitation on the
authority of the General Partner as set forth in Section 4.5 of the Partnership
Agreement, the General Partner may designate any Partnership Units, when issued,
as Common Partnership Units or as Preferred Partnership Units, may establish any
other class of Partnership Units, and may designate one or more series of any
class of Partnership Units.

        Section 3.      Requirement and Characterization of Distributions.

        Section 5.1 of the Partnership Agreement is hereby deleted in its
entirety and the following new Section 5.1 is inserted in its place:

                "Section 5.1 Requirement and Characterization of Distributions.

                The General Partner shall cause the Partnership to make
quarterly distributions of all or such portion as the General Partner may in its
discretion determine, of Available Cash generated by the Partnership during such
quarter to the Holders of Partnership Units who are Holders on the Partnership
Record Date with respect to such quarter in the following order of priority:

                        (i)     First, to the Holders of Partnership Units in
such amount as is required for the Partnership to pay all distributions with
respect to such Preferred Partnership Units due or payable in accordance with
the instruments designating such Preferred Partnership Units through the last
day of such quarter; such distributions shall be made to such Holders of
Partnership Units in such order of priority and with such preferences as have
been established with respect to such Preferred Partnership Units as of the last
day of such calendar quarter; and

                        (ii)    Second, to the Holders of Partnership Units in
proportion to their respective Percentage Interests in Common Partnership Units
on such Partnership Record Date;

                                       -2-
<PAGE>

provided that in no event may a Holder of Partnership Units receive a
distribution of Available Cash with respect to a Partnership Unit if such Holder
of Partnership Units is entitled to receive a distribution out of such Available
Cash with respect to a REIT Share for which such Partnership Unit has been
redeemed or exchanged. The General Partner shall take such reasonable efforts,
as determined by it in its sole and absolute discretion and consistent with its
qualification as a REIT, to cause the Partnership to distribute sufficient
amounts to enable the General Partner to pay unit holder dividends that will (a)
satisfy the requirements for qualifying as a REIT under the Code and
Regulations, and (b) avoid any federal income or excise tax liability of the
General Partner.

                Notwithstanding anything to the contrary contained herein, in no
event shall any Holder of Partnership Units receive a distribution of Available
Cash with respect to any Common Partnership Unit with respect to any quarter
until such time as the Partnership has distributed to the holders of the
Preferred Partnership Units an amount sufficient to pay all distributions
payable with respect to such Preferred Partnership Units through the last day of
such quarter, in accordance with the instruments designating such Preferred
Partnership Units."

        Section 4.      Tax Provisions.

        Section 6.2 of the Partnership Agreement is hereby deleted in its
entirety and the following new Section 6.2 is inserted in its place:

                "Section 6.2 Allocations of Net Income and Net Loss

                For purposes of maintaining the Capital Accounts and in
determining the rights of the Holders of Partnership Units among themselves, the
Partnership's items of income, gain, loss and deduction shall be allocated among
the Holders of Partnership Units in each taxable year (or portion thereof) as
provided herein below.

                A.      Net Income. After giving effect to the special
allocations set forth in Section 6.3, Net Income shall be allocated in the
following manner and order of priority:

                        (1)     First, to the General Partner until the
cumulative allocations of Net Income under this Section 6.2.A.(1) equal the
cumulative Net Losses allocated to the General Partner under Section 6.2.B.(4)
hereof;

                        (2)     Second, to the General Partner until the
cumulative allocations of Net Income under this Section 6.2.A.(2) equal the
cumulative allocations of Net Loss to the General Partner under Section
6.2.B.(3) hereof;

                        (3)     Third, to those Holders of Partnership Units who
have received allocations of Net Loss under Section 6.2.B.(2) hereof until the
cumulative allocations of Net Income under this Section 6.2.A.(3) equal such
cumulative allocations of Net Loss (such allocation of Net Income to be in
proportion to the cumulative allocations of Net Loss under such section to each
such Holder of Partnership Units);

                        (4)     Fourth, to the Holders of Partnership Units
until the cumulative allocations of Net Income under this Section 6.2.A.(4)
equal the cumulative allocations of Net

                                       -3-
<PAGE>

Loss to such Holders of Partnership Units under Section 6.2.B.(1) hereof (such
allocation of Net Income to be in proportion to the cumulative allocations of
Net Loss under such section to each such Holder of Partnership Units); and

                        (5)     Fifth any remaining Net Income shall be
allocated to the Holders of Partnership Units who hold Common Partnership Units
in proportion to their respective Percentage Interests as holders of Common
Partnership Units.

                B.      Net Losses. After giving effect to the special
allocations set forth in Section 6.3, Net Losses shall be allocated to the
Holders of Partnership Units as follows:

                        (1)     To the Holders of Partnership Units who hold
Common Partnership Units in accordance with their respective Percentage
Interests as holders of Common Partnership Units, except as otherwise provided
in this Section 6.2.B.

                        (2)     To the extent that an allocation of Net Loss
under Section 6.2.B.(1) would cause a Holder of Partnership Units to have an
Adjusted Capital Account Deficit at the end of such taxable year (or increase
any existing Adjusted Capital Account Deficit of such Holder of Partnership
Units), such Net Loss shall instead be allocated to those Holders of Partnership
Units, if any, for whom such allocation of Net Loss would not cause or increase
an Adjusted Capital Account Deficit. Solely for purposes of this Section
6.2.B.(2), the Adjusted Capital Account Deficit, in the case of the General
Partner, shall be determined without regard to the amount credited to the
General Partner's Capital Account for the aggregate Liquidation Preference
Amount attributable to the General Partner's Preferred Partnership Units. The
Net Loss allocated under this Section 6.2.B.(2) shall be allocated among the
Holders of Partnership Units who may receive such allocation in proportion to
and to the extent of the respective amounts of Net Loss that could be allocated
to such Holders of Partnership Units without causing such Holders of Partnership
Units to have an Adjusted Capital Account Deficit.

                        (3)     Any remaining Net Loss shall be allocated to the
General Partner to the extent that such allocation of Net Loss would not cause
or increase an Adjusted Capital Account Deficit of the General Partner.

                        (4)     Any remaining Net Loss shall be allocated to the
General Partner.

        Section 5.      Preferred Unit Allocation.

        The Partnership Agreement is hereby amended by adding the following new
Section 6.3.C to the Partnership Agreement, immediately following Section 6.3.B:

                "C.     Priority Allocation With Respect To Preferred
Partnership Units. After taking into account the special allocation provisions
of Section 6.3.A, all or a portion of the remaining items of Partnership gross
income or gain for the Partnership Year, if any, shall be specially allocated to
the holders of Series A Preferred Partnership Units in an amount equal to the
excess, if any, of the cumulative distributions received by the holders of
Series A Preferred Partnership Units pursuant to Section 5.1(i) hereof for the
current Partnership Year and all prior Partnership Years (other than any
distributions that are treated as being in satisfaction of the Liquidation
Preference Amount for any Preferred Partnership Units) over the cumulative

                                       -4-
<PAGE>

allocations of Partnership gross income and gain to the holders of Series A
Preferred Partnership Units under this Section 6.3.C for all prior Partnership
Years."

        Section 6.      Redemption Right.

        The Partnership Agreement is hereby amended by adding the following new
Sections 8.6.E and 8.6.F to the Partnership Agreement, immediately following
Section 8.6.D:

                "E.     Notwithstanding anything contained in Sections 8.6.A,
8.6.B, 8.6.C and 8.6.D, except as set forth in Section 8.6.F, no Partner shall
be entitled to exercise the Redemption Right pursuant to Section 8.6.A with
respect to any Preferred Partnership Unit unless (i) such Preferred Partnership
Unit has been issued to and is held by a Partner other than the General Partner,
and (ii) the General Partner has expressly granted to such Partner the right to
redeem such Preferred Partnership Units pursuant to Section 8.6.A.

                F.      Preferred Partnership Units shall be redeemed, if at
all, only in accordance with such redemption rights or options as are set forth
with respect to such Preferred Partnership Units (or class or series thereof) in
the instruments designating such Preferred Partnership Units (or class or series
thereof)."

        Section 7.      General Amendments to Partnership Agreement.

        Notwithstanding anything contained herein, all references to Partnership
Units in the definition of Cash Amount and in Section 7.5.B of the Partnership
Agreement shall be deemed to refer solely to Common Partnership Units, and not
to Preferred Partnership Units. In addition, references in Section 14.2 of the
Partnership Agreement to Percentage Interests of the Limited Partners shall be
deemed to refer solely to Percentage Interests of Limited Partners with respect
to Common Partnership Units. Further, the reference to Partnership Interests
appearing in Section 14.2.A shall be deemed to refer only to Partnership
Interests held with respect to Common Partnership Units.

        Section 8.      Exhibits to Partnership Agreement.

        The General Partner shall maintain the information set forth in Exhibit
A to the Partnership Agreement, as such information shall change from time to
time, in such form as the General Partner deems appropriate for the conduct of
the Partnership affairs, and Exhibit A shall be deemed amended from time to time
to reflect the information so maintained by the General Partner, whether or not
a formal amendment to the Partnership Agreement has been executed amending such
Exhibit A. In addition to the issuance of Series A Preferred Partnership Units
to the Investor pursuant to this Amendment, such information shall reflect (and
Exhibit A shall be deemed amended from time to time to reflect) the issuance of
any additional Partnership Units to the General Partner or any other Person, the
transfer of Partnership Units and the redemption of any Partnership Units, all
as contemplated herein.

        In addition, the Partnership Agreement is hereby amended by attaching
thereto as Exhibits 1 the Exhibit 1 attached hereto.

                                       -5-
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2
to the Partnership Agreement to be executed as of the day and year first above
written.

                                        CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.

                                        By:    Cedar Shopping Centers, Inc.
                                               General Partner

                                        By:
                                               ---------------------------------
                                               Name:   Leo S. Ullman
                                               Title:  President

                                        LIMITED PARTNERS

                                        By:
                                               ---------------------------------
                                               Name:   Leo S. Ullman

                                        By:

                                               ---------------------------------
                                               Name:   Brenda J. Walker

                                       -6-
<PAGE>

                                    EXHIBIT 1

                    CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.

         DESIGNATION OF THE VOTING POWERS, DESIGNATIONS, PREFERENCES AND
          RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS AND
                   QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS

                                     OF THE

                      SERIES A PREFERRED PARTNERSHIP UNITS

                All capitalized terms in this legend have the meanings defined
in the Limited Partnership Agreement of Cedar Shopping Centers Partnership, L.P.

                (1)     Designation and Number. A series of Preferred
Partnership Units, designated as the "8?% Series A Cumulative Redeemable
Preferred Partnership Units" (the "Series A Preferred Partnership Units"), is
hereby established. The number of Series A Preferred Partnership Units shall be
2,350,000. The par value of the Series A Preferred Partnership Units shall be
$.01 per unit.

                (2)     Rank. The Series A Preferred Partnership Units will,
with respect to distribution rights and rights upon liquidation, dissolution or
winding up of the Partnership, rank (a) senior to all classes or series of
Partnership Units, and to all equity securities, the terms of which provide that
such equity securities shall rank junior to the Series A Partnership Units; (b)
on parity with all equity securities issued by the Partnership the terms of
which specifically provide that such equity securities rank on parity with the
Series A Partnership Units; and (c) junior to all Partnership Units issued by
the Partnership the terms of which specifically provide that such Partnership
Units rank senior to the Series A Preferred Partnership Units. The term "equity
securities" shall not include convertible debt securities.

                (3)     Distributions.

                (a)     Holders of Series A Preferred Partnership Units shall be
entitled to receive, when and if declared by the General Partner, out of funds
legally available for payment of distributions, cumulative preferential cash
distributions at the rate of 8?% of the liquidation preference per annum (which
is equivalent to a fixed annual amount of $2.21875 per Series A Preferred
Partnership Unit). Such distributions shall accrue and cumulate from the date of
original issuance (July 28, 2004) and shall be payable quarterly in arrears on
the 20th day of February, May, August and November of each year or, if not a
business day, the next succeeding business day (each a "Distribution Payment
Date"). The first distribution on the Series A Preferred Partnership Units shall
be paid on November 20, 2004, will be for more than a full quarter and will
reflect distributions accumulated from the date of original issuance through
November 20, 2004. Any distribution payable on the Series A Preferred
Partnership Units for any partial distribution period shall be prorated and
computed on the basis of a 360-day year consisting of twelve 30-day months.
Distributions shall be payable to holders of record as they appear in the
records of the Partnership at the close of business on the applicable
distribution record date, which shall be a date designated by the General
Partner for the payment of

<PAGE>

distributions that is not more than 60 nor less than 10 calendar days
immediately preceding such Distribution Payment Date (each, a "Distribution
Record Date").

                (b)     No distribution on the Series A Preferred Partnership
Units shall be authorized or declared or paid or set apart for payment by the
Partnership at such time as the terms and provisions of any agreement of the
Partnership, including any agreement relating to its indebtedness or any other
of the Partnership's Preferred Partnership Units, prohibits such authorization,
declaration, payment or setting apart for payment or provides that such
authorization, declaration, payment or setting apart for payment would
constitute a breach or default thereunder, or if such authorization,
declaration, payment or setting apart for payment shall be restricted or
prohibited by law.

Notwithstanding anything to the contrary contained herein, distributions on the
Series A Preferred Partnership Units shall accrue and cumulate whether or not
the Partnership has earnings, whether or not there are funds legally available
for the payment of such distributions and whether or not such distributions are
declared by the General Partner. Accrued but unpaid distributions on the Series
A Preferred Partnership Units shall cumulate as of the Distribution Payment Date
on which they first become payable or on the date of redemption, as the case may
be. No interest shall be payable in respect of any distribution on the Series A
Preferred Partnership Units that may be in arrears.

                (c)     Except as provided in the following sentence, if any
Series A Preferred Partnership Units are outstanding, no distributions, other
than distributions in kind of the Common Partnership Units or other Partnership
Units ranking junior to the Series A Preferred Partnership Units as to
distributions and upon liquidation, may be declared or paid or set apart for
payment, and no other distribution may be declared or made upon, the Common
Partnership Units or any other Partnership Units ranking, as to distributions
and upon liquidation, on parity with or junior to the Series A Preferred
Partnership Units unless full cumulative distributions have been or
contemporaneously are declared and paid or declared and a sum sufficient is set
apart for such payment on the Series A Preferred Partnership Units for all past
distribution periods and the then current distribution period. When
distributions are not paid in full (or a sum sufficient for such full payment is
not so set apart) upon the Series A Preferred Partnership Units and all other
Partnership Units ranking on parity, as to distributions, with the Series A
Preferred Partnership Units, all distributions declared upon the Series A
Preferred Partnership Units and any other Partnership Units ranking on parity,
as to distributions, with the Series A Preferred Partnership Units shall be
authorized pro rata so that the amount of distributions authorized per Series A
Preferred Partnership Unit and each such Partnership Units shall in all cases
bear to each other the same ratio that accrued distributions per Series A
Preferred Partnership Unit and such other Partnership Units (which shall not
include any accumulation in respect of unpaid distributions for prior
distribution periods if such other Partnership Units do not have a cumulative
distribution) bear to each other. No interest, or sum of money in lieu of
interest, shall be payable in respect of any distribution payment or payments on
Series A Preferred Partnership Unit which may be in arrears.

                (d)     Except as provided in clause (c), unless full cumulative
distributions on the Series A Preferred Partnership Units have been or
contemporaneously are declared and paid or declared and a sum sufficient is set
apart for payment for all past distribution periods and the

                                       -2-
<PAGE>

then current distribution period, no Common Partnership Units or any other
Partnership Units ranking junior to or on parity with the Series A Preferred
Partnership Units as to distributions or upon liquidation shall be redeemed,
purchased or otherwise acquired for any consideration (or any monies be paid to
or made available for a sinking fund for the redemption of any such Partnership
Units) by the Partnership (except by conversion into or exchange for Common
Partnership Units or other Partnership Units ranking junior to the Series A
Preferred Partnership Units as to distributions and amounts upon liquidation).

                (e)     Holders of Series A Preferred Partnership Units shall
not be entitled to any distribution, whether payable in cash, property or units,
in excess of full cumulative distributions on the Series A Preferred Partnership
Units as described above. Any distribution payment made on the Series A
Preferred Partnership Units, including any capital gain distributions, shall
first be credited against the earliest accrued but unpaid distribution due with
respect to the Series A Preferred Partnership Units which remains payable.

                (f)     If, for any taxable year, the Partnership elects to
designate as a "capital gain dividend" (as defined in Section 857 of the Code)
any portion (the "Capital Gains Amount") of the dividends (as determined for
federal income tax purposes) paid or made available for the year to holders of
all series or classes of Partnership Units (the "Total Dividends"), then, except
as otherwise required by applicable law, that portion of the Capital Gains
Amount that shall be allocable to the holders of Series A Preferred Partnership
Units shall be in proportion to the amount that the total dividends (as
determined for federal income tax purposes) paid or made available to the
holders of the Series A Preferred Partnership Units for the year bears to the
Total Dividends. Except as otherwise required by applicable law, the Partnership
will make a similar allocation with respect to any undistributed long-term
capital gains of the Partnership which are to be included in its unit holders'
long-term capital gains, based on the allocation of the Capital Gains Amount
which would have resulted if such undistributed long-term capital gains has been
distributed as "capital gains dividends" by the Partnership to its unit holders.

                (4)     Liquidation Preference.

                (a)     In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Partnership (referred to herein
sometimes as a "liquidation"), the holders of Series A Preferred Partnership
Units then outstanding shall be entitled to receive out of the assets of the
Partnership legally available for distribution to unit holders (after payment or
provision for payment of all debts and other liabilities of the Partnership) a
liquidation preference of $25.00 per unit, (ii) the applicable premium per unit
(expressed as a percentage of the liquidation preference of $25.00 per Series A
Preferred Partnership Unit) as set forth in the table below during the
twelve-month period beginning on July 28 of each year and (c) an amount equal to
any accrued and unpaid distributions (whether or not declared) to the date of
payment, before any distribution of assets is made to holders of Common
Partnership Units or any equity securities that the Partnership may issue that
rank junior to the Series A Preferred Partnership Units as to liquidation
rights.

                                       -3-
<PAGE>

                       12-month period                   Applicable Premium
                ------------------------------      ----------------------------
                July 28, 2004 to July 27, 2005                   5%
                July 28, 2005 to July 27, 2006                   4%
                July 28, 2006 to July 27, 2007                   3%
                July 28, 2007 to July 27, 2008                   2%
                July 28, 2008 to July 27, 2009                   1%
                 July 28, 2009 and thereafter                     0

                (b)     If, upon any such voluntary or involuntary liquidation,
dissolution or winding up of the Partnership, the assets of the Partnership are
insufficient to make full payment to holders of the Series A Preferred
Partnership Units and any Partnership Units ranking on parity with the Series A
Preferred Partnership Units as to liquidation rights, then the holders of the
Series A Preferred Partnership Units and all other such Partnership Units
ranking on parity with the Series A Preferred Partnership Units as to
liquidation rights shall share ratably in any distribution of assets in
proportion to the full liquidating distributions to which they would otherwise
be respectively entitled.

                (c)     Written notice of any such liquidation, dissolution or
winding up of the Partnership, stating the payment date or dates when, and the
place or places where, the amounts distributable in such circumstances shall be
payable, shall be given by first class mail, postage pre-paid, not less than 30
nor more than 60 calendar days immediately preceding the payment date stated
therein, to each record holder of the Series A Preferred Partnership Units at
the respective addresses of such holders as the same shall appear on the unit
transfer records of the Partnership.

                (d)     After payment of the full amount of the liquidating
distributions to which they are entitled, the holders of Series A Preferred
Partnership Units shall have no right or claim to any of the remaining assets of
the Partnership.

                (e)     None of a consolidation or merger of the Partnership
with or into another entity, the merger of another entity with or into the
Partnership, a statutory share exchange by the Partnership or a sale, lease,
transfer or conveyance of all or substantially all of the Partnership's assets
or business shall be considered a liquidation, dissolution or winding up of the
Partnership.

                (f)     In determining whether a distribution (other than upon
voluntary or involuntary dissolution) by dividend, redemption or other
acquisition of Partnership Units of the Partnership or otherwise is permitted
under Delaware law, amounts that would be needed, if the Partnership were to be
dissolved at the time of the distribution, to satisfy the preferential rights
upon dissolution of the holders of Series A Preferred Partnership Units will not
be added to the Partnership's total liabilities.

                (5)     Redemption.

                (a)     Except as otherwise set forth in this Section 5, the
Series A Preferred Partnership Units are not redeemable prior to July 28, 2009,
except that the Partnership will be entitled to redeem, purchase or acquire
Series A Preferred Partnership Units for federal income tax purposes to maintain
the General Partnership's status as a REIT.

                                       -4-
<PAGE>

                (b)     On or after July 28, 2009 the Partnership, at its
option, upon giving notice as provided below, may redeem the Series A Preferred
Partnership Units, in whole or from time to time in part, for cash, at a
redemption price of $25.00 per Series A Preferred Partnership Unit, plus all
accrued and unpaid distributions on such Series A Preferred Partnership Units to
the date of redemption, whether or not declared (the "Redemption Right").

                (c)     If fewer than all of the outstanding Series A Preferred
Partnership Units are to be redeemed pursuant to the Redemption Right, the
Series A Preferred Partnership Units to be redeemed shall be selected pro rata
(as nearly as practicable without creating fractional Series A Preferred
Partnership Units) or by lot or in such other equitable method prescribed by the
General Partner.

                (d)     Notwithstanding anything to the contrary contained
herein, unless full cumulative distributions on all Series A Preferred
Partnership Units have been or contemporaneously are declared and paid or
declared and a sum sufficient is set apart for payment for all past distribution
periods and the then current distribution period, no Series A Preferred
Partnership Units shall be redeemed unless all outstanding Series A Preferred
Partnership Units are simultaneously redeemed. In addition, unless full
cumulative distributions on all Series A Preferred Partnership Units have been
or contemporaneously are declared and paid or declared and a sum sufficient is
set apart for payment for all past distribution periods and the then current
distribution period, the Partnership shall not purchase or otherwise acquire
directly or indirectly any Series A Preferred Partnership Units or any other
Partnership Units ranking junior to or on parity with the Series A Preferred
Partnership Units as to distributions or upon liquidation (except by conversion
into or exchange for Partnership Units ranking junior to the Series A Preferred
Partnership Units as to distributions and upon liquidation). The restrictions in
this Section 5 on redemptions, purchases and other acquisitions shall not
prevent the redemption, purchase or acquisition by the Partnership of Preferred
Units of any series pursuant to the Partnership Agreement or the purchase or
acquisition of Series A Preferred Partnership Units pursuant to a purchase or
exchange offer made on the same terms to all holders of the Series A Preferred
Partnership Units.

                (e)     Immediately prior to any redemption of Series A
Preferred Partnership Units, the Partnership shall pay, in cash, any accrued and
unpaid distributions to the redemption date, whether or not declared, unless a
redemption date falls after a Distribution Record Date and prior to the
corresponding Distribution Payment Date, in which case each holder of Series A
Preferred Partnership Units at the close of business on such Distribution Record
Date shall be entitled to the distribution payable on such Series A Preferred
Partnership Units on the corresponding Distribution Payment Date notwithstanding
the redemption of such Series A Preferred Partnership Units before the
Distribution Payment Date. Except as provided in the previous sentence, the
Partnership shall make no payment or allowance for unpaid distributions, whether
or not in arrears, on Series A Preferred Partnership Units for which a notice of
redemption has been given.

                (f)     The following provisions set forth the procedures for
redemption.

                        (i)     Notice of redemption will be mailed by the
Partnership, postage prepaid, no less than 30 nor more than 60 calendar days
immediately preceding the redemption

                                       -5-
<PAGE>

date, addressed to the respective holders of record of the Series A Preferred
Partnership Units to be redeemed at their respective addresses as they appear on
the unit transfer records of the Partnership. No failure to give such notice or
any defect thereto or in the mailing thereof shall affect the validity of the
proceedings for the redemption of any Series A Preferred Partnership Unit except
as to the holder to whom notice was defective or not given.

                        (ii)    In addition to any information required by law
or by the applicable rules of any exchange upon which the Series A Preferred
Partnership Units may be listed or admitted to trading, each notice shall state:
(A) the redemption date; (B) the redemption price; (C) the number of Series A
Preferred Partnership Units to be redeemed; (D) the place or places where the
holders of Series A Preferred Partnership Units may surrender certificates for
payment of the redemption price; and (E) that distributions on the Series A
Preferred Partnership Units to be redeemed will cease to accrue on the
redemption date. If less than all of the Series A Preferred Partnership Units
held by any holder are to be redeemed, the notice mailed to each holder shall
also specify the number of Series A Preferred Partnership Units held by such
holder to be redeemed.

                        (iii)   On or after the redemption date, each holder of
Series A Preferred Partnership Units to be redeemed shall present and surrender
the certificates representing his Series A Preferred Partnership Units to the
Partnership at the place designated in the notice of redemption and thereupon
the redemption price of such Series A Preferred Partnership Units (including all
accrued and unpaid distributions up to the redemption date) shall be paid to or
on the order of the person whose name appears on such certificate representing
Series A Preferred Partnership Units as the owner thereof and each surrendered
certificate shall be canceled. If fewer than all the units represented by any
such certificate representing Series A Preferred Partnership Units are to be
redeemed, a new certificate shall be issued representing the unredeemed units.

                        (iv)    From and after the redemption date (unless the
Partnership defaults in payment of the redemption price), all distributions on
the Series A Preferred Partnership Units designated for redemption and all
rights of the holders thereof, except the right to receive the redemption price
thereof and all accrued and unpaid distributions up to the redemption date,
shall terminate with respect to such units and such units shall not thereafter
be transferred (except with the consent of the Partnership) on the Partnership's
transfer records, and such units shall not be deemed to be outstanding for any
purpose whatsoever. At its election, the Partnership, prior to a redemption
date, may irrevocably deposit the redemption price (including accrued and unpaid
distributions to the redemption date) of the Series A Preferred Partnership
Units so called for redemption in trust for the holders thereof with a bank or
trust company, in which case the redemption notice to holders of the Series A
Preferred Partnership Units to be redeemed shall (A) state the date of such
deposit, (B) specify the office of such bank or trust company as the place of
payment of the redemption price and (C) require such holders to surrender the
certificates representing such units at such place on or about the date fixed in
such redemption notice (which may not be later than the redemption date) against
payment of the redemption price (including all accrued and unpaid distributions
to the redemption date). Any monies so deposited which remain unclaimed by the
holders of the Series A Preferred Partnership Units at the end of two years
after the redemption date shall be returned by such bank or trust company to the
Partnership.

                                       -6-
<PAGE>

                (g)     Any Series A Preferred Partnership Units that shall at
any time have been redeemed shall, after such redemption, have the status of
authorized but unissued Preferred Partnership Units, without designation as to
series until such Preferred Partnership Units are once more designated as part
of a particular series by the General Partner.

                (6)     Voting Rights.

                (a)     Except as required by law, the holder of the Series A
Preferred Partnership Units shall not be entitled to vote at any meeting of the
Partners or for any other purpose or otherwise to participate in any action
taken by the Partnership or the Partners, or to receive notice of any meeting of
Partners.

                (b)     So long as any Series A Preferred Partnership Units
remain outstanding, the Partnership shall not, without the affirmative vote or
consent of the holders of at least two-thirds of the Series A Preferred
Partnership Units outstanding at the time, given in person or by proxy, either
in writing or at a meeting (such series voting separately as a class), (i)
authorize, create or increase the authorized or issued amount of any class or
series of equity securities ranking senior to the outstanding Series A Preferred
Partnership Units with respect to the payment of distributions or the
distribution of assets upon voluntary or involuntary liquidation, dissolution or
winding up of the Partnership or reclassify any authorized equity securities of
the Partnership into any such senior equity securities, or create, authorize or
issue any obligation or security convertible into or evidencing the right to
purchase any such senior equity securities; or (ii) amend, alter or repeal the
provisions of the Partnership Agreement, as amended, whether by merger or
consolidation (in either case, an "Event") or otherwise, so as to materially and
adversely affect any right, preference, privilege or voting power of the Series
A Preferred Partnership Units; provided, however, that with respect to any such
amendment, alteration or repeal of the provisions of the Partnership Agreement,
as amended, upon the occurrence of an Event, so long as the Series A Preferred
Partnership Units remain outstanding with the terms thereof materially unchanged
in any adverse respect, taking into account that, upon the occurrence of an
Event, the Partnership may not be the surviving entity and such surviving entity
may thereafter be the issuer of the Series A Preferred Partnership Units, the
occurrence of any such Event shall not be deemed to materially and adversely
affect the rights, preferences or voting powers of the Series A Preferred
Partnership Units; and provided further that any increase in the amount of
authorized Series A Preferred Partnership Units or the creation of or increase
in the amount of any other class or series of the Partnership's equity
securities, in each case ranking on parity with or junior to the Series A
Preferred Partnership Units with respect to the payment of distributions and the
distribution of assets upon voluntary or involuntary liquidation, dissolution or
winding up of the Partnership, shall not be deemed to materially and adversely
affect the rights, preferences, privileges or voting powers of the Series A
Preferred Partnership Units.

                (c)     The foregoing voting provisions shall not apply if, at
or prior to the time when the action with respect to which such vote or consent
would otherwise be required shall be effected, all outstanding Series A
Preferred Partnership Units shall have been redeemed or called for redemption
upon proper notice and sufficient funds shall have been deposited in trust to
effect such redemption.

                                      -7-
<PAGE>

                (7)     Conversion. The Series A Preferred Partnership Units are
not convertible into or exchangeable for any other property or securities of the
Partnership.

                (8)     Legend. Each certificate for Series A Preferred
Partnership Units shall bear legends substantially to the effect of the
following:

        "The securities represented by this certificate have not been registered
        under the Securities Act of 1933, as amended (the "Act"), or the
        securities laws of any state. The securities may not be offered, sold,
        transferred, pledged or otherwise disposed of without an effective
        registration statement under the Act and under any applicable state
        securities laws, receipt of a no-action letter issued by the Securities
        and Exchange Commission (together with either registration or an
        exemption under applicable state securities laws) or an opinion of
        counsel acceptable to the Partnership and the REIT that the proposed
        transaction will be exempt from registration under the Act and
        applicable state securities laws."

                (9)     Status. Upon any redemption of Series A Preferred
Partnership Units, the Series A Preferred Partnership Units which are redeemed
will be reclassified as authorized and unissued Preferred Partnership Units, and
the number of Series A Preferred Partnership Units which the Partnership has the
authority to issue will be decreased by the redemption of Series A Preferred
Partnership Units, so that the Series A Preferred Partnership Units which were
redeemed may not be reissued.

                (10)    Exclusion of Other Rights. The Series A Preferred
Partnership Units shall not have any preferences, conversion or other rights,
voting powers, restrictions, limitations as to dividends or other distributions,
qualifications or terms or conditions of redemption other than those
specifically set forth herein. The Series A Preferred Partnership Units shall
have no preemptive or subscription rights.

                (11)    Headings of Subdivisions. The headings of the various
subdivisions hereof are for convenience of reference only and shall not affect
the interpretation of any of the provisions hereof.

                (12)    Severability of Provisions. If any preferences,
conversion or other rights, voting powers, restrictions, limitations as to
dividends or other distributions, qualifications or terms or conditions of
redemption of the Series A Preferred Partnership Units set forth in the
Partnership Agreement is invalid, unlawful or incapable of being enforced by
reason of any rule of law or public policy, all other preferences, conversion or
other rights, voting powers, restrictions, limitations as to dividends or other
distributions, qualifications or terms or conditions of redemption of Series A
Preferred Partnership Units set forth in the Partnership Agreement which can be
given effect without the invalid, unlawful or unenforceable provision thereof
shall, nevertheless, remain in full force and effect, and no preferences,
conversion or other rights, voting powers, restrictions, limitations as to
dividends or other distributions, qualifications or terms or conditions of
redemption of Series A Preferred Partnership Units herein set forth shall be
deemed dependent upon any other provision thereof unless so expressed therein.

                                       -8-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>6
<FILENAME>ex10-05aii.txt
<DESCRIPTION>EX10-05AII.TXT
<TEXT>
<PAGE>

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

        This First Amendment to Employment Agreement is hereby entered into as
of March 23, 2004 by and among Cedar Shopping Centers, Inc., a Maryland
corporation (the "Corporation"), Cedar Shopping Centers Partnership, L.P., a
Delaware limited partnership (the "Partnership") and Leo S. Ullman (the
"Executive").

                               W I T N E S S E T H

        WHEREAS, the Corporation, the Partnership and the Executive entered into
that certain Employment Agreement dated as of November 1, 2003 (the "Employment
Agreement"); and

        WHEREAS, on March 23, 2004 the Board of Directors of the Corporation (on
the Corporation's own behalf, and as the sole general partner of the
Partnership) approved the modification to Section 4.1 of each of the existing
Employment Agreements, by deleting the words commencing with "provided
however..." and ending with "... conclusive and binding".

        NOW THEREFORE, intending to be legally bound, the parties hereto agree
as follows:

        Section 4.1(i) of the Employment Agreement is hereby amended to read as
follows:

        "(i) pay to the Executive as severance pay, within five days after
termination, a lump sum payment equal to 250% of the sum of the Executive's
annual salary at the rate applicable on the date of termination and the average
of the Executive's annual bonus for the preceding two full fiscal years;"

        IN WITNESS WHEREOF, the parties have executed this First Amendment to
Employment Agreement as of the date first above written.

                                        CEDAR SHOPPING CENTERS, INC.

                                        By:   /s/ BRENDA J. WALKER
                                              ----------------------------------
                                              Brenda J. Walker, Vice President

                                        CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.
                                        By: Cedar Shopping Centers, Inc.

                                        By:   /s/ BRENDA J. WALKER
                                              ----------------------------------
                                              Brenda J. Walker, Vice President

                                              /s/ LEO S. ULLMAN
                                              ----------------------------------
                                              Leo S. Ullman
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>7
<FILENAME>ex10-05bii.txt
<DESCRIPTION>EX10-05BII.TXT
<TEXT>
<PAGE>

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

        This First Amendment to Employment Agreement is hereby entered into as
of March 23, 2004 by and among Cedar Shopping Centers, Inc., a Maryland
corporation (the "Corporation"), Cedar Shopping Centers Partnership, L.P., a
Delaware limited partnership (the "Partnership") and Brenda J. Walker (the
"Executive").

                               W I T N E S S E T H

        WHEREAS, the Corporation, the Partnership and the Executive entered into
that certain Employment Agreement dated as of November 1, 2003 (the "Employment
Agreement"); and

        WHEREAS, on March 23, 2004 the Board of Directors of the Corporation (on
the Corporation's own behalf, and as the sole general partner of the
Partnership) approved the modification to Section 4.1 of each of the existing
Employment Agreements, by deleting the words commencing with "provided
however..." and ending with "... conclusive and binding".

        NOW THEREFORE, intending to be legally bound, the parties hereto agree
as follows:

        Section 4.1(i) of the Employment Agreement is hereby amended to read as
follows:

        "(i) pay to the Executive as severance pay, within five days after
termination, a lump sum payment equal to 250% of the sum of the Executive's
annual salary at the rate applicable on the date of termination and the average
of the Executive's annual bonus for the preceding two full fiscal years;"

        IN WITNESS WHEREOF, the parties have executed this First Amendment to
Employment Agreement as of the date first above written.

                                        CEDAR SHOPPING CENTERS, INC.

                                        By:   /s/ LEO S. ULLMAN
                                              ----------------------------------
                                              Leo S. Ullman, President

                                        CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.
                                        By:   Cedar Shopping Centers, Inc.

                                        By: : /s/ LEO S. ULLMAN
                                              ----------------------------------
                                              Leo S. Ullman, President

                                              /s/ BRENDA J. WALKER
                                              ----------------------------------
                                              Brenda J. Walker
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>8
<FILENAME>ex10-05cii.txt
<DESCRIPTION>EX10-05CII.TXT
<TEXT>
<PAGE>

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

        This First Amendment to Employment Agreement is hereby entered into as
of March 23, 2004 by and among Cedar Shopping Centers, Inc., a Maryland
corporation (the "Corporation"), Cedar Shopping Centers Partnership, L.P., a
Delaware limited partnership (the "Partnership") and Thomas J. O'Keeffe (the
"Executive").

                               W I T N E S S E T H

        WHEREAS, the Corporation, the Partnership and the Executive entered into
that certain Employment Agreement dated as of November 1, 2003 (the "Employment
Agreement"); and

        WHEREAS, on March 23, 2004 the Board of Directors of the Corporation (on
the Corporation's own behalf, and as the sole general partner of the
Partnership) approved the modification to Section 4.1 of each of the existing
Employment Agreements, by deleting the words commencing with "provided
however..." and ending with "... conclusive and binding".

        NOW THEREFORE, intending to be legally bound, the parties hereto agree
as follows:

        Section 4.1(i) of the Employment Agreement is hereby amended to read as
follows:

        "(i) pay to the Executive as severance pay, within five days after
termination, a lump sum payment equal to 250% of the sum of the Executive's
annual salary at the rate applicable on the date of termination and the average
of the Executive's annual bonus for the preceding two full fiscal years;"

        IN WITNESS WHEREOF, the parties have executed this First Amendment to
Employment Agreement as of the date first above written.

                                        CEDAR SHOPPING CENTERS, INC.

                                        By:   /s/ LEO S. ULLMAN
                                              ----------------------------------
                                              Leo S. Ullman, President

                                        CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.
                                        By:   Cedar Shopping Centers, Inc.

                                        By:   /s/ LEO S. ULLMAN
                                              ----------------------------------
                                              Leo S. Ullman, President

                                              /s/ THOMAS J. O'KEEFFE
                                              ----------------------------------
                                              Thomas J. O'Keeffe
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>9
<FILENAME>ex10-05dii.txt
<DESCRIPTION>EX10-05DII.TXT
<TEXT>
<PAGE>

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

        This First Amendment to Employment Agreement is hereby entered into as
of March 23, 2004 by and among Cedar Shopping Centers, Inc., a Maryland
corporation (the "Corporation"), Cedar Shopping Centers Partnership, L.P., a
Delaware limited partnership (the "Partnership") and Thomas B. Richey (the
"Executive").

                               W I T N E S S E T H

        WHEREAS, the Corporation, the Partnership and the Executive entered into
that certain Employment Agreement dated as of November 1, 2003 (the "Employment
Agreement"); and

        WHEREAS, on March 23, 2004 the Board of Directors of the Corporation (on
the Corporation's own behalf, and as the sole general partner of the
Partnership) approved the modification to Section 4.1 of each of the existing
Employment Agreements, by deleting the words commencing with "provided
however..." and ending with "... conclusive and binding".

        NOW THEREFORE, intending to be legally bound, the parties hereto agree
as follows:

        Section 4.1(i) of the Employment Agreement is hereby amended to read as
follows:

        "(i) pay to the Executive as severance pay, within five days after
termination, a lump sum payment equal to 250% of the sum of the Executive's
annual salary at the rate applicable on the date of termination and the average
of the Executive's annual bonus for the preceding two full fiscal years;"

        IN WITNESS WHEREOF, the parties have executed this First Amendment to
Employment Agreement as of the date first above written.

                                        CEDAR SHOPPING CENTERS, INC.

                                        By:   /s/ LEO S. ULLMAN
                                              ----------------------------------
                                              Leo S. Ullman, President

                                        CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.
                                        By:   Cedar Shopping Centers, Inc.

                                        By:   /s/ LEO S. ULLMAN
                                              ----------------------------------
                                              Leo S. Ullman, President

                                              /s/ THOMAS B. RICHEY
                                              ----------------------------------
                                              Thomas B. Richey
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>10
<FILENAME>ex10-05eii.txt
<DESCRIPTION>EX10-05EII.TXT
<TEXT>
<PAGE>

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

        This First Amendment to Employment Agreement is hereby entered into as
of March 23, 2004 by and among Cedar Shopping Centers, Inc., a Maryland
corporation (the "Corporation"), Cedar Shopping Centers Partnership, L.P., a
Delaware limited partnership (the "Partnership") and Stuart H. Widowski (the
"Executive").

                               W I T N E S S E T H

        WHEREAS, the Corporation, the Partnership and the Executive entered into
that certain Employment Agreement dated as of November 1, 2003 (the "Employment
Agreement"); and

        WHEREAS, on March 23, 2004 the Board of Directors of the Corporation (on
the Corporation's own behalf, and as the sole general partner of the
Partnership) approved the modification to Section 4.1 of each of the existing
Employment Agreements, by deleting the words commencing with "provided
however..." and ending with "... conclusive and binding".

        NOW THEREFORE, intending to be legally bound, the parties hereto agree
as follows:

        Section 4.1(i) of the Employment Agreement is hereby amended to read as
follows:

        "(i) pay to the Executive as severance pay, within five days after
termination, a lump sum payment equal to 250% of the sum of the Executive's
annual salary at the rate applicable on the date of termination and the average
of the Executive's annual bonus for the preceding two full fiscal years;"

        IN WITNESS WHEREOF, the parties have executed this First Amendment to
Employment Agreement as of the date first above written.

                                        CEDAR SHOPPING CENTERS, INC.

                                        By:   /s/ LEO S. ULLMAN
                                              ----------------------------------
                                              Leo S. Ullman, President

                                        CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.
                                        By:   Cedar Shopping Centers, Inc.

                                        By:   /s/ LEO S. ULLMAN
                                              ----------------------------------
                                              Leo S. Ullman, President

                                              /s/ STUART H. WIDOWSKI
                                              ----------------------------------
                                              Stuart H. Widowski
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>11
<FILENAME>ex10-06a.txt
<DESCRIPTION>EXHIBIT 10.06A
<TEXT>
<PAGE>

                                (EXECUTION COPY)



                          CEDAR SHOPPING CENTERS, INC.
                                SENIOR EXECUTIVE
                           DEFERRED COMPENSATION PLAN




<PAGE>

                          CEDAR SHOPPING CENTERS, INC.
                                SENIOR EXECUTIVE
                           DEFERRED COMPENSATION PLAN


ARTICLE I             PURPOSE..................................................1


ARTICLE II            DEFINITIONS..............................................1

         2.1      Account......................................................1
         2.2      Administrator................................................1
         2.3      Beneficiary..................................................1
         2.4      Board of Directors...........................................1
         2.5      Cause........................................................1
         2.6      Company......................................................2
         2.7      Determination Date...........................................2
         2.8      Distribution Date............................................2
         2.9      Dividends....................................................2
         2.10     Dividend Deferral Election...................................2
         2.11     Effective Date...............................................2
         2.12     Employer Provided Benefit....................................3
         2.13     Fair Market Value............................................3
         2.14     Good Reason..................................................3
         2.15     Participant..................................................3
         2.16     Plan.........................................................3
         2.17     Plan Benefit.................................................4
         2.18     Plan Year....................................................4
         2.19     Shares/Stock.................................................4
         2.20     Trust........................................................4
         2.21     Trustee......................................................4

ARTICLE III           PARTICIPATION............................................4

         3.1      Participation................................................4

ARTICLE IV            EMPLOYER PROVIDED BENEFIT AND ACCOUNT....................5

         4.1      Employer Provided Benefit....................................5
         4.2      Dividends and Dividend Deferral Election.....................6
         4.3      Vesting......................................................7
         4.4      Alternative Forms of Dividend Distribution...................8
         4.5      Determination of Account.....................................8
         4.6      Statement of Account.........................................9
         4.7      Unfunded Plan................................................9

ARTICLE V             PLAN BENEFITS............................................9

         5.1      Benefits-General.............................................9
         5.2      Death Benefits...............................................9



                                       i
<PAGE>

         5.3      Payment to Guardian..........................................9
         5.4      Source of Payment and Form of Distribution..................10

ARTICLE VI            BENEFICIARY DESIGNATION.................................10

         6.1      Beneficiary Designation.....................................10
         6.2      Amendments..................................................11
         6.3      No Beneficiary Designation..................................11
         6.4      Effect of Payment...........................................11

ARTICLE VII           DISTRIBUTIONS...........................................11

         7.1      Benefit Payment Schedule....................................11
         7.2      Premature Distribution......................................12
         7.3      Continued Deferral..........................................13
         7.4      Effect of Termination of Employment.........................13

ARTICLE VIII          ADMINISTRATION..........................................13

         8.1      Administrative Duties.......................................13
         8.2      Agents......................................................14
         8.3      Binding Effect of Decisions.................................14

ARTICLE IX            AMENDMENT AND TERMINATION OF PLAN.......................14

         9.1      Amendment...................................................14
         9.2      Termination of Plan.........................................15

ARTICLE X             MISCELLANEOUS...........................................15

         10.1     Company's Obligations Limited...............................15
         10.2     Nonassignability............................................16
         10.3     Not a Contract of Employment................................16
         10.4     Withholding.................................................16
         10.5     Participant Cooperation.....................................17
         10.6     Terms.......................................................17
         10.7     Captions....................................................17
         10.8     Governing Law...............................................17
         10.9     Validity....................................................17
         10.10    Notice......................................................17


                                       ii
<PAGE>



Exhibit A

Exhibit B

Schedule A
Schedule B


                                      iii
<PAGE>


                          CEDAR SHOPPING CENTERS, INC.

                                SENIOR EXECUTIVE
                           DEFERRED COMPENSATION PLAN

                                   ARTICLE I

                                     PURPOSE
                                     -------

The purpose of this Senior Executive Deferred Compensation Plan (hereinafter
referred to as the "Plan") is to provide accumulation of supplemental benefits
on a tax-deferred basis for certain senior executives and directors of Cedar
Shopping Centers, Inc. and their beneficiaries. This Plan shall be effective as
of the Effective Date.

                                   ARTICLE II

                                   DEFINITIONS
                                   -----------

For purposes of this Plan, the words and phrases set forth below shall have the
following meaning, unless the context clearly indicates otherwise:

2.1 Account. "Account" means an account maintained for a Participant by the
Administrator pursuant to Section 4.1.

2.2 Administrator. "Administrator" means the Board of Directors.

2.3 Beneficiary. "Beneficiary" means the person, persons, or entity designated
by the Participant, or as provided in Article VI, to receive any Plan Benefits
payable after a Participant's death.

2.4 Board of Directors. "Board of Directors" means the Board of Directors of the
Company.

2.5 Cause. "Cause" with respect to a Participant means (i) if the Participant
has an employment agreement in effect with the Company which contains a
definition of "cause", "termination for cause" or any other similar phrase, then
the definition of the term "Cause" for purposes of the Plan shall be as defined
in such employment agreement, or (ii) if the Participant does not have an

<PAGE>
employment agreement in effect with the Company which contains a definition of
cause, then "Cause" for purposes of the Plan shall mean (A) any willful
misconduct of the Participant in connection with the performance of any of his
duties as an employee of the Company or an Affiliate including without
limitation misappropriation of funds or property of the Company or an affiliate
or securing or attempting to secure personally (whether directly or indirectly)
any profit in connection with any transaction entered into on behalf of the
Company or an Affiliate; (B) willful failure, neglect or refusal to perform the
Participant's duties which is not cured within 10 days after written notice
thereof and/or (C) conviction (or nolo contendere plea) in connection with a
felony.

2.6 Company. "Company" means Cedar Shopping Centers, Inc., and any successor
thereto which adopts this Plan.

2.7 Determination Date. "Determination Date" means the last day of each calendar
year in which this Plan is in effect.

2.8 Distribution Date. "Distribution Date" with respect to any Account means the
first business day of the January next following the third anniversary of the
date on which units of Shares were first credited to the Participant's Account.

2.9 Dividends. "Dividends" means the dividends paid by the Company on Stock held
in the Trust.

2.10 Dividend Deferral Election. "Dividend Deferral Election" means an election
by a Participant to defer the distribution under the Plan of the Dividends paid
with respect to Shares equal in number to the Share units credited to the
Participant's Account.

2.11 Effective Date. "Effective Date" means October 29, 2003.


                                       2
<PAGE>

2.12 Employer Provided Benefit. "Employer Provided Benefit" means the benefit
provided for under Article IV, initially consisting of units that are equivalent
to a number of Shares.

2.13 Fair Market Value. "Fair Market Value" on a specified date means the
closing price at which a Share is traded on the stock exchange, if any, on which
Shares are primarily traded or, if the Shares are not then traded on a stock
exchange, the closing price of a Share as reported on the NASDAQ National Market
System or, if the Shares are not then traded on the NASDAQ National Market
System, the average of the closing bid and asked prices at which a Share is
traded on the over-the-counter market, but if no Shares were traded on such
date, then on the last previous date on which a Share was so traded, or, if none
of the above are applicable, the value of a Share as established by the Board of
Directors for such date using any reasonable method of valuation.

2.14 Good Reason. "Good Reason" means (i) with respect to any Participant who
has an employment agreement in effect with the Company which contains a
definition of "good reason", "good reason" as defined in such employment
agreement, or (ii) with respect to any Participant that does not have an
employment agreement in effect with the Company which contains a definition of
"good reason", good reason shall mean (A) a material reduction in the
Participant's duties or responsibilities; (B) a reduction in the Participant's
salary; (C) a relocation of the Participant's office outside a fifty (50) mile
radius of his present location; or (D) a material breach by the Company of the
terms of an employment agreement (if any) with the Participant.

2.15 Participant. "Participant" shall have the meaning set forth in Article III.

2.16 Plan. "Plan" means this Cedar Shopping Centers, Inc. Senior Executive
Deferred Compensation Plan.


                                       3
<PAGE>

2.17 Plan Benefit. "Plan Benefit" means at any given time an amount equal to the
value of the Participant's Accounts.

2.18 Plan Year. "Plan Year" means the calendar year.

2.19 Shares/Stock. "Shares" or "Stock" means shares of the common stock of the
Company.

2.20 Trust. "Trust" means the Cedar Shopping Centers, Inc. Deferred Compensation
Trust created by the Company pursuant to Section 4.1, to assist the Company in
meeting its obligations under this Plan, substantially in the form of Exhibit A
attached hereto.

2.21 Trustee. "Trustee" means the trustee of the Trust.

2.22 Unforeseeable Financial Emergency. "Unforeseeable Financial Emergency" with
respect to a Participant means an unanticipated emergency that is caused by an
event beyond the control of the Participant and that would result in severe
financial hardship to the Participant if a premature distribution were not
permitted, as may be occasioned by accident, illness or other emergency beyond
the control of the Participant; and in no event shall cash needs arising from
foreseeable events, such as the purchase of a residence or education expenses of
children, be considered the result of an unforeseeable financial emergency nor
shall a decline in the Fair Market Value of Shares, for any reason, be
considered the result of an unforeseeable financial emergency for purposes of
this definition.

                                  ARTICLE III

                                  PARTICIPATION
                                  -------------

3.1 Participation. The Administrator shall determine from time to time those key
executive employees and directors (including non-employee directors) of the
Company who shall be entitled to awards under the Plan of units equivalent to a
number of Shares, and shall determine the number of Shares underlying each
award. The name of each initial Participant as of the Effective Date, and the


                                       4
<PAGE>


respective number of Shares underlying each such initial Participant's award, is
listed on Schedule A hereto. In the case of any non-employee director who is
selected to participate in the Plan, references in the Plan to employment by the
Company shall be deemed to refer to such director's service as a director of the
Company.

                                   ARTICLE IV

                      EMPLOYER PROVIDED BENEFIT AND ACCOUNT
                      -------------------------------------

4.1 Employer Provided Benefit. The Company shall establish a Trust in order to
provide the Participants with a benefit known as an Employer Provided Benefit
which shall initially consist of units that are equivalent to the number of
Shares underlying each award. On the Effective Date, or as soon as practicable
thereafter, the Company shall contribute to the Trust the aggregate number of
Shares representing the initial Employer Provided Benefit for the Participants
listed on Schedule A hereto. An Account shall be established by the
Administrator under the Plan in the name of each Participant which shall
initially be credited with units equal to the number of Shares underlying each
award. Thereafter, an Account shall be established by the Administrator for each
new Participant and each such Account shall be credited with units equal to the
number of Shares determined by the Administrator. A separate Account shall be
established for each subsequent award of units of Shares, and the Company shall
contribute to the Trust, on the date of such subsequent award or as soon as
practicable thereafter, the aggregate number of Shares underlying each such
award. Except as provided in Section 4.4, under no circumstance shall any
benefit be awarded, allocated or distributable to a Participant from his Account
except in the form of units of Stock (or Stock itself, in the case of a
distribution), nor shall a Participant's Account be credited with earnings that
are equivalent to any other investment. If there shall be a tender offer for
some or all Shares held in the Trust from a third party which, in the sole

                                       5
<PAGE>


judgment of the Board of Directors, shall constitute a valid offer of sufficient
value, the Trustee shall be directed by the Administrator to tender the subject
Shares, and any cash or in-kind consideration received for such Shares from such
third party shall be invested by the Trustee in accordance with each
Participant's direction in such investment alternatives as are designated by the
Administrator. Any cash or in-kind consideration received for Stock and any
investment earnings therefrom shall be credited to the Account of the
Participant in a manner that reflects the Account values for each Participant
prior to such tender.

4.2 Dividends and Dividend Deferral Election. Except as hereinafter provided, an
amount equal to the Dividends paid on the number of Share units allocated to a
Participant's Account shall be paid to the Participant as soon as practicable
after such Dividends are received by the Trustee; provided, however, that a
Participant may elect to have all or a portion of the Dividends that would be
payable to him deferred under the Plan until the Distribution Date of the Shares
on which the Dividends are declared, by completing, within 30 days of receipt of
written notice of the award of an Employer Provided Benefit and in any event
prior to the date on which any such Dividends are declared, a Dividend Deferral
Election form provided by the Administrator. The amount of any deferred Dividend
will be credited pursuant to Section 4.4 to the Participant's Account to which
the Shares on which the Dividends are declared are allocated. Notwithstanding
anything to the contrary herein, with respect to those Participants who are
listed on Schedule B hereto, and with respect to any additional Participants who
are selected to participate in the Plan after the Effective Date and are
designated by the Administrator, in its sole discretion, at the time that the
Employer Provided Benefit is awarded, to be subject to this provision, in the
event that such Participant's employment with the Company is terminated by the
Company for Cause or in the event such Participant resigns without Good Reason,

                                       6
<PAGE>

before the initial Distribution Date applicable to the Shares with respect to
which such Dividends are paid, then any Dividends declared on or after the date
of such termination or resignation but before such Distribution Date (and any
earnings thereon) shall be forfeited by, and shall not be distributed or
distributable with respect to, such Participant. Schedule B hereto lists those
Participants who, as of the Effective Date, are subject to a risk of forfeiture
of the portion of their Accounts attributable to Dividends, as provided above.

4.3 Vesting.

     (a) Except for the portion of a Participant's Account attributable to any
Dividends (including earnings thereon) that are subject to a risk of forfeiture
as provided in Section 4.2, and except as hereinafter provided in Section
4.3(b), a Participant shall be 100% vested in his Plan Benefit at all times. A
Participant who is subject to a risk of forfeiture of a portion of his or her
Account attributable to Dividends, as provided in Section 4.2, shall become 100%
vested in any Dividends (and any earnings thereon) if and to the extent that
such Dividends are declared prior to any termination of such Participant's
employment by the Company for Cause or resignation by such Participant without
Good Reason which occurs before the initial Distribution Date applicable to the
Shares with respect to which the Dividends were declared.

     (b) Notwithstanding the preceding or any other provision of the Plan to the
contrary, if a Participant elects to receive a premature distribution pursuant
to Section 7.2 and such distribution is not due to an Unforeseeable Financial
Emergency of the Participant as determined by the Administrator in accordance
with Section 7.2, the Participant shall forfeit a portion of his vested Account
balance which is equal to (i) 16% of the value of such premature distribution if
it occurs after the first anniversary, but before the second anniversary, of the
date as of which units of Shares were first credited to the Account, or (ii)


                                       7
<PAGE>

11.11% of the value of such premature distribution if it occurs after the second
anniversary of the date as of which units of Shares were first credited to the
Account.

4.4 Alternative Forms of Dividend Distribution and Interest. An amount equal to
the Dividends deferred in accordance with Section 4.2 shall be credited to the
Participant's Account in which the Shares with respect to which the Dividends
were declared are held, and shall be credited thereon, in the form of additional
units of Shares (and fractional Shares) in such number of Shares which would be
issuable by the reinvestment of such Dividends in Shares as of the date of
receipt by the Trustee. Notwithstanding the preceding, a Participant may elect,
in such manner as prescribed by the Administrator, that the portion of his
Account attributable to Dividends be in the form of cash, in which case such
portion of the Account shall be credited with interest at an annual rate equal
to the rate which would be provided on a three-year certificate of deposit of a
major New York commercial bank as selected by the Administrator, which rate
shall be determined as of ten business days prior to the Effective Date and each
Determination Date thereafter, to be applied prospectively to the portion of the
year following the Effective Date and to the calendar year following each
Determination Date.

4.5 Determination of Account. A Participant's Account as of each Determination
Date shall consist of the balance of the Account as of the immediately preceding
Determination Date (or as of the date the Account was established, if the
Account was first established since the preceding Determination Date), adjusted
to reflect the earnings with respect to the Participant's Account since the
immediately preceding Determination Date (or the date the Account was
established, if applicable).


                                       8
<PAGE>

4.6 Statement of Account. The Administrator shall submit to each Participant,
within 120 days after each Determination Date and at such other times as
determined by the Administrator, a statement setting forth the balance of the
Participant's Accounts.

4.7 Unfunded Plan. It is the intention of the Company that the arrangements
hereunder be unfunded for federal income tax purposes and for purposes of Title
I of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")
(if applicable). Each Participant shall have the status of a general unsecured
creditor of the Company. This Plan constitutes a mere promise by the Company to
make benefit payments in the future. The Company shall create the Trust in order
to identify assets to be used for the purposes designated herein. The Trust
shall be irrevocable, except as provided in Section 12 of the Trust.


                                   ARTICLE V

                                  PLAN BENEFITS
                                  -------------

5.1 Benefits-General. Each Participant shall be entitled to receive payment of
his or her Plan Benefit as provided under this Article V and Article VII hereof.

5.2 Death Benefits. In the event of the death of a Participant before payment of
the Participant's entire vested Plan Benefit, the Company shall pay to the
Participant's Beneficiary an amount equal to 100% of the remaining vested but
unpaid balance of the Participant's Accounts (without any forfeiture). Such
payment shall be made in a lump sum, as soon as practicable following the
Participant's death.

5.3 Payment to Guardian. If a Plan Benefit is payable to a minor or a person
declared incompetent or to a person incapable of handling the disposition of
property, the Administrator may direct payment of such Plan Benefit to the
guardian, legal representative or person having the care and custody of such
minor or incompetent person. The Administrator may require proof of


                                       9
<PAGE>

incompetency, minority, incapacity or guardianship, as it may deem appropriate
prior to distribution of the Plan Benefit. Such distribution shall completely
discharge the Administrator and the Company from all liability with respect to
such Plan Benefit.

5.4 Source of Payment and Form of Distribution. Subject to the terms of the
Trust, the Administrator shall direct the Trustee to make payment out of the
Trust of any Plan Benefit which has become payable under the terms of this Plan.
To the extent a Participant's Account is credited with units of Shares at a
Distribution Date, the Participant's Account shall be distributed in the form of
Shares equal in number to the number of Share units credited to the Account
(except that cash shall be paid in lieu of any fractional Share units) pursuant
to any direction from the Administrator to the Trustee for a benefit
distribution. To the extent a Participant has elected to have Dividends credited
to his Account in the form of cash, such portion of the Participant's Account
(including an amount equal to the deemed interest credited thereto pursuant to
Section 4.4) shall be distributed in cash. To the extent not satisfied by
distribution from the Trust, the Company shall remain liable to the Participants
and their Beneficiaries for the payment of any Plan Benefits due and payable
hereunder.


                                   ARTICLE VI

                             BENEFICIARY DESIGNATION
                             -----------------------

6.1 Beneficiary Designation. A Participant shall have the right, at any time, to
designate any person or persons as his Beneficiary or Beneficiaries (primary
and/or contingent) to whom payment under this Plan shall be paid in the event of
death prior to complete distribution to the Participant of the benefits due
under the Plan. Each beneficiary designation shall be in a written form
prescribed by the Administrator (substantially the same as Exhibit B attached
hereto) and will be effective only when filed with the Administrator during the
Participant's lifetime.

                                       10
<PAGE>


6.2 Amendments. Any beneficiary designation may be changed by the Participant
without the consent of any designated Beneficiary by the filing of a new
beneficiary designation with the Administrator. The filing of a new beneficiary
designation form will cancel all beneficiary designations previously filed.

6.3 No Beneficiary Designation. If any Participant fails to designate a
Beneficiary in the manner provided above, or if each Beneficiary designated by a
deceased Participant predeceases the Participant, the Administrator shall
distribute such Participant's benefits to the Participant's estate.


6.4 Effect of Payment. Payment to the Beneficiary, or estate as provided above,
shall completely discharge the Company's obligations under this Plan with
respect to the deceased Participant.


                                  ARTICLE VII

                                  DISTRIBUTIONS
                                  -------------

7.1 Benefit Payment Schedule. Subject to the provisions of Sections 7.2, 7.3 and
7.4, Plan Benefits shall be payable or commence being paid on the Distribution
Date that relates to the Shares underlying the Plan Benefit. At the time a
Participant is initially selected to participate in the Plan, and each time the
Participant is granted an additional award of Shares which are deferred
hereunder, the Participant shall elect, in writing on a form prescribed by the
Administrator, whether the Participant's Account shall be paid in a lump sum
payment or in quarterly installments over a period of not more than 20 years.
Such election may be changed from time to time, but shall become irrevocable 12
months prior to the Distribution Date for the Account (including, if applicable,
any new Distribution Date pursuant to Section 7.3). A Participant may make
different elections with respect to different Accounts. Notwithstanding the


                                       11
<PAGE>


foregoing, any election to receive a benefit in installments shall be subject to
the approval of the Administrator, in its discretion. If no election has been
made at least 12 months prior to the Distribution Date for the Account, any
benefit payable hereunder from the Account shall be paid in a single lump sum.

7.2 Premature Distribution. A Participant may elect, in writing on a form
prescribed by the Administrator, to receive a distribution, at any time after
the first anniversary of the date as of which units of Shares were first
credited to his Account (including after distributions have commenced being
paid), of the vested portion of his Account balance, subject to the forfeiture
provisions of Section 4.3(b). The Administrator shall direct the Trustee to make
such distribution in a lump sum, as soon as practicable after the Administrator
has received such election, in the form of Shares or cash, as applicable
pursuant to Section 5.4 (but treating the date of such distribution as a
Distribution Date for purposes hereof). Notwithstanding the preceding, in the
event that the Administrator, upon written application of the Participant,
determines that the Participant has incurred an Unforeseeable Financial
Emergency at any time, the Participant may receive a distribution of up to 100%
of the vested portion of his Account balance (without any forfeiture), but such
distribution shall in no event exceed the amount necessary to alleviate such
Unforeseeable Financial Emergency. The Administrator shall direct the Trustee to
make such distribution in a lump sum, as soon as practicable after the
Administrator has made such determination, in the form of Shares or cash, as
appplicable pursuant to Section 5.4 (but treating the date of such distribution
as a Distribution Date for purposes hereof). A Participant's Unforeseeable
Financial Emergency, and the amount necessary to alleviate the Unforeseeable
Financial Emergency, must be demonstrated in the written application of the
Participant and in such other documentation as the Administrator shall
reasonably require.

                                       12
<PAGE>


7.3 Continued Deferral. Not less than twelve (12) nor more than fifteen (15)
months prior to a Distribution Date, a Participant who is then employed by the
Company may elect, in writing on a form prescribed by the Administrator, to
defer receipt of all or any part of the Plan Benefit that is otherwise payable
on such Distribution Date to the third, fourth or fifth anniversary of the
Distribution Date, and in any such case the date to which distribution is so
deferred shall be the new Distribution Date for the Account. Any election under
this Section 7.3 shall become irrevocable as of the date such election is
received by the Administrator. A Participant may make more than one election
under this Section 7.3 with respect to the same Account.

7.4 Effect of Termination of Employment. Notwithstanding any provision to the
contrary, in the event of a Participant's termination of employment with the
Company (other than due to death) prior to age 60, the vested portion of the
Participant's Plan Benefit shall be paid in a lump sum as soon as practicable
following the later of the date of such termination of employment or January 1,
2007.

                                  ARTICLE VIII

                                 ADMINISTRATION
                                 --------------

8.1 Administrative Duties. This Plan shall be administered by the Administrator.
The Administrator shall have the following specific powers and duties:

         (i)      To interpret the provisions of the Plan and make any and all
                  determinations arising thereunder;

         (ii)     To maintain such records as it shall deem necessary or
                  appropriate for the proper administration of the Plan; and


                                       13
<PAGE>

         (iii)    To establish such rules and procedures not inconsistent with
                  the terms of the Plan as it shall deem necessary or
                  appropriate to effectuate the purpose of the Plan.

8.2 Agents. The Administrator may appoint an individual to be the
Administrator's agent with respect to the day-to-day administration of the Plan.
In addition, the Administrator may, from time to time, employ other agents and
delegates to aid in such administrative duties as it sees fit, and may from time
to time consult with counsel who may be counsel to the Company.

8.3 Binding Effect of Decisions. The decision or action of the Administrator
with respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and the rules and
regulations promulgated by the Administrator hereunder shall be final and
binding upon all persons having any interest in the Plan.

                                   ARTICLE IX

                        AMENDMENT AND TERMINATION OF PLAN
                        ---------------------------------

9.1 Amendment. The Board of Directors may at any time amend the Plan (other than
this Article IX) in whole or in part, provided, however, that no amendment shall
be effective as to a Participant to decrease or restrict a Plan Benefit as to
amount or timing or manner of distribution of any Account maintained under the
Plan without the consent of such Participant. Notwithstanding the preceding, in
the event that there is a change in the federal income tax treatment pertaining
to the Plan or Trust or any Plan Benefit from the treatment in effect as of the
Effective Date, then the Board of Directors may, without the consent of any
Participant or Beneficiary, amend the Plan in any manner as the Board of
Directors, in its sole discretion, deems advisable to provide reasonably similar
benefits to Participants to the extent practicable in light of such change in
tax treatment.


                                       14
<PAGE>

9.2 Termination of Plan. Notwithstanding Section 9.1, the Board
of Directors may at any time terminate the Plan in its entirety. If the Plan is
terminated, the Board of Directors shall also determine either (i) that
previously awarded Plan Benefits will continue to vest and be paid out in
accordance with the terms of the Plan and any elections made by the Participants
prior to the date of Plan termination, or (ii) that all Plan Benefits shall be
100% vested and each Participant shall receive an immediate distribution of his
Plan Benefit (or the remainder of his Plan Benefit if distribution thereof has
commenced prior to the date of Plan termination). In the event of a termination
of the Plan and an immediate distribution to all Participants of their Plan
Benefits, the Company shall pay to each Participant an additional payment (a
"Tax Gross-Up Payment"), in an amount such that after payment by the Participant
of all applicable federal, state and local income taxes imposed upon the Tax
Gross-Up Payment, the Participant retains an amount of the Tax Gross-Up Payment
equal to the applicable federal, state and local income taxes imposed upon the
amount of the Participant's Plan Benefit being distributed on account of the
Plan termination. The amount of any Tax Gross-Up Payment shall be determined by
the Company's independent auditors (the "Accounting Firm"), based upon an
assumption that the Participant's rate of applicable federal, state and local
income taxes is at the highest marginal rate then in effect, and shall be paid
in a cash lump sum within ten days following such determination by the
Accounting Firm.

                                   ARTICLE X

                                  MISCELLANEOUS
                                  -------------

10.1 Company's Obligations Limited. The Company shall have no obligation under
this Plan with respect to any individuals other than the Participants and their
Beneficiaries.

                                       15
<PAGE>

10.2 Nonassignability. No Participant or any other person shall
have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage
or otherwise encumber, transfer, hypothecate or convey in advance of actual
receipt the amounts, if any, payable hereunder, or any part thereof. Except to
the extent required by law, no part of the amounts payable under the Plan shall,
prior to actual payment, be subject to seizure or separation for the payment of
any debts, judgments, alimony or separate maintenance owed by the Participant or
any other person, nor be transferable by operation of law in the event of the
Participant's or other person's bankruptcy or insolvency.

10.3 Not a Contract of Employment. The terms and conditions of this Plan shall
not be deemed to constitute a contract of employment between the Company and any
Participant, and the Participant (or the Participant's Beneficiaries) shall have
no rights against the Company, except as may otherwise be specifically provided
herein. Moreover, nothing in this Plan shall be deemed to give any Participant
the right to be retained in the service of the Company or to interfere with the
right of the Company to discipline or discharge any Participant at any time. Any
such rights shall be governed by independent and unrelated contractual
arrangements between the parties, should such arrangements be consummated.

10.4 Withholding. The Company retains the right to make provision for the
reporting and withholding of any federal, state or local withholding taxes that
may be required to be withheld with respect to the payment of benefits pursuant
to the Plan, and each Participant and Beneficiary shall be required, promptly
following the request of the Company, to make sufficient funds available to the
Company to satisfy all applicable withholding obligations, except that the
Company may not withhold any such amount that has been withheld by the Trust.

                                       16
<PAGE>

10.5 Participant Cooperation. Each Participant will cooperate with the Company
by furnishing any and all information requested by the Company in order to
facilitate the payment of benefits hereunder and such other action as may be
requested by the Company.

10.6 Terms. Whenever any words are used herein in the masculine, they shall be
construed as though they were used in the feminine in all cases where they would
so apply; and wherever any words are used herein in the singular or in the
plural, they shall be construed as though they were used in the plural or the
singular, as the case may be, in all cases where they would so apply.

10.7 Captions. The captions of articles, sections and paragraphs of this Plan
are for convenience only and shall not control or affect the meaning or
construction of any of its provisions.

10.8 Governing Law. The provisions of this Plan shall be construed and
interpreted according to the laws of the State of New York.

10.9 Validity. In case any provision of this Plan shall be held illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining parts hereof, but this Plan shall be construed and enforced as if such
illegal and invalid provision had never been inserted herein.

10.10 Notice. Any notice or filing required or permitted to be given to the
Administrator under the Plan shall be sufficient if in writing and hand
delivered, or sent by registered or certified mail, to the Chairman of the Board
with a copy to General Counsel of the Company. Such notice shall be deemed given
as of the date of delivery or, if delivery is made by mail, as of three days
following the date shown on the postmark or on the receipt for registration or
certification.

                                       17
<PAGE>


IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its
duly authorized officer as of the Effective Date.


                                            CEDAR SHOPPING CENTERS, INC.
                                            By:  /s/  L.S. Ullman
                                                 -------------------------
                                                 Leo S. Ullman, President



                                       18
<PAGE>


                                                                       EXHIBIT A
                                                                       ---------
                          CEDAR SHOPPING CENTERS, INC.
                                SENIOR EXECUTIVE
                           DEFERRED COMPENSATION PLAN
                                 Trust Agreement



<PAGE>


                     CEDAR SHOPPING CENTERS, INC. EXECUTIVE
                           DEFERRED COMPENSATION PLAN
                                 TRUST AGREEMENT

         THIS TRUST AGREEMENT, made as of the ____ day of ___________, 2003, by
and between Cedar Shopping Centers, Inc. ("Company") and
___________________________ ("Trustee").

                              W I T N E S S E T H :

         WHEREAS, the Company has adopted the Cedar Shopping Centers, Inc.
Executive Deferred Compensation Plan (the "Plan") attached hereto as Appendix A;

         WHEREAS, capitalized terms used in this Trust Agreement, unless
otherwise defined, shall have the same meanings as set forth in the Plan;

         WHEREAS, the Company has incurred or expects to incur liability under
the terms of such Plan with respect to the individuals participating in such
Plan;

         WHEREAS, the Company wishes to establish a trust (hereinafter called
the "Trust") and to contribute to the Trust assets that shall be held therein,
subject to the claims of the Company's creditors in the event of the Company's
Insolvency, as herein defined, until paid to the Plan Participants and their
Beneficiaries in such manner and at such times as specified in the Plan;

         WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the Plan
as an unfunded plan for purposes of Title I of the Employee Retirement Income
Security Act of 1974 (if applicable);

         WHEREAS, it is the intention of the Company to make contributions to
the Trust to provide itself with a source of funds to assist it in meeting its
liabilities under the Plan;

         NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows:

             SECTION 1. ESTABLISHMENT OF TRUST.

         (a) The Company shall deposit with the Trustee in trust the amounts
determined pursuant to the Plan, which shall become the principal of the Trust
to be held, administered and disposed of by the Trustee as provided in this
Trust Agreement. Neither the Trustee nor any Plan Participant or Beneficiary
shall have any right to compel any contributions to the Trust.

         (b) The Trust hereby established shall be irrevocable.

         (c) The Trust is intended to be a grantor trust, of which the Company
is the grantor, within the meaning of subpart E, part I, subchapter J, chapter
1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be
construed accordingly.

         (d) The principal of the Trust and any earnings thereon shall be held
separate and apart from other funds of the Company and shall be used exclusively
for the uses and purposes of the Plan Participants and general creditors as
herein set forth. Plan Participants and their Beneficiaries shall have no
preferred claim on, or any beneficial ownership interest in, any assets of the
Trust. Any rights created under the Plan and this Trust Agreement shall be mere
unsecured contractual rights of the Plan Participants and their Beneficiaries
against the Company. Any assets held by the Trust will be subject to the claims
of the Company's general creditors under federal and state law in the event of
Insolvency, as defined in Section 3(a) herein.

             SECTION 2. PAYMENTS TO PLAN PARTICIPANTS AND THEIR BENEFICIARIES.

         (a) The Administrator shall deliver to the Trustee a schedule (the
"Payment Schedule") that indicates the amounts payable in respect of each Plan
Participant (and his or her Beneficiaries), that provides a formula or other
instructions acceptable to the Trustee for determining the amounts so payable,
the form in which such amount is to be paid (as provided for or available under
the Plan), and the time of commencement for payment of such amounts. Except as

                                      A-2
<PAGE>

otherwise provided herein, the Trustee shall make payments to the Plan
Participants and their Beneficiaries in accordance with such Payment Schedule.
The Trustee shall make provision for the reporting and withholding of any
federal, state or local withholding taxes that may be required to be withheld
with respect to the payment of benefits pursuant to the terms of the Plan and
shall pay amounts so withheld to the appropriate taxing authorities or determine
that such amounts have been reported, withheld and paid by the Company.

         (b) The entitlement of a Plan Participant or his or her Beneficiaries
to benefits under the Plan shall be determined by the Administrator, and any
claim for such benefits shall be considered and reviewed in accordance with the
Plan.

         (c) In the discretion of the Administrator, the Company may make
payment of benefits directly to Plan Participants or their Beneficiaries as they
become due under the terms of the Plan. The Administrator shall notify the
Trustee of its decision to make payment of benefits directly prior to the time
amounts are payable to Participants or their Beneficiaries. In addition, if the
principal of the Trust, and any earnings thereon, are not sufficient to make
payments of benefits in accordance with the terms of the Plan, the Company shall
make the balance of each such payment as it falls due. The Trustee shall notify
the Company where principal and earnings are not sufficient.

             SECTION 3. THE TRUSTEES' RESPONSIBILITY REGARDING PAYMENTS TO TRUST
BENEFICIARY WHEN THE COMPANY IS INSOLVENT.

         (a) The Trustee shall cease payment of benefits to Plan Participants
and their Beneficiaries if the Company is Insolvent. The Company shall be
considered "Insolvent" for purposes of this Trust Agreement if (i) the Company
is unable to pay its debts as they become due, or (ii) the Company is subject to


                                      A-3
<PAGE>

a pending proceeding as a debtor under the United States Bankruptcy Code. The
term "Insolvency" shall mean the Company's being or becoming Insolvent.

         (b) At all times during the continuance of this Trust, as provided in
Section 1(d) hereof, the principal and income of the Trust shall be subject to
claims of general creditors of the Company under federal and state law as set
forth below.

             (i)   The Administrator shall have the duty to inform the Trustee
                   in writing of the Company's Insolvency. If a person claiming
                   to be a creditor of the Company alleges in writing to the
                   Trustee that the Company has become Insolvent, the Trustee
                   shall inquire of the Administrator whether the Company is
                   Insolvent and, pending a response from the Administrator, the
                   Trustee shall discontinue payment of benefits to Plan
                   Participants or their Beneficiaries.

             (ii)  Unless the Trustee has been notified by the Administrator of
                   the Company's Insolvency, or has received notice from the
                   Administrator or a person claiming to be a creditor alleging
                   that the Company is Insolvent, the Trustee shall have no duty
                   to inquire whether the Company is Insolvent. The Trustee may
                   in all events rely on such evidence concerning the Company's
                   solvency as may be furnished to the Trustee and that provides
                   the Trustee with a reasonable basis for making a
                   determination concerning the Company's solvency.

             (iii) If at any time the Trustee has been notified by the
                   Administrator that the Company is Insolvent, the Trustee
                   shall discontinue payments to Plan Participants or their
                   Beneficiaries and shall hold the assets of the Trust for the


                                      A-4
<PAGE>

                   benefit of the Company's general creditors. Nothing in this
                   Trust Agreement shall in any way diminish any rights of Plan
                   Participants or their Beneficiaries to pursue their rights as
                   general creditors of the Company with respect to benefits due
                   under the Plan or otherwise.

             (iv)  The Trustee shall resume the payment of benefits to Plan
                   Participants or their Beneficiaries in accordance with
                   Section 2 of this Trust Agreement only after the Trustee has
                   been notified by the Administrator that the Company is not
                   Insolvent (or is no longer Insolvent).

         (c) Provided that there are sufficient assets, if the Trustee
discontinues the payment of benefits from the Trust pursuant to Section 3(b)
hereof and subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to Plan
Participants or their Beneficiaries under the terms of the Plan for the period
of such discontinuance, less the aggregate amount of any payments made to Plan
Participants or their Beneficiaries by the Company in lieu of the payments
provided for hereunder during any such period of discontinuance.

             SECTION 4. PAYMENTS TO COMPANY.

Except as provided in Section 3 hereof, the Company shall have no right or power
to direct the Trustee to return to the Company or to divert to others any of the
Trust assets before all payment of benefits have been made to Plan Participants
and their Beneficiaries pursuant to the terms of the Plan.

             SECTION 5. INVESTMENT AUTHORITY.

         (a) The Trustee may invest in securities (including Shares or rights to
acquire Shares) or obligations issued by the Company. All rights associated with
assets of the Trust shall be exercised by the Trustee or the person or persons

                                      A-5
<PAGE>

designated by the Trustee, and shall in no event be exercisable by or rest with
Plan Participants, except that voting rights with respect to Shares of the
Company shall be exercised by the Company.

         (b) The initial principal of the Trust shall be deposited by the
Company in the form of Shares of the Company. Except as provided below, the
assets of the Trust shall remain invested in Shares, and Dividends thereon which
are not distributed to Plan Participants shall be reinvested in Shares.

         (c) An amount equal to the amount of deferred Dividends, with respect
to each Participant who has elected to have the portion of his Account
attributable to Dividends be in the form of cash, shall be deposited by the
Company with the Trustee in the form of cash, and shall be held by the Trustee
in cash or a cash equivalent, as determined by the Administrator.

             SECTION 6. DISPOSITION OF INCOME.

During the term of this Trust, all income received by the Trust, net of expenses
and withholding taxes, shall be accumulated and reinvested.

             SECTION 7. ACCOUNTING BY THE TRUSTEE.

The Trustee shall keep accurate and detailed records of all investments,
receipts, disbursements, and all other transactions required to be made,
including such specific records as shall be agreed upon in writing between the
Company and the Trustee. Within 60 days following the close of each calendar
year and within 60 days after the removal or resignation of the Trustee, the
Trustee shall deliver to the Administrator a written account of its
administration of the Trust during such year or during the period from the close
of the last preceding year to the date of such removal or resignation, setting
forth all investments, receipts, disbursements and other transactions effected
by it, including a description of all securities and investments purchased and
sold with the cost or net proceeds of such purchases or sales (accrued interest

                                      A-6







<PAGE>

paid or receivable being shown separately), and showing all cash, securities and
other property held in the Trust at the end of such year or as of the date of
such removal or resignation, as the case may be.

             SECTION 8. RESPONSIBILITY OF THE TRUSTEES.

         (a) The Trustee shall act with the care, skill, prudence and diligence
under the circumstances then prevailing that a prudent person acting in like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims, provided, however, that the
Trustee shall incur no liability to any person for any action taken pursuant to
a direction, request or approval given by the Administrator which is
contemplated by, and in conformity with, the terms of the Plan or this Trust and
is given in writing by the Administrator. In the event of a dispute between the
Company and a party, the Trustee may apply to a court of competent jurisdiction
to resolve the dispute.

         (b) If the Trustee undertakes or defends any litigation arising in
connection with this Trust, the Company agrees to indemnify the Trustee against
the Trustee's costs, expenses and liabilities (including, without limitation,
reasonable attorneys' fees and expenses) actually incurred by or on behalf of
the Trustee in connection with this Trust (other than with respect to any
litigation arising out of the Trustee's gross negligence or willful misconduct).
If the Company does not pay such costs, expenses and liabilities in a reasonably
timely manner, the Trustee may obtain payment from the Trust.

         (c) The Trustee may hire agents, accountants, actuaries, investment
advisors, financial consultants or other professionals to assist it in
performing any of its duties or obligations hereunder.

         (d) The Trustee may consult with legal counsel (who may also be counsel
for the Company generally) with respect to any of its duties or obligations



                                      A-7
<PAGE>

hereunder. The Trustee shall not be liable for the negligence of any legal
counsel with which it consults with respect to its duties or obligations
hereunder.

         (e) The Trustee shall have, without exclusion, all powers conferred on
trustees by applicable law, unless expressly provided otherwise herein,
provided, however, that if an insurance policy is held as an asset of the Trust,
the Trustee shall have no power to name a beneficiary of the policy other than
the Trust, to assign the policy (as distinct from conversion of the policy to a
different form) other than to a successor trustee, or to loan to any person the
proceeds of any borrowing against such policy, and provided further, however,
that the Trustee may loan to the Company the proceeds of any borrowing against
an insurance policy held as an asset of the Trust.

         (f) Notwithstanding any powers granted to the Trustee pursuant to this
Trust Agreement or to applicable law, the Trustee shall not have any power that
could give this Trust the objective of carrying on a business and dividing the
gains therefrom, within the meaning of Section 301.7701-2 of the Procedure and
Administrative Regulations promulgated pursuant to the Internal Revenue Code.


             SECTION 9. COMPENSATION AND EXPENSES OF THE TRUSTEE.

The Company shall pay all administrative and Trustee's fees and expenses. If not
so paid, the fees and expenses shall be paid from the Trust.

             SECTION 10. RESIGNATION AND REMOVAL OF THE TRUSTEE.

         (a) The Trustee may resign at any time by written notice to the
Administrator, which shall be effective thirty (30) days after receipt of such
notice unless the Company and the Trustee agree otherwise.

         (b) The Trustee may be removed by the Company on thirty (30) days
written notice or upon shorter notice accepted by the Trustee.


                                      A-8
<PAGE>

         (c) Upon resignation or removal of the Trustee and appointment of a
successor Trustee, all assets shall subsequently be transferred to the successor
Trustee. The transfer shall be completed within thirty (30) days after receipt
of notice of resignation, removal or transfer, unless the Company extends the
time limit.

         (d) If the Trustee resigns or is removed, a successor shall be
appointed, in accordance with Section 11 hereof, by the effective date of
resignation or removal under paragraph(s) (a) or (b) of this section. If no such
appointment has been made, the Trustee may apply to a court of competent
jurisdiction for appointment of a successor or for instructions. All expenses of
the Trustee in connection with the proceeding shall be allowed as administrative
expenses of the Trust.

             SECTION 11. APPOINTMENT OF SUCCESSOR.

         (a) If the Trustee resigns or is removed, in accordance with Section
10(a) or (b) hereof, the Company may appoint any third party, such as a bank
trust department or other party that may be granted corporate trustee powers
under state law, as a successor to replace the Trustee upon resignation or
removal. The appointment shall be effective when accepted in writing by the new
Trustee, who shall have all of the rights and powers of the former Trustee,
including ownership rights in the Trust assets. The former Trustee shall execute
any instrument necessary or reasonably requested by the Company or the successor
Trustee to evidence the transfer.

         (b) The successor Trustee need not examine the records and acts of any
prior Trustee or of any continuing Trustee prior to the effective date of the
successor Trustee's appointment and may retain or dispose of existing Trust
assets, subject to Sections 7 and 8 hereof. The successor Trustee shall not be
responsible for and the Company shall indemnify and defend the successor Trustee
from any claim or liability resulting from any action or inaction of any prior

                                      A-9

<PAGE>

Trustee or from any other past event, or any condition existing at the effective
date of such successor Trustee's appointment.

             SECTION 12. AMENDMENT OR TERMINATION.

         (a) This Trust Agreement may be amended by a written instrument
executed by the Trustee and the Company. Notwithstanding the foregoing, no such
amendment shall conflict with the terms of the Plan or shall make the Trust
revocable.

         (b) The Company may terminate the Trust as of any date on which Plan
Participants and their Beneficiaries are no longer entitled to benefits pursuant
to the terms of the Plan. Upon termination of the Trust, any assets remaining in
the Trust shall be returned to the Company.

         (c) Upon written approval of all Participants or Beneficiaries entitled
to payment of benefits pursuant to the terms of the Plan, the Company may
terminate this Trust prior to the time all benefit payments under the Plan have
been made. All assets in the Trust at termination shall be returned to the
Company.

             SECTION 13. MISCELLANEOUS.

         (a) Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof.

         (b) Benefits payable to Plan Participants and their Beneficiaries under
this Trust Agreement may not be anticipated, assigned (either at law or in
equity), alienated, pledged, encumbered or subjected to attachment, garnishment,
levy, execution or other legal or equitable process.

         (c) This Trust Agreement shall be governed by and construed in
accordance with the laws of the State of New York.

             SECTION 14. EFFECTIVE DATE.

The effective date of this Trust Agreement shall be the date first written
above.

                                      A-10
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have duly executed this Trust
Agreement as of the date first written above.

                                           CEDAR SHOPPING CENTERS, INC.

                                           By:
                                              ----------------------------------

                                           [TRUSTEE]

                                           By:
                                              ----------------------------------


                                      A-11
<PAGE>



                                                                       EXHIBIT B
                                                                       ---------

                   SENIOR EXECUTIVE DEFERRED COMPENSATION PLAN

                           DESIGNATION OF BENEFICIARY

I hereby designate the following to receive from Cedar Shopping Centers, Inc.
Senior Executive Deferred Compensation Plan any amount payable by reason of my
death:
                            Beneficiary Designations

<TABLE>
<CAPTION>
     Primary Beneficiary
       (Beneficiaries)                      Address                       SSN               Date of birth              %
<S>                                           <C>                         <C>                     <C>                <C>

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------
</TABLE>
Contingent Beneficiary (Beneficiaries)

<TABLE>
<CAPTION>
         Contingent
        Beneficiary
      (Beneficiaries)                       Address                       SSN               Date of birth              %
<S>                                           <C>                         <C>                     <C>                <C>

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------

-----------------------------    --------------------------------   -----------------      -----------------      --------
</TABLE>


              -----------------------------------------------------
          See additional pages for additional beneficiary designations


Unless I have a Designation of Beneficiary in effect at the time an amount
becomes payable to my Beneficiary, that amount will be paid to my estate in
accordance with Article VI of the Plan.

                                      B-1
<PAGE>


This designation is intended to replace all prior designations made by me for
such amounts. I reserve the right to change any Beneficiary named herein without
the consent of such Beneficiary by properly completing and delivering to the
Administrator a new Designation of Beneficiary. I will promptly notify the
Administrator of any change in the name or address of a Beneficiary.


------------------------------       ---------------------
     [Name]                                  Date


------------------------------
Witness Signature


                                      B-2
<PAGE>

                                                                      SCHEDULE A
                                                                      ----------

                          CEDAR SHOPPING CENTERS, INC.
                            SENIOR EXECUTIVE DEFERRED
                                COMPENSATION PLAN

                        PARTICIPANTS AS OF EFFECTIVE DATE

      Participant Name                                       Share Number
      ----------------                                       ------------
Brenda J. Walker                                                51,246
Thomas J. O'Keefe                                              150,725
Thomas B. Richey                                                48,986
Stuart H. Widowski                                              37,681
Ann Maneri                                                      30,435


<PAGE>


                                                                      SCHEDULE B
                                                                      ----------

                          CEDAR SHOPPING CENTERS, INC.
                            SENIOR EXECUTIVE DEFERRED
                                COMPENSATION PLAN


The following Participants are subject to a risk of forfeiture of the portion of
their Accounts attributable to Dividends to the extent provided in Section 4.2:

         Thomas J. O'Keefe
         Stuart H. Widowski
         Thomas B. Richey
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>12
<FILENAME>ex10-06b.txt
<DESCRIPTION>EXHIBIT 10.06B
<TEXT>
<PAGE>

                                 AMENDMENT NO. 1
                                     TO THE
                          CEDAR SHOPPING CENTERS, INC.
                            SENIOR EXECUTIVE DEFERRED
                                COMPENSATION PLAN

         WHEREAS, Cedar Shopping Centers, Inc. (the "Company") has adopted the
Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan (the
"Plan"); and

         WHEREAS, Section 9.1 of the Plan permits the Board of Directors of the
Company to amend the Plan; and

         WHEREAS, the Board of Directors of the Company now desires to amend the
Plan in certain respects;

         NOW, THEREFORE, the Plan is hereby amended as follows:

         1. Sections 2.5 and 2.14 of the Plan are hereby deleted.

         2. Section 4.2 of the Plan is hereby amended by deleting the last two
sentences thereof.

         3. Section 4.3(a) of the Plan is hereby amended to read in its entirety
as follows:

                  "(a) Except as hereinafter provided in Section 4.3(b), a
         Participant shall be 100% vested in his Plan Benefit at all times."

         4. Section 4.3(b) of the Plan is hereby amended by deleting therefrom
the word "vested".

         5. Section 5.2 of the Plan is hereby amended by deleting therefrom the
word "vested" and the phrase "vested but".


         6. Section 7.2 of the Plan is hereby amended by deleting therefrom the
phrase "the vested portion of" wherever it appears in said Section 7.2.

<PAGE>


         7. Section 7.4 of the Plan is hereby amended by deleting therefrom the
phrase "vested portion of the".

         8. Section 9.2 of the Plan is hereby amended by deleting therefrom the
phrases "continue to vest and" and "all Plan Benefits shall be 100% vested and".

         9. Schedule B to the Plan is hereby deleted.

         10. This Amendment shall be effective as of October 29, 2003.

         11. Except to the extent hereinabove set forth, the Plan shall remain
in full force and effect.

         IN WITNESS WHEREOF, the Board of Directors of the Company has caused
this Amendment to be executed by a duly authorized officer of the Company this
________ day of _____________, 2004.


                                             CEDAR SHOPPING CENTERS, INC.


                                             By:    /s/  L.S. Ullman
                                                    ----------------------
                                             Name:  Leo S. Ullman
                                             Title: President


                                      -2-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>13
<FILENAME>ex10-06c.txt
<DESCRIPTION>EXHIBIT 10.06C
<TEXT>
<PAGE>
                                 AMENDMENT NO. 2
                                     TO THE
                          CEDAR SHOPPING CENTERS, INC.
                            SENIOR EXECUTIVE DEFERRED
                                COMPENSATION PLAN

         WHEREAS, Cedar Shopping Centers, Inc. (the "Company'") has adopted the
Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan (the
"Plan"); and

         WHEREAS, Section 9.1 of the Plan permits the Board of Directors of the
Company to amend the Plan; and

         WHEREAS, the Board of Directors of the Company now desires to amend the
Plan in certain respects;

         NOW, THEREFORE, the Plan is hereby amended as follows:

1.       Section 2.19 of the Plan is hereby amended to read in its entirety as
         follows:

                  "Shares/Stock. "Shares" or "Stock" means shares of the common
                  stock of the Company, including, as applicable, any restricted
                  shares of common stock of the Company awarded to a Participant
                  pursuant to the Cedar Shopping Centers, Inc. 2004 Stock
                  Incentive Plan (the "Stock Incentive Plan") which the Board of
                  Directors (or compensation committee of the Board of
                  Directors) has designated as being covered under and subject
                  to the terms of the Plan."

2.       The first sentence of Section 4.3(a) of the Plan is hereby amended to
         read in its entirety as follows:

                  "Except for the portion of a Participant's Account
                  attributable to any Dividends (including earnings thereon)
                  that are subject to a risk of forfeiture as provided in
                  Section 4.2. and except as hereinafter provided in Section
                  4.3(b) or Section 4.3(c), a Participant shall be 100% vested
                  in his Plan Benefit at all-times."

3.       Section 4.3 of the Plan is hereby amended by adding the following the
         clause (c):
<PAGE>


                  "(c) Notwithstanding the foregoing. the portion of a
                  Participant's Account (if any) attributable to restricted
                  Shares awarded to a Participant pursuant to the Stock
                  Incentive Plan, shall, for vesting, risk of forfeiture and
                  transferability purposes, be solely subject to, and determined
                  under, the vesting, risk of forfeiture and transferability
                  provisions and restrictions as set forth in the Stock
                  Incentive Plan and the award agreement evidencing the grant of
                  such restricted Shares. In no event shall a distribution,
                  including a premature distribution elected by a Participant
                  pursuant to Section 7.2, of a Participant's Account hereunder
                  cause an unvested restricted Share to vest, which would
                  otherwise not have become vested as per the terms of the Stock
                  Incentive Plan and the award agreement evidencing the grant of
                  such restricted Share."

4.       Section 5.2 of the Plan is hereby amended by adding the following
         sentence to the end thereof:

                  "Notwithstanding the foregoing, the portion of a Participant's
                  Account (if any) attributable to restricted Shares awarded
                  pursuant to the Stock Incentive Plan, shall be subject to the
                  vesting, risk of forfeiture, and transferability provisions
                  and restrictions as set forth in the Stock Incentive Plan and
                  the award agreement evidencing the grant of such restricted
                  Shares."

5.       The first sentence of Section 7.3 of the Plan is hereby amended to read
         in its entirety as follows:

                  "Not less than twelve (12) nor more than fifteen (l5) months
                  prior to a Distribution Date. a Participant who is then
                  employed by the Company may elect, in writing on a form
                  prescribed by the Administrator, to defer receipt of all or
                  any part of the Plan Benefit that is otherwise payable on such
                  Distribution Date to the fifth anniversary of the Distribution
                  Date, and in any such case the date to which distribution is
                  so deferred shall be the new Distribution Date for the
                  Account."

6.       Section 7.4 of the Plan is hereby amended to read in its entirety as
         follows:

                  "Notwithstanding any provision to the contrary, in the event
                  of a Participant's termination of employment with the Company
                  (other than due to death) prior to age 60, the vested portion
                  of the Participant's Plan Benefit shall be paid in a lump sum
                  as soon as practicable following the date of such termination
                  of employment (or, with respect to the initial Employer
                  Provided Benefit for the Participants listed on Schedule A
                  hereto, January 1, 2007, if later)."

                                      -2-
<PAGE>

7.       This Amendment shall be effective as of August 9, 2004.

8.       Except to the extent hereinabove set forth, the Plan shall remain in
         full force and effect.

         IN WITNESS WHEREOF, the Board of Directors of the Company has caused
this Amendment to be executed by a duly authorized officer of the Company this
5th day of January, 2004.


                                          CEDAR SHOPPING CENTERS, INC.


                                          By:    /s/  L.S. Ullman
                                                 ------------------------
                                          Name:  Leo S. Ullman
                                          Title: President


                                      -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>14
<FILENAME>ex10-07a.txt
<DESCRIPTION>EX10-07A.TXT
<TEXT>
<PAGE>

                        AGREEMENT TO ENTER INTO NET LEASE

        THIS AGREEMENT (this "Agreement") made as of this 23rd day of April,
2003 between SPSP Corporation, a Pennsylvania corporation, having an office at
44 West Lancaster Avenue, Suite 110, Ardmore, Pennsylvania 19003 ("SPSP"),
Passyunk Supermarket, Inc., a Pennsylvania corporation, having an office at 44
West Lancaster Avenue, Suite 110, Ardmore, Pennsylvania 19003 ("Passyunk"), and
Twenty Fourth Street Passyunk Partners, L.P., a Pennsylvania limited
partnership, having an office at 44 West Lancaster Avenue, Suite 110, Ardmore,
Pennsylvania 19003 ("24th Street"; SPSP, Passyunk and 24th Street are
collectively referred to herein as the "Owners"), and Cedar-South Philadelphia
I, LLC, a Delaware limited liability company, having an office at 44 South
Bayles Avenue, Port Washington, New York 11050 ("Cedar").

                                   WITNESSETH

        WHEREAS, the Owners are the owners of the Property (as herein defined);
and

        WHEREAS, the Owners desire to enter into a net lease with Cedar, and
Cedar desires to enter into a net lease with the Owners, of all of the Owners'
right, title and interest in and to the Property, subject to the terms and
conditions of this Agreement.

        NOW THEREFORE, in consideration of the mutual covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Owners and Cedar agree as follows:

        1.      Lease and Assignment.

        (a)     Owners agree to net lease to Cedar, and Cedar agrees to net
lease from Owners, subject to the terms and conditions of this Agreement, all of
Owners' right, title and interest in and to all of those certain plots, pieces
and parcels of land (the "Land") known by the addresses 2301-11 Oregon Avenue,
2426 South 23rd Street and 2300 W. Passyunk Avenue, Philadelphia, Pennsylvania
and are commonly known as South Philadelphia Shopping Plaza, as more
particularly described in Schedule A-1, Schedule A-2 and Schedule A-3 attached
hereto, together with the buildings and improvements (collectively, the
"Building") located on the Land (the Building and Land are hereinafter
collectively referred to as the "Premises"), and all of the Owners' right, title
and interest, if any, in, to and under (i) all easements, rights of way,
privileges, appurtenances, strips, gores and other rights pertaining to the
Premises, including, without limitation and without warranty, any existing
development rights, (collectively, the "Appurtenances"); (ii) any land in the
bed of any street, road, avenue, open or proposed, public or private, in front
of or adjoining the Premises or any portion thereof, and any award to be made in
lieu thereof and in and to any unpaid award for damage to the Premises by
reasons of change of grade of any street occurring after the date of execution
and delivery of this Agreement (collectively, the "Adjoining Land"); and (iii)
the fixtures, equipment, machinery, furniture, furnishings, appliances, supplies
and other items of personal property (and replacements thereof), now owned by
the Owners and contained in or on, the Premises (collectively, the
"Personalty"). The Land, the Building, the Appurtenances, the Adjoining Land and
the Personalty are hereinafter referred to as the "Leased Property".

<PAGE>

        (b)     The Owners agree to assign to Cedar, and Cedar agrees to accept
from the Owners, subject to the terms and conditions of this Agreement, all of
the Owners' right, title and interest in and to (i) all leases, lettings and
licenses with respect to the Premises, and all amendments, modifications,
supplements, additions, extensions and renewals thereof (collectively,
"Leases"), all subleases under the Leases (the "Subleases") and, except as
expressly provided herein, security and other deposits thereunder affecting the
Premises (the items set forth in this clause (a) are collectively referred to as
the "Lease Documents"); (ii) subject to the provisions of Section 20(c) below,
all service agreements, maintenance agreements, supply agreements and any other
contracts and agreements affecting the Premises and all income therefrom
(collectively, "Contracts"); and (iii) any licenses, permits approvals, and
certificates required or used in or relating to the ownership, use, maintenance,
occupancy or operation of any part of the Leased Property (the "Licenses").

        (c)     The Leased Property, the Lease Documents, the Contracts and the
Licenses are sometimes hereinafter collectively referred to as the "Property".

        2.      Basic Rent. Contemporaneously with the lease and assignment
described in Section 1 above, Cedar shall pay to the Owners, by wire transfer of
immediately available Federal funds, the first installment of Basic Rent (as
defined in the Lease (as defined below)) due under the Lease in accordance with
the terns thereof, subject to apportionments to be made as provided in this
Agreement.

        3.      Intentionally deleted.

        4.      Permitted Encumbrances. Subject to the terms and provisions of
this Agreement, title to the Premises shall be leased by Owner to Cedar, and
Cedar shall accept the same subject only to the items set forth on Schedule B
attached hereto (collectively, the "Permitted Encumbrances").

        5.      Title Insurance.

        (a)     The Owners have delivered to Cedar a title insurance report and
commitment (the "Commitment") for a leasehold title insurance policy (the "Title
Policy") from First American Title Insurance Company ("First American"). Upon
receipt of any updates or revisions to the Commitment, the Owners shall furnish
copies thereof to Cedar's attorneys (the Commitment and any updates or revisions
thereto are hereinafter collectively referred to as the "Report"). At Closing,
the Owners shall be required to remove any exceptions to title which are not
Permitted Encumbrances (the "Title Objections"), including, without limitation,
all mortgages and all unpaid water charges and real estate taxes (other than
real estate taxes that are not yet due and payable).

        (b)     First American shall be the sole insurer under the Title Policy;
provided, however, that, in the event that First American shall not be prepared
at Closing to issue the Title Policy in accordance with the terms of this
Agreement that is subject only to the Permitted Encumbrances, and Cedar is
unwilling to waive any items which are not Permitted Encumbrances, and if
Fidelity National Title Agency ("Fidelity") shall be prepared to issue such a
Title Policy, Fidelity shall be the sole insurer under the Title Policy (the
company ultimately issuing the Title Policy, the "Title

                                        2
<PAGE>

Company"). At Closing, Cedar shall pay the costs of the premium and all other
costs incurred in connection with obtaining the Title Policy.

        (c)     Notwithstanding anything to the contrary contained herein, if
the Owners are unable to remove any Title Objections by the Closing Date, the
Owners, in order to attempt to remove such Title Objections, may adjourn the
Closing to a date no later than thirty (30) days following the scheduled date of
Closing set forth in Section 7 hereof. Promptly after the Owners have removed
all such Title Objections, if any, the Owners shall reschedule the Closing Date,
upon at least three (3) business days prior notice to Cedar (the "New Closing
Notice"); provided, however, that if Cedar shall have notified the Owners of any
Title Objections which have arisen between the date of the New Closing Notice
and the rescheduled Closing Date, the Owners may, by sending Cedar a notice,
further adjourn the Closing in order to attempt to eliminate any such Title
Objections.

        (d)     If the Report discloses judgments, bankruptcies or other returns
against other persons having names the same as, or similar to, that of the
Owners, the Owners shall deliver to the Title Company, if required by the Title
Company, affidavits showing that such judgments, bankruptcies or other returns
are not against the Owners in order to induce the Title Company to omit
exceptions with respect to such judgments, bankruptcies or other returns. In
addition, the Owners shall deliver to the Title Company, if required by the
Title Company, all other affidavits customarily required of sellers of property
similar to the Premises.

        (e)     Notwithstanding anything to the contrary contained herein, the
Owners shall cure and remove, at the Owners' cost and expense, (i) any
violations assessed against the Premises as of the Closing Date which are not
the responsibility of one or more tenants and which may be satisfied by the
payment of money, (ii) all fines and penalties that shall have accrued as of the
Closing Date with respect to any such violations assessed against the Premises
as of the Closing Date, and (iii) any violations assessed against the Premises
as of the Closing Date that adversely affect the use of the Premises more than
to a de minimis extent for its present use.

        6.      Third Party Reports.

        (a)     Cedar shall have until 5:00 P.M. (Eastern time) on May 12, 2003
(the period of time commencing upon the date hereof and continuing through and
including such time on such date being herein called the "Third Party Report
Period") within which to obtain (i) a Phase I environmental assessment of the
Premises certified to Cedar and otherwise satisfactory to Cedar in Cedar's sole
and absolute discretion, and (ii) an appraisal of the Premises certified to
Cedar, indicating a value of the Premises of at least $38,500,000 and otherwise
satisfactory to Cedar in Cedar's sole and absolute discretion (collectively, the
"Third Party Reports"). During the Third Party Report Period, the Owners shall
provide Cedar and Cedar's consultants with access to the Premises upon
reasonable advance notice.

        (b)     If, on or before the expiration of the Third Party Report
Period, Cedar shall not have received each of the Third Party Reports meeting
the requirements of Section 6(a) above, then Cedar shall have the right to
terminate this Agreement in accordance with this Section 6. In such case, Cedar
shall promptly notify the Owners and Ledgewood Law Firm, P.C., as escrow agent
("Escrowee") under that certain escrow agreement among Cedar, CedarSouth
Philadelphia

                                        3
<PAGE>

II, LLC, the Owners and Escrowee (the "Escrow Agreement") thereof in writing on
or before 5:00 P.M. (Eastern time) on the date that the Third Party Report
Period shall expire (such notice being herein called the "Termination Notice")
that Cedar desires to terminate this Agreement, whereupon the Escrowee shall
present the letter of credit being held by Escrowee under the Escrow Agreement
(the "Letter of Credit") for payment and pay the proceeds of the Letter of
Credit to the Owners, and this Agreement and the obligations of the parties
hereunder shall terminate (and no party hereto shall have any further
obligations in connection herewith except under those provisions that expressly
survive a termination of this Agreement). In the event that Cedar shall fail to
have delivered the Termination Notice to the Owners on or before 5:00 P.M.
(Eastern time) on the date that the Third Party Report Period shall expire,
Cedar shall be deemed to have agreed that the Third Party Reports are acceptable
to Cedar and that Cedar intends to proceed with the transactions contemplated by
this Agreement without a reduction in, or an abatement in or credit against, the
Basic Rent (and, thereafter, Cedar shall have no further right to terminate this
Agreement pursuant to this Section 6).

        7.      Closing Date.

        (a)     The consummation of the transactions contemplated by this
Agreement (the "Closing") shall take place at 10:00 A.M. on Friday, May 16,
2003, at the office of Escrowee. It shall be a condition to the Closing that (i)
the Owners and Cedar shall contemporaneously therewith deliver (or cause to be
delivered) to Escrowee the documents and other items referred to in Section 16
below, (ii) the conditions to Closing set forth in Section 19(a) below shall
have either been satisfied or waived by Cedar, and (iii) the conditions to
Closing set forth in Section 19(b) below shall have either been satisfied or
waived by Owners. The date on which the Closing shall take place is hereinafter
referred to as the "Closing Date".

        (b)     Once the Closing has occurred, Escrowee shall promptly deliver
to Cedar all of the deliveries made by Owners pursuant to Section 16(a) below,
and promptly deliver to owners all of the deliveries made by Cedar pursuant to
Section 16(b) below.

        8.      Apportionments.

        (a)     General. For purposes of this Section 8, the "Proration Date"
shall be 11:59 P.M. on the day preceding the Closing so that Cedar shall be
deemed to be the net lessee of the Property and therefore entitled to any
revenues and responsible for any expenses for the entire day upon which the
Closing occurs. The Owners and Cedar shall prepare a schedule of adjustments
("Schedule of Adjustments") prior to the Proration Date. Such adjustments, if
and to the extent known and agreed upon as of the Closing, shall be (i) paid by
Cedar to the Owners at the Closing (if the prorations result in a net credit to
the Owners) or (ii) deducted from the installment of Basic Rent to be paid by
Cedar to the Owners at the Closing (if the prorations result in a net credit to
the Cedar). Any such adjustments not determined or not agreed upon as of the
Closing shall be allocated on a fair and equitable basis as soon as invoices or
bills are available, with final adjustments to be made as soon as reasonably
possible after the Closing. Any apportionment or proration errors made at the
Closing are subject to correction if written notice thereof is given within
ninety (90) days after the Closing. Cedar and the Owners shall

                                        4
<PAGE>

each act promptly and reasonably in connection with determining the prorations
under this Section 8. This Section 8 shall survive the Closing.

        (b)     Rentals. "Rental" or "Rentals" as used herein includes fixed
monthly rentals, additional rentals, percentage rentals, escalation rentals,
retroactive rentals, operating cost pass-throughs, utility charges, common area
maintenance or management charges, administrative charges, and all other sums
and charges payable by tenants under the Leases ("Tenants"). Subject to the
provisions of Section 8(c) below, Rentals shall be prorated at the Closing. The
Owners shall be entitled to all Rentals accruing on or prior to the Proration
Date and Cedar shall be entitled to all Rentals accruing after the Proration
Date.

        (c)     Delinquent Rentals. Rentals are delinquent when payment thereof
is due on or prior to the Proration Date but has not been made by the Proration
Date (any such Rentals being "Delinquent Rentals"). Delinquent Rentals shall be
prorated between Cedar and the Owners as of the Proration Date. At the Closing,
Cedar shall pay to the Owners the Owners' share of any Delinquent Rentals that
exist for the month in which the Closing Date occurs. Any Rentals collected by
Cedar or the Owners, as the case may be, after the Closing, less any costs of
collection (including reasonable attorneys fees) reasonably allocable thereto
shall be promptly applied in the following order of priority: (i) first, to
Cedar for the month in which the Closing Date occurs, (ii) then, to Cedar for
the month or months following the month in which the Closing Date occurs,
provided the received Rental is then due and payable, and (iii) then, to the
Owners for any period prior to the month in which the Closing Date occurs. Cedar
shall use reasonable efforts to collect Delinquent Rentals but shall have no
obligation to commence a legal proceeding to collect such sums. Cedar and the
Owners agree that any payments due to the Owners or Cedar, as the case may be,
as a result of collected Delinquent Rentals shall be payable promptly upon
receipt thereof. The parties confirm that all amounts due and payable in respect
of Leases which have expired or otherwise terminated prior to the Closing Date
shall be the sole property of the Owners and, notwithstanding anything to the
contrary contained herein, the Owners may take such actions as they desire to
collect such amounts. Notwithstanding the provisions of this Section 8(c) to the
contrary, any amount collected by the Owners in connection with any such action
shall be retained by the Owners. The Owners and Cedar shall from time to time
after Closing, and upon request of the other party, provide the requesting party
with reasonably detailed information regarding the status of such party's
collection of Delinquent Rentals.

        (d)     Taxes and Assessments. All real estate taxes (including business
improvement district charges) on the Premises shall be prorated based on the
actual current tax bill. If such tax bill has not yet been received by the
Proration Date, then Cedar and the Owners shall estimate the real estate taxes
based upon Cedar's and the Owners' good faith estimate of the change in the
amount of the previous year's tax bill, and Cedar, and the Owners shall after
the Closing reprorate the real estate taxes as soon as the actual current tax
bill is available. All amounts payable for real estate taxes accruing on or
prior to the Proration Date shall be the obligation of the Owners, and all
amounts payable for real estate taxes accruing after the Proration Date shall be
the obligation of Cedar. Any delinquent taxes on the Premises shall be paid at
the Closing by the Owners.

                                        5
<PAGE>

        (e)     Operating Expenses. The parties acknowledge and confirm that
operating expenses are passed-though to Tenants and, accordingly, Owners and
Cedar shall not prorate operating expenses at the Closing. Notwithstanding the
foregoing, if, as of the Closing Date, Owners have any arrearages with respect
to operating expenses, then, to the extent that Cedar, after the Closing,
receives from any Tenant a payment (or payments) designated by such Tenant as
being on account of operating expenses for the period prior to the Closing Date,
Cedar shall promptly pay such amounts to Owners. Cedar shall, at Owners'
request, use reasonable efforts to collect any such unpaid pre-Closing operating
expense payments, but shall have no obligation to commence any legal proceedings
to collect such sums.

        (f)     Tenant Security Deposits. Cedar shall be credited with and the
Owners shall be debited with the sum of all tenant security deposits (and any
interest due to Tenants thereon, less an amount equal to the aggregate of
administrative fees that shall have accrued as of the Closing Date that the
Owners shall be permitted to retain pursuant to the provisions of each of the
Leases and otherwise under law, which amount shall be retained by the Owners)
being held by the Owners.

        (g)     License and Permit Fees. Periodically recurring governmental
fees for transferable Licenses issued in respect of the Premises for the use of
any part thereof, if assignable and to the extent assigned, shall be prorated
between Cedar and the Owners as of the Proration Date on an accrual basis. The
Owners shall be responsible for all amounts due thereunder which accrue on or
prior to the Proration Date and Cedar shall be responsible for all amounts which
accrue after the Proration Date.

        (h)     Ongoing Contracts. Amounts payable under those Contracts, if
any, which Cedar shall elect to have remain in effect after the Closing shall be
prorated on an accrual basis. The Owners shall be responsible for all amounts
due thereunder which accrue on or prior to the Proration Date, and Cedar shall
be responsible for all amounts due thereunder which accrue after the Proration
Date. The Owners shall pay in full all amounts due under any Unassumed Contracts
(as hereinafter defined).

        (i)     Leasing Commissions. Cedar shall be credited with, and the
Owners shall be debited with, the sum of the leasing commissions set forth on
Exhibit A attached hereto (the "Leasing Commissions Schedule"). Cedar shall be
responsible for paying such commissions to the respective brokers and Cedar
shall indemnify and hold Owner harmless from and against any claims that the
brokers set forth on Exhibit A may bring against the Owners after the Closing
Date for the payment of the balance of the brokerage commission payable to such
broker, provided that Cedar's indemnity shall not exceed, as to the claim of any
broker, the amount of the credit that is set forth on Exhibit A for such broker.

        (j)     Tenant Improvements. Cedar shall be credited with, and the
Owners shall be debited with, the sum of the tenant improvement allowances set
forth on Exhibit B attached hereto (the "TI Schedule"). Cedar shall be
responsible for paying such tenant improvement allowances to the respective
Tenants. If the amount of the tenant improvement allowances that is paid to a
Tenant shall be less than the amount of the tenant improvement allowance for
such Tenant that is set forth on Exhibit B. Cedar shall promptly remit such
excess to Owners.

                                       6
<PAGE>

        9.      Assessments. If, on the Closing Date, the Premises or any part
thereof shall be or shall have been affected by an assessment or assessments
which are or may become payable in installments, the Owners shall be required to
pay and discharge at Closing any installments then due and payable and all
delinquent installments. Any installments of such assessments that are not yet
due and payable as of the Closing Date shall be the obligation of Cedar.

        10.     Condition of the Property. Except as otherwise provided herein
to the contrary, Cedar agrees to accept the Property in its "as is" condition on
the date hereof, reasonable wear and tear excepted, and subject to the
provisions of Section 11 hereof. Cedar has (i) examined, inspected and
investigated to the full satisfaction of Cedar, the physical nature and
condition of the Property, (ii) independently investigated, analyzed and
appraised the value and profitability of the Property and (iii) reviewed such
other documents and materials as Cedar has deemed advisable. Cedar acknowledges
that, except as specifically set forth in this Agreement, neither the Owners,
nor any real estate broker, agent, employee, servant, consultant or
representative of the Owners has made any representations or warranties
whatsoever regarding the subject matter of this Agreement or the transaction
contemplated hereby, including without limitation, representations as to the
physical nature or condition of the Property, zoning laws, building codes, laws
and regulations, environmental matters, the violation of any laws, ordinances,
rules, regulations or orders of any Governmental Authority, water, sewer or
other utilities, rents or other income, expenses applicable to the Property,
capital expenditures, leases, existing or future operations of the Property or
any other matter or thing affecting or related to the Property or the operation
thereof. In executing, delivering and/or performing this Agreement, Cedar has
not relied upon and does not rely upon, and the owners shall not be liable or
bound in any manner by, express or implied warranties, guaranties, promises,
statements, representations or information pertaining to any of the matters set
forth above in this Section 10 made or furnished by the Owners or by any real
estate broker, agent, employee, servant or any other person representing or
purporting to represent the Owners to whomever made or given, directly or
indirectly, verbally or in writing, unless such warranties, guaranties,
promises, statements, representations or information are expressly and
specifically set forth herein.

        11.     Casualty and Condemnation.

        (a)     Notwithstanding anything to the contrary implied or provided by
law or in equity, if, prior to the Closing, any material portion of the Premises
is damaged by fire, the elements or any other casualty or if any material
portion of the Premises is taken by eminent domain or otherwise, Cedar shall
have the right to terminate this Agreement by written notice to the owners, and
Escrowee given by Cedar within fifteen (15) days after Owners shall notify Cedar
in writing of such casualty, whereupon the Letter of Credit shall be promptly
returned to Cedar, together with a letter from Escrowee to the issuer of the
Letter of Credit authorizing the cancellation thereof, and this Agreement and
the obligations of the parties hereunder shall terminate (and no party hereto
shall have any further obligations in connection herewith except under those
provisions that expressly survive the Closing or a termination of this
Agreement). If Cedar does not terminate this Agreement, this Agreement shall
remain in full force and effect and the parties shall nonetheless proceed to the
Closing in accordance with this Agreement, and all proceeds or awards received
by the Owners (after deducting the Owners' actual out-of-pocket cost of
collecting the same and any reasonable expenses that the Owners shall have
incurred in

                                       7
<PAGE>

restoring the Premises), or the Owners' rights to such proceeds or awards, from
such taking or casualty shall be assigned (by documentation reasonably
satisfactory to Cedar and the Owners) by the Owners to Cedar, and the Owners
shall pay over to Cedar at the Closing an amount equal to the amount, if any, by
which the amount of the deductible under the applicable insurance policy for the
Premises that is in effect at the time of such casualty shall be greater than
the deductible as of the date of this Agreement, if any, on the applicable
insurance policy for the Premises.

        (b)     The Owners shall promptly notify Cedar of any such casualty and
of any proposed taking. The Owners shall not adjust or settle any claims in
connection with any casualty or proposed taking or enter into any construction
or other contract for the repair or the restoration of the Premises without
Cedar's prior written consent, which consent shall not be unreasonably withheld
or delayed. Notwithstanding the foregoing, in the event of a fire or other
casualty at the Premises, Cedar's prior consent shall not be required for any
action which the owners shall elect to take in order to repair or remediate any
condition which poses a danger to the health and welfare of Tenants, their
invitees, and/or the general public or as otherwise required by the Tenant
Leases.

        (c)     In the event there is damage to or destruction of an immaterial
part of the Premises by fire or other casualty or a taking of an immaterial part
of the Premises, Cedar shall not have the right to terminate this Agreement, all
proceeds or awards received by the Owners (after deducting the Owners' actual
out-of-pocket cost of collecting the same and any reasonable expenses that the
Owners shall have incurred in restoring the Premises), or the Owners' rights to
proceeds or awards, from such taking or casualty shall, at the Closing, be
assigned (by documentation in form and substance reasonably satisfactory to
Cedar and the Owners) by the Owners to Cedar, and the Owners shall pay over to
Cedar at the Closing an amount equal to the amount, if any, by which the amount
of the deductible under the applicable insurance policy for the Premises that is
in effect at the time of such casualty shall be greater than the deductible as
of the date of this Agreement, if any, on the applicable insurance policy for
the Premises.

        (d)     For purposes of this Section 11, a casualty or condemnation
shall be deemed material if such casualty or condemnation affects more than
fifty percent (50%) of the square footage of the Premises.

        (e)     The parties hereby waive the provisions of any statute which
provides for a different outcome or treatment in the event of a casualty or a
taking.

        12.     Brokers and Advisors.

        (a)     The Owners represent and warrant to Cedar that the Owners have
not employed, dealt with or negotiated with any broker in connection with this
transaction other than Fameco of Conshohocken, PA (the "Broker"). Cedar
represents and warrants to the Owners that Cedar has not employed, dealt with or
negotiated with any broker in connection with this transaction other than the
Broker. Cedar agrees to pay any commission payable to the Broker in connection
with this transaction by separate agreement.

                                       8
<PAGE>

        (b)     The Owners hereby agree to indemnify, defend and hold Cedar
harmless from and against any and all claims, losses, liability, costs and
expenses (including reasonable attorneys' fees) incurred by Cedar by any broker
(other than the Broker), or any other person claiming a commission, fee or other
compensation by reason of this transaction, if such broker dealt with or claims
to have dealt with the Owners in connection with this transaction.

        (c)     Cedar hereby agrees to indemnify, defend and hold the Owners
harmless from and against any and all claims, losses, liability, costs and
expenses (including reasonable attorneys' fees) resulting from any claim that
may be made against the Owners by any broker (including the Broker), or any
other person, claiming a commission, fee or other compensation by reason of this
transaction, if such broker dealt with or claims to have dealt with Cedar in
connection with this transaction.

        (d)     The provisions of this Section 12 shall survive the Closing, or
if the Closing does not occur, the termination of this Agreement.

        13.     Tax Reduction Proceedings. If the Owners have heretofore filed
applications for the reduction of the assessed valuation of the Premises and/or
instituted certiorari proceedings to review such assessed valuations for any tax
years prior to the tax year in which the Closing Date is to occur, Cedar
acknowledges and agrees that the Owners shall have sole control of such
proceedings, including the right to withdraw, compromise and/or settle the same
or cause the same to be brought on for trial and to take, conduct, withdraw
and/or settle appeals, and Cedar hereby consents to such actions as the Owners
may take therein. Prior to the Closing, the Owners shall not withdraw,
compromise or settle any such proceedings for the tax year in which the Closing
Date is to occur without the prior written consent of Cedar, which consent shall
not be unreasonably withheld or delayed. Any refund or tax savings for any year
or years prior to the tax year in which the Closing Date occurs shall belong
solely to the Owners. Any tax savings or refund for the tax year in which the
Closing Date occurs shall be prorated in accordance with Section 8 hereof
between the Owners and Cedar after deduction of reasonable attorneys' fees and
other reasonable expenses related to the proceeding. Cedar and the Owners shall
each execute all consents, receipts, instruments and documents which may
reasonably be requested in order to facilitate settling such proceeding and
collecting the amount of any refund or tax savings. Notwithstanding anything
contained herein to the contrary, if any tax savings or refund shall create an
obligation to reimburse any Tenant under any Lease for Rentals paid, then that
portion of such savings or refund equal to the amount of such required
reimbursement shall be paid to Cedar, and Cedar shall disburse the same to the
applicable Tenant. Cedar shall deliver to the Owners, within six (6) months
after receipt of such tax savings or refund, evidence reasonably satisfactory to
the Owners that Cedar has made such payments to the Tenants or, if a Tenant is
in default in the performance of any of its Lease obligations beyond any
applicable notice and cure periods, that Cedar has applied the refund against
any amounts that such Tenant owes under its lease, and to the extent that Cedar
shall fail to deliver such evidence to the Owners, Cedar shall deliver to the
Owners the portion of such refund or tax savings that Cedar would otherwise have
paid to such Tenant, and the owners shall disburse the same to the applicable
Tenant. The provisions of this Section 13 shall survive the Closing.

                                       9
<PAGE>

        14.     SEC Filing and Audit Requirements. Upon Cedar's request, for a
period of two (2) years after Closing, the Owners shall provide Cedar, without
any out-of-pocket expense to the Owners, with copies of, or access to, such
factual information as may be reasonably requested by Cedar, and in the
possession or control of the Owners, to enable Cedar Income Fund, Ltd. to file
Form 8-K and comply with other filing requirements (as specified in Exhibit C
attached hereto), if, as and when such filing may be required by the Securities
and Exchange Commission (the "SEC"). Without limitation of the foregoing, (i)
Cedar or its designated or independent or other accountants may audit the
operating statements of the Owners for the Premises, and the Owners shall supply
such documentation in their possession or control as Cedar or its accountants
may reasonably request in order to complete such audit, and (ii) the Owners
shall furnish Cedar with such financial and other information as may be
reasonably required by Cedar or its assigns to make any required filings with
the SEC or other governmental authority. This obligation shall survive the
Closing for a period of two (2) years.

        15.     Representations and Warranties.

        (a)     The Owners, jointly and severally, represent and warrant to
Cedar that the following are true and correct as of the date hereof and shall be
true and correct as of the Closing Date:

                (i)     SPSP is a corporation duly organized and validly
existing under and by virtue of the laws of the State of Pennsylvania and is in
good standing in the State of Pennsylvania. SPSP has all requisite power and
authority to execute, deliver and perform the transactions contemplated by this
Agreement. SPSP is the owner in fee of certain real property more particularly
described in Schedule A-1 attached hereto which constitutes a portion of the
Premises.

                (ii)    Passyunk is a corporation duly organized and validly
existing under and by virtue of the laws of the State of Pennsylvania and is in
good standing in the State of Pennsylvania. Passyunk has all requisite power and
authority to execute, deliver and perform the transactions contemplated by this
Agreement Passyunk is the owner in fee of certain real property more
particularly described in Schedule A-2 attached hereto which constitutes a
portion of the Premises.

                (iii)   24th Street is a limited partnership duly organized and
validly existing under and by virtue of the laws of the State of Pennsylvania
and is in good standing in the State of Pennsylvania. 24th Street has all
requisite power and authority to execute, deliver and perform the transactions
contemplated by this Agreement. 24th Street is the owner in fee of certain real
property more particularly described in Schedule A-3 attached hereto which
constitutes a portion of the Premises.

                (iv)    This Agreement constitutes the legal, valid and binding
obligation of the Owners, enforceable against the Owners in accordance with its
terms. The Owners have taken all necessary action to authorize and approve the
execution and delivery of this Agreement and the consummation of the
transactions contemplated by this Agreement.

                                       10
<PAGE>

                (v)     The execution and delivery of this Agreement and the
performance by the Owners of their obligations hereunder do not and will not (a)
to the Owners' knowledge, conflict with or violate any judgment, order, writ,
injunction or decree of any court or governmental or quasi-governmental entity
with jurisdiction over the Owners or the Property, including, without
limitation, the United States of America, the State of Pennsylvania or any
political subdivision of either of the foregoing, or any decision or ruling of
any arbitrator to which any of the Owners is a party or by which any of the
Owners or the Property is bound or affected or (b) violate or constitute a
default under any material document or instrument to which any of the Owners is
a party or is bound or any of the Owners' corporate formation or governing
documents.

                (vi)    There are no actions, suits or proceedings (including
landlord/tenant or condemnation proceedings) pending or, to the Owners'
knowledge, threatened in writing against the Premises, at law or in equity,
before any federal, state, municipal or governmental department, commission,
board, bureau, agency or instrumentality which could (x) materially adversely
affect title to the Premises, (y) if adversely determined, prohibit the Owners
from consummating the transactions contemplated hereby, or (z) materially
adversely affect the continued use and enjoyment of the Premises for its current
use.

                (vii)   The Owners have delivered to Cedar copies of the Leases
and Subleases, and copies of all related brokerage agreements for which a
commission remains due and payable (the "Brokerage Agreements"), which copies
are true, correct and complete in all material respects. Exhibit D annexed
hereto (the "Schedule of Leases") sets forth a true and complete list of the
Leases, Subleases and Brokerage Agreements, which Leases, Subleases and
Brokerage Agreements are in full force and effect and have not been amended,
except as set forth in the Schedule of Leases. The Owners represent that all
security deposits made by Tenants under the Leases and held by or on behalf of
the landlord thereunder are cash security deposits, and the Schedule of Leases
sets forth the amount of all such security deposits (plus accrued interest
thereon, if any, required to be paid to the respective Tenants thereunder).
Except as set forth on the Leasing Commissions Schedule and as set forth in the
Leases, no leasing commission is now or will hereafter become due or owing in
connection with any of the Leases, including, without limitation, in connection
with any renewals or extensions of the tern thereof. The rent roll (the "Rent
Roll") annexed hereto as Exhibit E is true, correct and complete based upon the
current operation of the Premises, the rents set forth on the Rent Roll are the
rents currently being collected, and the rents set forth on the Rent Roll were
actually collected for the Previous month. All of the material landlord's
obligations under the Leases which the landlord is obligated to perform prior to
the Closing have or will have been performed.

                (viii)  No guarantor of any of the Leases has been released or
discharged voluntarily (or, to the best of the Owners' knowledge, either
involuntarily or by operation of law) from any obligation related to a Lease.
All of the improvements to be constructed by the Owners, if any, contemplated
under the Leases or as required therein and in all collateral agreements and
plans and specifications respecting same have been completed as so required,
and, except as set forth on the TI Schedule, any fees, costs, allowances,
advances or other expenses to be paid by the Owners for tenant improvements or
tenant finish work have been paid in full. As of the Closing Date, neither the
Owners' interest in the Leases nor any of the rentals due or to become due under
the Leases will be assigned, encumbered or subject to any liens.

                                       11
<PAGE>

                (ix)    The Owners have delivered to Cedar true, correct and
complete copies of lease estoppel certificates from all Tenants that were
delivered to the Owners in connection with the Owners' proposed refinancing of
the existing mortgage loan currently encumbering the Property (collectively, the
"Tenant Estoppel Certificates").

                (x)     True, correct and materially complete copies of the
Contracts have been delivered to Cedar. Exhibit F annexed hereto (the "Schedule
of Contracts") sets forth a true and complete list of the Contracts, which
Contracts are in full force and effect and have not been amended, except as set
forth in the Schedule of Contracts. To the Owners' best knowledge, no party to
the Contracts is in default with respect to any of its obligations or
liabilities pertaining to the Contracts. Except as set forth on the Schedule of
Contracts, all of the Contracts set forth on the Schedule of Contracts may be
terminated without penalty or payment by the Owners on no more than thirty (30)
days' notice.

                (xi)    Except as set forth in the Leases, there are no
outstanding options to purchase, rights of first offer, rights of first refusal,
warrants, calls, commitments, conversion rights, rights of exchange, plans or
other agreements of any character, absolute or contingent, to acquire all, or
any portion of, the Property.

                (xii)   As of the Closing Date, the Personalty will not have
been assigned or conveyed to any other party.

                (xiii)  The Owners have heretofore delivered to Cedar a copy of
the operating expense statement for the 12-month period ending December 31,
2002, a copy of which is attached hereto as Exhibit G (the "Operating
Statement"). The Owners have no knowledge of any inaccuracies or omissions
contained in the Operating Statement. The operating statement is correct and
complete in all material respects.

                (xiv)   There are no employment contracts, union contracts,
labor leases, pension plans, profit sharing plans or employee benefit plans
which relate to the Owners or the Premises, and there are no employees which
relate to the Premises.

                (xv)    Neither SPSP, Passyunk nor 24th Street is a "foreign
person" as defined pursuant to Section 1445 of the Internal Revenue Code of
1986, as amended.

                (xvi)   The Owners maintain fire and extended coverage insurance
upon the Property as set forth on Exhibit H annexed hereto (the "Existing
Insurance"). Copies of certificates evidencing this insurance have been
delivered to Cedar, and the insurance evidenced by such certificates is in full
force and effect.

        (b)     Cedar represents and warrants to the Owners as of the date
hereof and as of the Closing Date that:

                (i)     Cedar has all the requisite power and authority to
execute and deliver this Agreement and to carry out Cedar's obligations
hereunder and the transactions contemplated herein. This Agreement constitutes
the legal, valid and binding obligation of Cedar, enforceable against Cedar in
accordance with its terms. Cedar has taken all necessary action to authorize and

                                       12
<PAGE>

approve the execution and delivery of this Agreement and the consummation of the
transactions contemplated by this Agreement.

                (ii)    The execution and delivery of this Agreement and the
performance by Cedar of its obligations hereunder do not and will not (x) to
Cedar's knowledge, conflict with or violate any law, rule, judgment, regulation,
order, writ, injunction or decree of any court or governmental or
quasi-governmental entity with jurisdiction over Cedar, including, without
limitation, the United States of America, the State of Pennsylvania or any
political subdivision of either of the foregoing, or any decision or ruling of
any arbitrator to which Cedar is a party or by which Cedar is bound or affected
or any agreement to which Cedar is a party or, to Cedar's knowledge, binding
upon Cedar, or (y) violate or constitute a default under any material document
or instrument to which Cedar is a party or is bound.

                (iii)   There is no action or proceeding pending or threatened
in writing against Cedar which could, if adversely determined, prohibit Cedar
from consummating the transactions contemplated by this Agreement.

        (c)     The representations and warranties contained in Section 15(a)
and Section 15(b) above will survive the Closing for a period of four (4)
months, before the expiration of which the party claiming a breach must have
notified the other in writing of the alleged breach. Any such claim shall be
limited to actual damages (specifically including, without limitation,
reasonable attorneys' fees and expenses and court costs) suffered by the
claiming party (specifically excluding consequential or punitive damages).

        16.     Deliveries to be made on the Closing Date.

        (a)     The Owners' Documents: The Owners, pursuant to the provisions of
this Agreement, shall deliver or cause to be delivered to Escrowee on the
Closing Date the following instruments, documents and items:

                (i)     Two (2) counterparts of the net lease, in the form
attached hereto as Exhibit I (the "Net Lease"), duly executed by the Owners, as
landlord.

                (ii)    Two (2) counterparts of the Memorandum of Lease, in the
form attached hereto as Exhibit J (the "Net Lease Memorandum"), duly executed by
the Owners, as landlord.

                (iii)   Two (2) counterparts of the Guaranty, duly executed by
Gary Erlbaum, Steven Erlbaum, and Daniel Neducsin in favor of Cedar, in the form
attached hereto as Exhibit K.

                (iv)    Two (2) counterparts of the Assignment and Assumption of
Leases in the form of Exhibit L attached hereto and made a part hereof (the
"Lease Assignment"), duly executed by the Owners.

                (v)     Two (2) counterparts of the Assignment and Assumption of
Contracts and Permits in the form of Exhibit M attached hereto and made a part
hereof (the "Contracts and Permits Assignment"), duly executed by the Owners.
                                       13
<PAGE>

                (vi)    Two (2) counterparts of a letter to the Tenants of the
Premises in the form attached hereto as Exhibit N, duly executed by the Owners.

                (vii)   Two (2) counterparts of the Schedule of Adjustments,
duly executed by the Owners.

                (viii)  The Owners' Estoppel Certificate (as hereinafter
defined).

                (ix)    A recordable termination of lease, in form and substance
reasonably acceptable to the Owners, Title Company, and Cedar, terminating of
record that certain lease originally from Constellation Properties, Inc. to Penn
Fruit Co., Inc., dated as of May 15, 1958 and recorded in Deed Book CAB 800 Page
428.

                (x)     Keys to the Building (if any).

                (xi)    A duly executed certification as to the Owners'
non-foreign status.

                (xii)   The consent of the boards of directors and members of
the owners authorizing the Net Lease and the transactions contemplated by this
Agreement, in form reasonably satisfactory to Cedar and the Title Company.

                (xiii)  Originals of all of the Leases in effect on the Closing
Date or, to the extent originals are unavailable, photocopies thereof with a
certificate executed by the Owners as to the authenticity of such photocopies,
together with all leasing and property files and records in connection with the
continued operation, leasing and maintenance of the property that shall be in
the Owners' possession.

                (xiv)   Originals of all of the Contracts that are being assumed
by Cedar on the Closing Date or, to the extent originals are unavailable,
photocopies thereof with a certificate executed by the Owners as to the
authenticity of such photocopies.

                (xv)    The Licenses affecting the Premises as of the Closing
Date that shall be in the Owners' possession (other than those Licenses that
must remain at the Premises).

                (xvi)   Copies of the all of the following items that shall be
in Owners' possession (to the extent that the same had not been previously
delivered to Cedar): (A) all accounting, financial, and other books and records
reasonably required for the continued leasing and operation of the Property
which are maintained in connection with the current leasing and operation of the
Premises, and (B) all building plans and specifications (including "as-built"
drawings) with respect to the improvements at the Premises.

                (xvii)  Copies of the documents required to be delivered to the
Title Company pursuant to Section 5(c) above.

                (xviii) Such other documents, instruments and deliveries as are
otherwise required by this Agreement or reasonably required by Cedar in order to
consummate the transaction contemplated hereby.

                                       14
<PAGE>

        (b)     Cedar's Documents: Cedar, pursuant to the provisions of this
Agreement, shall deliver or cause to be delivered to the Owners on the Closing
Date the following instruments, documents and items:

                (i)     Two (2) counterparts of the Net Lease, duly executed by
Cedar, as tenant.

                (ii)    Two (2) counterparts of the Lease Memorandum, duly
executed by Cedar, as tenant.

                (iii)   Two (2) counterparts of the Lease Assignment, duly
executed by Cedar.

                (iv)    Two (2) counterparts of the Contracts and Permits
Assignment, duly executed by Cedar.

                (v)     Two (2) counterparts of the Schedule of Adjustments,
duly executed by Cedar.

                (vi)    The consent of the members of Cedar authorizing the Net
Lease and the transactions contemplated by this Agreement, in form reasonably
satisfactory to the Owners and the Title Company.

                (vii)   Such other documents, instruments and deliveries as are
otherwise reasonably required by this Agreement or by the Owners in order to
consummate the transaction contemplated hereby.

        17.     Default by Cedar or the Owners.

        (a)     (i)      If all of the conditions to Cedar's performance under
this Agreement shall be satisfied, and Cedar shall default in its obligations
under this Agreement, the Owners may terminate this Agreement on written notice
to Cedar and Escrowee, whereupon Escrowee shall present the Letter of Credit for
payment and pay the proceeds of the Letter of Credit to the Owners, and this
Agreement and the obligations of the parties hereunder shall terminate (and no
party hereto shall have any further obligations in connection herewith except
under those provisions that expressly survive a termination of this Agreement).
Cedar acknowledges that, if Cedar shall default under this Agreement as
aforesaid, the Owners will suffer substantial adverse financial consequences as
a result thereof. Accordingly, subject to the provisions of Section 17(a)(ii)
below, the Owners' sole and exclusive remedy against Cedar shall be the right to
retain the proceeds of the Letter of Credit, as and for its sole and full and
complete liquidated damages, it being agreed that the Owners' damages are
difficult, if not impossible, to ascertain.

                (ii)    Notwithstanding anything to the contrary contained in
Section 17(a)(i) above, in the event that Cedar shall contest the existence of a
default by Cedar in its obligations under this Agreement, the Owners shall be
permitted to prosecute an action for damages or proceed with any other legal
course of conduct in connection therewith and Cedar's liability shall not be
limited to the amount of the Letter of Credit, but shall in no event be less
than the amount of the Letter of Credit.

                                       15
<PAGE>

        (b)     If the Owners shall default hereunder by failing to close or by
reason of a breach of a representation or warranty by Owners, Cedar may elect to
either (x) terminate this Agreement and direct the Escrowee to return the Letter
of Credit to Cedar, together with a letter to the issuer of the Letter of Credit
authorizing the cancellation thereof, and Cedar and the Owners shall have no
further rights or obligations under this Agreement, except those expressly
provided herein to survive the termination of this Agreement, or (y) prosecute
an action for specific performance of this Agreement; provided, however, that in
the event that the aggregate amount of damages reasonably claimed by Cedar in
connection with such default shall be less than $175,000 (1) the existence of
such default shall not be a basis for Cedar not to close hereunder, (2) if Cedar
shall thereafter close, Cedar shall not be deemed to have waived its right to
pursue its remedies under this Agreement, including, without limitation, those
remedies set forth in Section 15(c) above as a result of the Owners' default,
and (3) if Cedar shall thereafter fail to close hereunder, the provisions of
Section 17(a) hereof shall apply provided, however, if the amount of damage
reasonably claimed by Cedar pursuant to Section 17(b) hereof shall be greater
than $25,000 and less than $175,000, in such case Escrowee shall only pay to
Owners the proceeds of the Letter of Credit (net of the amount of damage
reasonably claimed by Cedar) and Escrowee shall pay to Cedar the amount of
damage reasonably claimed by Cedar. In the event that Cedar shall prosecute an
action for specific performance pursuant to this Section 17(b), the prevailing
party in such action shall be entitled to recover as a part of such action the
actual out-of-pocket costs and reasonable attorneys' fees incurred by such
prevailing party in connection with such action.

        18.     Merger. Except as otherwise expressly provided to the contrary
in this Agreement, no representations, warranties, covenants or other
obligations of the Owners set forth in this Agreement shall survive the Closing,
and no action based thereon shall be commenced after the Closing. Except as
otherwise expressly provided herein, the delivery of the Net Lease at the
Closing, without the simultaneous execution and delivery of a specific agreement
which by its terms shall survive the Closing, shall be deemed to constitute full
compliance by the parties with all of the terns, conditions and covenants of
this Agreement on their part to be performed.

        19.     Conditions to Closing.

        (a)     Conditions to Cedar's Obligation to Close. Cedar's obligation to
close hereunder shall be subject to the following conditions:

                (i)     The Owners shall have performed, satisfied and complied
with, or tendered performance of, in all material respects, all of the
covenants, agreements and conditions required by this Agreement to be performed
or complied with by the Owners on or before the Closing Date.

                (ii)    All representations and warranties of the Owners in this
Agreement shall be true and correct in all material respects as of the date of
this Agreement and as of the Closing Date.

                (iii)   Title to the Premises shall be in accordance with
Section 4 hereof, subject only to such matters permitted by Section 4 hereof.

                                       16
<PAGE>

                (iv)    The Owners shall have delivered to Cedar a master
estoppel certificate (the "Owners' Estoppel Certificate"), in the form attached
hereto as Exhibit P.

                The foregoing obligations of the Owners under this Section 19(a)
are for the benefit of Cedar, and Cedar may, in its sole discretion, waive any
or all of such conditions and close title under this Agreement without any
decrease in, abatement of, or credit against, the Basic Rent.

        (b)     Conditions to the Owners' Obligation to Close. The Owners'
obligation to close hereunder shall be subject to the following conditions:

                (i)     Cedar shall have performed, satisfied and complied with,
or tendered performance of, in all material respects, all of the covenants,
agreements and conditions required by this Agreement to be performed or complied
with by Cedar on or before the Closing Date.

                (ii)    All representations and warranties of Cedar in this
Agreement shall be true and correct in all material respects as of the date of
this Agreement, and as of the Closing Date.

                (iii)   Simultaneously with the Closing hereunder, the Owners
and Cedar-South Philadelphia II, LLC shall have closed on the transaction
contemplated by that certain loan commitment letter attached hereto as Exhibit
Q, and such loan shall have been funded.

                The foregoing obligations of Cedar under this Section 19(b)
are for the benefit of the Owners, and the Owners may, in its sole discretion,
waive any or all of such conditions and close title under this Agreement without
any increase in the Basic Rent.

        20.     Prior to Closing.

        (a)     Insurance. Until Closing, the Owners or the Owners' agents shall
keep the Premises insured against fire and other hazards covered by extended
coverage endorsement and commercial general liability insurance against claims
for bodily injury, death and property damage occurring in, on or about the
Premises in accordance with the Existing Insurance.

        (b)     Operation. Until Closing, the Owners or the Owners' agents shall
operate and maintain the Property substantially in accordance with the Owners'
current practices with respect to the operation and maintenance of the Property,
and deliver the Property to Cedar at Closing in its condition as of the date
hereof, normal wear and tear and the provisions of Section 11 excepted. The
Owners shall not, other than in the ordinary course of operating and managing
the Property, remove from the Property any Personalty unless such item shall be
replaced with a similar item of comparable quality, utility and value. The
Owners shall give Cedar prompt notice of any action, suit or proceeding against
the Premises, at law or in equity, before any federal, state, municipal or
governmental department, commission, board, bureau, agency or instrumentality
which is filed prior to the date of Closing of which the Owners have knowledge.

                                       17
<PAGE>

        (c)     Contracts.

                (i)     Between the date hereof and the Closing, the Owners
shall have the right to enter into only those Contracts which the Owners
reasonably determine are necessary to carry out its obligations under Section
20(b) above, provided that each of such Contracts shall be cancelable on not
more than thirty (30) days' written notice (without penalty, unless the Owners
agrees to pay any such termination penalty at Closing). If the Owners enter into
any such Contract, the Owners shall, within ten (10) days after the full
execution of such Contract, provide Cedar with written notice thereof, together
with a copy of such Contract, and, unless Cedar, within seven (7) days
thereafter, notifies the Owners in writing of Cedar's intention to assume such
Contract, the Owners shall terminate such Contract as of the Closing.

                (ii)    Prior to the date of this Agreement, Cedar has
designated those Contracts which Cedar wishes the Owners to terminate as of the
Closing (the "Unassumed Contracts"), as indicated with an asterisk (*) on the
Schedule of Contracts. Provided that the Closing occurs hereunder, the Owners
shall terminate such Unassumed Contracts effective as of the Closing Date; and
provided, further, however, that if an Unassumed Contract cannot be terminated
without the payment of a termination fee, the Owners shall pay such termination
fee directly to the applicable party under such Unassumed Contract. The
provisions of the last sentence of this Section 20(c)(ii) shall survive the
Closing.

        (d)     Leases. Between the date of this Agreement and the Closing Date,
the Owners shall be permitted to (i) execute new Leases, provided that the terns
of any such new Leases shall be consistent with the Owners' past practices of
leasing space at the Premises and the rents thereunder shall not be less than
the projected rents for such spaces that are set forth on the Rent Roll, and
(ii) renew the terms of existing Leases, provided that said renewals shall be
pursuant to the exercise of options contained in and in accordance with such
existing Leases. In all events, the Owners shall keep Cedar apprised of the
actions being taken with respect to new Leases and existing Leases and shall
notify Cedar prior to executing any new Leases or renewals of existing Leases.
Between the date of this Agreement and the Closing Date, the Owners shall not
amend existing Leases other than to renew the terms thereof in accordance with
this Section 20(d).

        (e)     Alterations. Between the date of this Agreement and the Closing
Date, the Owners will not effect or approve any alterations to or in the
Premises, other than those alterations performed in the normal course of
maintenance and repair of the Premises, or those alterations required by the
terms of a Lease.

        (f)     Employees. Between the date of this Agreement and the Closing
Date, the Owners will not hire any employees in connection with the management,
operation or maintenance of the Premises.

        21.     Post-Closing Leasing. The parties hereto acknowledge that Store
Number 15B and Store Number 15C (containing approximately 7,600 square feet in
the aggregate) at the Premises, as more particularly set forth on the plan
attached hereto as Exhibit R (the "Vacant Space") are currently vacant. In the
event that the Owners shall not have leased the entire Vacant Space pursuant to
Section 20(d) above during the period between the date of this Agreement and the
Closing Date, Cedar shall be permitted, during the period commencing on the

                                       18
<PAGE>

Closing Date and ending on the date that shall be the earliest to occur of (i)
the date on which Owner delivers to Cedar a Qualifying Lease or Leases (as
defined below) for the entirety of the Vacant Space, (ii) the date that Cedar
shall have entered into leases for the entirety of the Vacant Space, whether or
not such leases meet the requirements of this Section 21, and (iii) the third
(3rd) anniversary of the Closing Date (such period, the "Leasing Period"), to
deduct from each monthly installment of basic rent payable under the Net Lease
an amount equal to 1/12 of the difference between (1) the product of (x) $18.00,
and (y) the number of square feet in the Vacant Space with respect to which
Cedar shall not either (A) have entered into a Lease during the Leasing Period,
or (B) have been presented a Qualified Lease and (2) the product of (x) the
amount, if any, by which the average basic rent per square foot with respect to
all leases described in (A) or (B) exceeds $18.00 per square foot, and (y) the
number of square feet subject to all leases described in (A) or (B) above (such
amount, the "Offset Amount"). During the Leasing Period, the Owners shall be
permitted to obtain prospective Tenants for the Subject Spaces and negotiate new
leases for the Subject Spaces, provided that the rent under said leases is not
less than $18.00 per square foot per annum, and the terms of any such leases are
consistent with the Owners' past practices of leasing space at the Premises (a
"Qualifying Lease"). In the event that the Owners shall deliver to Cedar a lease
meeting the requirements of the immediately preceding sentence which has been
signed by the prospective tenant thereunder within three (3) business days after
the date that the prospective Tenant shall have executed such lease and
delivered same to the Owners, Cedar shall no longer be permitted to deduct the
offset Amount with respect to the portion of the Vacant Space that is the
subject of such Lease from and after the date that shall be the date that the
prospective Tenant shall have executed such lease and delivered same to the
Owners. In the event Cedar enters into a lease that does not meet the
requirements of this Section 21, Cedar shall no longer be permitted to deduct
the offset Amount with respect to the portion of the Vacant Space that is the
subject of such lease from and after the date that Cedar has executed such
lease. In no event shall the Owners be permitted to execute any leases on
Cedar's behalf. In all events, the Owners shall keep Cedar apprised of the
actions being taken with respect to new Leases for the Vacant Space and Cedar
shall be responsible for the payment of all leasing commissions and tenant
improvement allowances with respect to the leasing of the Vacant Spaces. The
provisions of this Section 21 shall survive the Closing.

        22.     Notices. All notices, requests, demands and other communications
provided for by this Agreement shall be (a) in writing, (b) sent either by hand
delivery service or by same day or overnight recognized commercial courier
service, addressed to the address of the parties stated below or to such changed
address as such party may have fixed by notice, and (c) deemed to have been
delivered on the date of receipt thereof (or the date that such receipt is
refused, if applicable).

                To the Owners:            c/o Greentree Properties Corporation
                                          44 West Lancaster Avenue, Suite 110
                                          Ardmore, Pennsylvania  19003
                                          Attention:  Mr. Gary E. Erlbaum

                                       19
<PAGE>

                with a copy to:           Greentree Properties Corporation
                                          44 West Lancaster Avenue, Suite 110
                                          Ardmore, Pennsylvania  19003
                                          Attention:  William Frutkin, Esq.

                with a copy to:           Ledgewood Law Firm, P.C.
                                          1521 Locust Street
                                          Philadelphia, Pennsylvania  19102
                                          Attention:  Richard Abt, Esq.

                To Cedar.                 Cedar-South Philadelphia 1, LLC
                                          44 South Bayles Avenue
                                          Port Washington, New York  11050
                                          Attention:  Mr. Leo Ullman

                with a copy to:           Stroock & Stroock & Lavan LLP
                                          180 Maiden Lane
                                          New York, New York  10038-4982
                                          Attention:  Mark A. Levy, Esq.

                To Escrowee:              Ledgewood Law Firm, P.C.
                                          1521 Locust Street
                                          Philadelphia, Pennsylvania  19102
                                          Attention:  Richard Abt, Esq.

provided, that any notice of change of address of a party listed above shall be
effective only upon receipt by the other parties listed above.

        23.     Amendments. This Agreement may not be modified or terminated
orally or in any manner other than by an agreement in writing signed by all the
parties hereto or their respective successors in interest, as the case may be.

        24.     Governing Law, Consent to Service. This. Agreement shall be
governed by and construed in accordance with the laws of the Commonwealth of
Pennsylvania, without giving effect to principles of conflicts of law. With
respect to any claim or action arising hereunder, each party (a) irrevocably
submits to the exclusive jurisdiction of the courts of the Commonwealth of
Pennsylvania and the United States District Court located in Philadelphia
County, and appellate courts from any thereof, and (b) irrevocably waives any
objection which it may have at any time to the laying on venue of any suit,
action or proceeding arising out of or relating to this Agreement brought in any
such court, irrevocably waives any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum.

        25.     No Offer. This document is not an offer by the Owners, and under
no circumstances shall this Agreement have any binding effect upon Cedar or the
Owners unless and until Cedar and the Owners shall each have executed this
Agreement and delivered to each other executed counterparts of this Agreement.

                                       20
<PAGE>

        26.     Partial Invalidity. If any provision of this Agreement is held
to be invalid or unenforceable as against any person or under certain
circumstances, the remainder of this Agreement and the applicability of such
provision to other persons or circumstances shall not be affected thereby. Each
provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

        27.     Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall constitute an original, but all of which,
taken together, shall constitute but one and the same instrument.

        28.     No Third Party Beneficiaries. The warranties, representations,
agreements and undertakings contained herein shall not be deemed to have been
made for the benefit of any person or entity other than the parties hereto.

        29.     Waiver. No failure or delay of either party in the exercise of
any right given to such party hereunder or the waiver by any party of any
condition hereunder for its benefit (unless the time specified herein for
exercise of such right, or satisfaction of such condition, has expired) shall
constitute a waiver of any other or further right nor shall any single or
partial exercise of any right preclude other or further exercise thereof or any
other right. The waiver of any breach hereunder shall not be deemed to be a
waiver of any other or any subsequent breach hereof.

        30.     Assignment. Cedar shall have the right to assign Cedar's rights
and obligations under this Agreement to an entity in which Cedar Income Fund
Partnership, L.P. ("Fund") holds an equity interest and for which Fund is
responsible for the day-to-day management and control. Any such assignee shall
assume all obligations of Cedar under this Agreement by a written instrument
substantially in the form of Exhibit S attached hereto. Except as set forth in
this Section 30, Cedar shall not have the right to assign its rights and
obligations under this Agreement without the prior written consent of the
Owners.

        31.     Tax Treatment Non-Confidentiality. Notwithstanding any terms or
conditions in this Agreement to the contrary, but subject to restrictions
reasonably necessary to comply with federal or state securities laws, any person
may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the transaction and all materials of any kind
(including opinions or other tax analyses) that are provided relating to such
tax treatment and tax structure. The provisions of this Section 31 shall survive
the Closing.

        32.     Headings. The headings which have been used throughout this
Agreement have been inserted for convenience of reference only and should not be
construed in interpreting this Agreement. Words of any gender used in this
Agreement shall include any other gender and words in the singular shall include
the plural, and vice versa, unless the context requires otherwise. The words
"herein," "hereof," "hereunder" and other similar compounds of the words "here"
when used in this Agreement shall refer to the entire Agreement and not to any
particular provision or section. The terms "include" and "including" when used
in this Agreement shall each be construed as if followed by the phrase "without
being limited to" or "without limitation". As used in this Agreement, the term
"business day" shall be deemed to mean any day, other than a Saturday or Sunday,
on which commercial banks in Pennsylvania are not required or authorized to be
closed for business.

                                       21
<PAGE>

        33.     Construction. This Agreement shall be given a fair and
reasonable construction in accordance with the intentions of the parties hereto.
Each party hereto acknowledges that it has participated in the drafting of this
Agreement, and any applicable rule of construction to the effect that
ambiguities are to be resolved against the drifting party shall not be applied
in connection with the construction or interpretation hereof. Each party has
been represented by independent counsel in connection with this Agreement. For
purposes of construction of this Agreement, provisions which are deleted or
crossed out shall be treated as if never included herein.

        34.     Binding Effect. This Agreement is binding upon, and shall inure
to the benefit of, the parties and each of their respective successors and
assigns, if any.

        35.     Waiver of Jury Trial. Each of Cedar and the Owners hereby
irrevocably waive all right to trial by jury in any action, proceeding or
counterclaim arising out of or relating to this Agreement.

        36.     Litigation. In connection with any litigation arising out of
this Agreement, the prevailing party shall be entitled to recover all costs,
including reasonable attorneys' fees for services rendered in connection with
such litigation, including appellate proceeding and post judgment proceedings.

        37.     Section Headings. The headings of the various sections of this
Agreement have been inserted only for the purpose of convenience and are not
part of this Agreement and shall not be deemed in any manner to modify, expand,
explain or restrict any of the provisions of this Agreement.

        38.     Incorporation by Reference. The Schedules and Exhibits to this
Agreement are incorporated herein by reference and made a part hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       22
<PAGE>

                IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement on the day and year first above written.

                                  OWNERS:

                                  SPSP Corporation

                                  By:  /s/  Gary E. Erlbaum
                                       --------------------
                                       Name:  Gary E. Erlbaum
                                       Title: President

                                  Passyunk Supermarket, Inc.

                                  By:  /s/  Gary E. Erlbaum
                                       --------------------
                                       Name:  Gary E. Erlbaum
                                       Title: President

                                  Twenty Fourth Street Passyunk Partners, L.P.

                                  By:  Twenty Fourth Street Passyunk
                                       Corporation, its general partner

                                  By:  /s/  Marc Erlbaum
                                       -----------------
                                       Name:  Marc Erlbaum
                                       Title: President

                                  CEDAR:

                                  By: Cedar-South Philadelphia I, LLC

                                  By:  /s/  Leo S. Ullman
                                       --------------------
                                       Name:  Leo S. Ullman
                                       Title: President

AGREED AS TO SECTIONS 6(b), 7(b), 11 (a) and 17:

Ledgewood Law Firm, P.C.,
as Escrowee

By:  /s/  Richard J. Abt
     --------------------
     Name:  Richard J. Abt
     Title: Member

                                       23
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>15
<FILENAME>ex10-07b.txt
<DESCRIPTION>EX10-07B.TXT
<TEXT>
<PAGE>

                         CEDAR-SOUTH PHILADELPHIA I, LLC
                             44 South Bayles Avenue
                         Port Washington, New York 11050

                                                                    May 15, 2003

SPSP Corporation
Passyunk Supermarket, Inc.
Twenty Fourth Street Passyunk Partners, L.P.
44 West Lancaster Avenue, Suite 110
Ardmore, Pennsylvania  19003

        Re:     2301-11 Oregon Avenue, Philadelphia, Pennsylvania, 2426 South
                23rd Street, Philadelphia, Pennsylvania and 2300 W. Passyunk
                Avenue, Philadelphia, Pennsylvania
                (collectively, the "Property")

Gentlemen:

        This letter ("Amendment Letter") amends that certain Agreement to Enter
Into Net Lease dated as of April 23, 2003 (the "Agreement") among Cedar South
Philadelphia I, LLC ("Cedar") and SPSP Corporation ("SPSP"), Passyunk
Supermarket, Inc. ("Passynuk") and Twenty Fourth Street Passyunk Partners, L.P.
("24th Street"; SPSP, Passyunk and 24th Street are collectively referred to
herein as the "Owners"). Any undefined capitalized terms used herein shall have
the meanings ascribed to them in the Agreement.

        The parties hereto agree as follows:

        1.      Section 7 of the Agreement is deleted in its entirety, and the
following is inserted in lieu thereof:

                Closing Date. The consummation of the transactions contemplated
        by this Agreement (the "Closing") shall take place at 10:00 A.M. on
        Wednesday, June 11, 2003, TIME BEING OF THE ESSENCE, at the office of
        Ledgewood Law Firm, P.C., 1521 Locust Street, 8th Floor, Philadelphia,
        Pennsylvania 19102. Notwithstanding the foregoing, Cedar shall use good
        faith efforts to cause the Closing to occur as soon as is reasonably
        practicable. It shall be a condition to the Closing that (i) the Owners
        and Cedar shall contemporaneously therewith deliver (or cause to be
        delivered) to the other party the documents and other items referred to
        in Section 16 below, (ii) the conditions to Closing set forth in Section
        19(a) below shall have either been satisfied or waived by Cedar, and
        (iii) the conditions to Closing set forth in Section 19(b) below shall
        have either been satisfied or waived by Owners. The date on which the
        Closing shall take place is hereinafter referred to as the "Closing
        Date".

        2.      Section 11(a) of the Agreement is modified by deleting the first
sentence thereof and replacing it with the following:

<PAGE>

                Notwithstanding anything to the contrary implied or provided by
        law or in equity, if, prior to the Closing, any material portion of the
        Premises is damaged by fire, the elements or any other casualty or if
        any material portion of the Premises is taken by eminent domain or
        otherwise, Cedar shall have the right to terminate this Agreement by
        written notice to the Owners, which notice shall be given by Cedar
        within fifteen (15) days after the Owners shall notify Cedar in writing
        of such casualty, whereupon the Advance Amount (as hereinafter defined)
        shall be promptly returned to Cedar, and this Agreement and the
        obligations of the parties hereunder shall terminate (and no party
        hereto shall have any further obligations in connection herewith except
        under those provisions that expressly survive the Closing or a
        termination of this Agreement).

        3.      Section 17 of the Agreement is deleted in its entirety and the
following is inserted in lieu thereof:

                (a)     (i)     If all of the conditions to Cedar's performance
        under this Agreement shall be satisfied, and Cedar shall default in its
        obligations under this Agreement, the Owners may terminate this
        Agreement on written notice to Cedar, whereupon the Owners shall retain
        the Advance Amount, and this Agreement and the obligations of the
        parties hereunder shall terminate (and no party hereto shall have any
        further obligations in connection herewith except under those provisions
        that expressly survive a termination of this Agreement). Cedar
        acknowledges that, if Cedar shall default under this Agreement as
        aforesaid, the Owners will suffer substantial adverse financial
        consequences as a result thereof. Accordingly, subject to the provisions
        of Section 17(a)(ii) below, the Owners' sole and exclusive remedy
        against Cedar shall be the right to retain the Advance Amount, as and
        for its sole and full and complete liquidated damages, it being agreed
        that the Owners' damages are difficult, if not impossible, to ascertain.

                        (ii)    Notwithstanding anything to the contrary
                contained in Section 17(a)(i) above, in the event that Cedar
                shall contest the existence of a default by Cedar in its
                obligations under this Agreement, the Owners shall be permitted
                to prosecute an action for damages or proceed with any other
                legal course of conduct in connection therewith and Cedar's
                liability shall not be limited to the Advance Amount, but shall
                in no event be less than the Advance Amount.

                (b)     If the Owners shall default hereunder by failing to
        close or by reason of a breach of a representation or warranty by
        Owners, Cedar may elect to either (x) terminate this Agreement, in which
        case the Owners shall deliver the Advance Amount to Cedar, and Cedar and
        the Owners shall have no further rights or obligations under this
        Agreement, except those expressly provided herein to survive the
        termination of this Agreement, or (y) prosecute an action for specific
        performance of this Agreement; provided, however, that in the event that
        the aggregate amount of damages reasonably claimed by Cedar in
        connection with such default shall be less than $175,000 (1) the
        existence of such default shall not be a basis for Cedar not to close
        hereunder, (2) if Cedar shall thereafter close, Cedar shall not be
        deemed to have waived its right to pursue its remedies under this
        Agreement, including, without limitation, those remedies set forth

                                        2
<PAGE>

        in Section 15(c) above as a result of the Owners' default, and (3) if
        Cedar shall thereafter fail to close hereunder, the provisions of
        Section 17(a) hereof shall apply provided, however, if the amount of
        damage reasonably claimed by Cedar pursuant to Section 17(b) hereof
        shall be greater than $25,000 and less than $175,000, in such case the
        Owners shall be required to return to Cedar that portion of the Advance
        Amount equal to the amount of damage reasonably claimed by Cedar. In the
        event that Cedar shall prosecute an action for specific performance
        pursuant to this Section 17(b), the prevailing party in such action
        shall be entitled to recover as a part of such action the actual
        out-of-pocket costs and reasonable attorneys' fees incurred by such
        prevailing party in connection with such action.

        4.      Exhibit I of the Agreement is modified as follows: Clause (e) of
Paragraph 1 is deleted in its entirety, and the following is inserted in lieu
thereof:

                (e)     "Agreement to Enter Into Net Lease" shall mean that
        certain Agreement to Enter Into Net Lease dated as of April __, 2003
        between Landlord and Tenant, as the same has been amended.

        5.      Exhibit S of the Agreement is modified to delete any references
therein to the Letter of Credit.

        5A.     Prior to Closing, the Owners shall cause any currently existing
loans made by the shareholders and partners of the Owners to the Owners to
either be paid off in full or converted to equity. From and after the Closing,
the Owners shall comply with all requirements typically required of "special
purpose bankruptcy remote entities"; provided, however, that the Owners shall be
permitted to lend to the shareholders and partners of the Owners (or affiliates
of the shareholders and partners of the Owners) the proceeds of the loan being
made at Closing by Cedar-South Philadelphia II, LLC to the Owners (and the
proceeds of the liquidation of other assets currently owned by the Owners),
provided that the loan documents evidencing such loans state that (i) if the
borrowers under such loans have any claims against the Owners, the borrowers'
sole remedy shall be an offset against the outstanding loan amount, and (ii) the
borrowers under such loans will not commence any action to enforce such claims
other than an action to offset against the outstanding loan amount.

        6.      Upon the terms and as set forth in that certain letter agreement
of even date herewith between Stroock, as legal counsel to and on behalf of
Cedar, and Ledgewood Law Firm, P.C., as escrow agent ("Escrowee"), (i)
contemporaneously with the execution of this letter agreement, Cedar shall
deliver to Escrowee, by wire transfer of immediately available federal funds in
accordance with the wiring instructions attached hereto as Schedule 1, the
amount of $1,000,000 (the "Initial Advance Amount"), to be held in escrow in
accordance with the terms of that certain Escrow Agreement dated as of April 23,
2003 among Cedar, Lender, the Owners and Escrowee (the "Escrow Agreement") and
(ii) Escrowee shall deliver to Cedar the Letter of Credit, together with a
letter to the issuer of the Letter of Credit authorizing the cancellation
thereof (collectively, the "LC Documents"). Upon full execution of this
Amendment Letter, Escrowee shall be authorized to deliver the Initial Advance
Amount to the Owners, and the Escrow Agreement shall be deemed to be terminated.
Within two (2) business days after Cedar's

                                        3
<PAGE>

receipt of the LC Documents, Cedar shall deliver to the Owners, by wire transfer
of immediately available federal funds in accordance with the wiring
instructions attached hereto as Schedule 2, an additional $1,000,000 (the
"Remaining Advance Amount"; the Initial Advance Amount and the Remaining Advance
Amount are collectively referred to herein as the "Advance Amount"), TIME BEING
OF THE ESSENCE. If the Remaining Advance Amount is not timely received as set
forth in the preceding sentence, Cedar shall be in default in its obligations
under the Agreement, the Owners may terminate the Agreement on written notice to
Cedar, whereupon the Owners shall retain the Initial Advance Amount, and the
Agreement and the obligations of the parties thereunder shall terminate (and no
party thereto shall have any further obligations in connection therewith except
under those provisions that expressly survive a termination of the Agreement).
If the Closing shall occur, the Advance Amount shall be credited against the
loan amount funded pursuant to the commitment letter attached as Exhibit Q to
the Agreement. The provisions of the last sentence of this Paragraph 6 shall
survive the Closing.

        7.      At Closing, Cedar agrees to pay all reasonable legal fees and
costs incurred by the Owners from and after April 23, 2003 in connection with
the transactions contemplated by the Agreement and the Commitment Letter,
accompanied by Cedar's attorneys' normal itemization of any such fees and costs.

        8.      Except as amended by this letter agreement, the terms and
provisions of the Agreement remain unmodified and in full force and effect. Any
future reference to the Agreement shall be deemed to be a reference to the
Agreement, as amended by this letter agreement and as it may, from time to time,
hereafter be further amended.

                                        4
<PAGE>

        Kindly acknowledge your agreement with the foregoing by signing this
letter agreement in the space provided below.

                                                 Cedar-South Philadelphia I, LLC

                                                 By: /s/  Leo S. Ullman
                                                     ---------------------------
                                                     Name:  Leo S. Ullman
                                                     Title: President

AGREED AND ACKNOWLEDGED:

SPSP Corporation

By:  /s/  Gary E. Erlbaum
     ---------------------
     Name:  Gary E. Erlbaum
     Title: President

Passyunk Supermarket, Inc.

By:  /s/  Gary E. Erlbaum
     ---------------------
     Name:  Gary E. Erlbaum
     Title: President

Twenty Fourth Street Passyunk Partners, L.P.

By:  Twenty Fourth Street Passyunk Corporation, its general partner

By:  /s/  Marc Erlbaum
     ---------------------
     Name:  Marc Erlbaum
     Title: President

AGREED AS TO PARAGRAPH 6:
Ledgewood Law Firm, P.C.,
as Escrowee

By:  /s/ Richard J. Abt
     ---------------------
     Name:  Richard J. Abt
     Title: Member

                                        5
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>16
<FILENAME>ex10-07c.txt
<DESCRIPTION>EX10-07C.TXT
<TEXT>
<PAGE>

                         Cedar-South Philadelphia I, LLC
                        Cedar-South Philadelphia II, LLC
                       Cedar Income Fund Partnership, L.P.
                             44 South Bayles Avenue
                         Port Washington, New York 11050

                                                                   June 18, 2003

SPSP Corporation
Passyunk Supermarket, Inc.
Twenty Fourth Street Passyunk Partners, L.P.
44 West Lancaster Avenue, Suite 110
Ardmore, Pennsylvania 19003

        Re:     2301-11 Oregon Avenue, Philadelphia, Pennsylvania, 2426 South
                23rd Street, Philadelphia, Pennsylvania and 2300 W. Passyunk
                Avenue, Philadelphia, Pennsylvania (collectively, the
                "Property")

Gentlemen:

        This letter ("Second Amendment Letter") amends (i) that certain
Agreement to Enter Into Net Lease dated as of April 23, 2003 (the "Agreement")
among Cedar-South Philadelphia I, LLC ("Cedar") and SPSP Corporation ("SPSP"),
Passyunk Supermarket, Inc. ("Passyunk") and Twenty Fourth Street Passyunk
Partners, L.P. ("24th Street"; SPSP, Passyunk and 24th Street are collectively
referred to herein as the "Owners"), as amended by letter agreement dated May
15, 2003 (the "First Amendment Letter") and (ii) that certain Commitment Letter
among Cedar-South Philadelphia II, LLC ("Cedar Lender") and Owners dated as of
April 23, 2003 (the "Commitment Letter"). Any undefined capitalized terms used
herein shall have the meanings ascribed to them in the Agreement, as amended by
the First Amendment Letter.

        The parties hereto hereby covenant and agree as follows:

        1.      The Commitment Letter is hereby amended as follows:

                (a) The original principal amount of the Loan (as defined
        therein) is increased to $39,000,000.

                (b) All references in the Commitment Letter to the Agreement to
        Enter Into Net Lease are hereby deemed to include the Agreement and all
        amendments thereto, including without limitation, the First Amendment
        Letter and this Second Amendment Letter.

                (c) Paragraph 3 of the Commitment Letter is deleted in its
        entirety and the following is inserted in lieu thereof:

                        3.      It is a condition of the closing under this
                Commitment and the Agreement to Enter Into Net Lease that the
                closing under the other agreement occur contemporaneously
                therewith. Accordingly, for purposes of applying the

<PAGE>

                provisions of Paragraph 17 of the Agreement to Enter Into Net
                Lease, a default by Owners under this Commitment shall be deemed
                a default by Owners under the Agreement to Enter Into Net Lease
                and a default by Lender under this Commitment shall be deemed a
                default by Tenant under the Agreement to Enter Into Net Lease.

                (d) Exhibit A to the Commitment Letter is hereby deleted in its
        entirety and replaced with the exhibit attached to this Second Amendment
        Letter entitled Exhibit 1.

                (e) Exhibit B to the Commitment Letter is hereby deleted in its
        entirety and replaced with the exhibit attached to this Second Amendment
        Letter entitled Exhibit 2.

                (f) Exhibit C to the Commitment Letter is hereby deleted in its
        entirety and replaced with the exhibit attached to this Second Amendment
        Letter entitled Exhibit 3.

        2.      Section 5(e) of the Agreement is hereby deleted in its entirety
and the following is inserted in lieu thereof:

                        Notwithstanding anything to the contrary contained
                herein, prior to the Closing Date, Owners will use commercially
                reasonable efforts to cure any existing violations of applicable
                municipal codes, including fire and building codes, relating to
                the Property. At Closing, Owners will establish an escrow with
                the Title Company (the "L&I Escrow") in an amount sufficient to
                cure (i) any violations assessed against the Premises as of the
                Closing Date which are not the responsibility of one or more
                tenants and which may be satisfied by the payment of money, (ii)
                all fines and penalties that shall have accrued as of the
                Closing Date with respect to any such violations assessed
                against the Premises as of the Closing Date, and (iii) any
                violations assessed against the Premises as of the Closing Date
                that adversely affect the use of the Premises more than to a de
                minimis extent for its present use. The amount sufficient to
                cure such violations shall be based upon written estimates
                obtained by Owners for the work required to cure such
                violations. Cedar shall have one hundred twenty (120) days to
                use the L&I Escrow for the sole purpose of clearing such
                outstanding violations. On the 121st day, the remaining balance
                of the L&I Escrow, if any, shall be returned promptly to Owners.

        3.      The first two sentences of Section 7 of the Agreement (as
amended by the First Amendment Letter) are deleted in their entirety, and the
following is inserted in lieu thereof:

                        Closing Date. The consummation of the transactions
                contemplated by this Agreement (the "Closing") shall take place
                on the Scheduled Closing Date. As used herein, the Scheduled
                Closing Date shall be the earlier of (i) five business days
                after the receipt by Cedar Income Fund Partnership, L.P. ("Cedar
                LP") or any related entity of the proceeds of a new public
                offering of common stock or shares of beneficial interest, and
                (ii) October 31, 2003, TIME BEING OF THE ESSENCE, at 10:00 am.
                at the office of Ledgewood Law Finn, P.C., 1521 Locust

                                       -2-
<PAGE>

                Street, 8th Floor, Philadelphia, Pennsylvania 19102 subject only
                to a possible extension by Owners under Section 5(c) of the
                Agreement.

        4.      Section 8(i) of the Agreement is hereby amended by insertion of
the following sentence at the end of Section 8(i):

                        Notwithstanding any provision in this Section 8(i) to
                the contrary, the amount which shall be credited to Cedar at
                Closing under this Section 8(i) shall be reduced by the total
                amount of all commissions listed on Exhibit A actually paid by
                Owners on or prior to the Closing Date.

        5.      Section 8(j) of the Agreement is hereby amended by insertion of
the following sentence at the end of Section 8(j):

                        Notwithstanding any provision in this Section 8(j) to
                the contrary, the amount which shall be credited to Cedar at
                Closing under this Section 8(j) shall be reduced by the total
                amount of all tenant improvements listed on Exhibit A actually
                paid by Owners on or prior to the Closing Date.

        6.      Section 11 (a) of the Agreement (as amended by the First
Amendment Letter) is modified by deleting the first sentence thereof and
replacing it with the following:

                Notwithstanding anything to the contrary implied or provided by
                law or in equity, if, prior to the Closing, any material portion
                of the Premises is damaged by fire, the elements or any other
                casualty or if any material portion of the Premises is taken by
                eminent domain or otherwise, Cedar shall have the right to
                terminate this Agreement by written notice to the Owners, which
                notice shall be given by Cedar within fifteen (15) days after
                the Owners shall notify Cedar in writing of such casualty,
                whereupon the Advance Amount and the Additional Advance Amount
                (as defined in paragraph 15 of the Second Amendment Letter to
                this Agreement among the parties hereto dated June 18, 2003)
                shall be promptly returned to Cedar, and this Agreement and the
                obligations of the parties hereunder shall terminate (and no
                party hereto shall have any further obligations in connection
                herewith except under those provisions that expressly survive
                the Closing or a termination of this Agreement).

        7.      Section 17 of the Agreement as amended by the First Amendment
Letter is deleted in its entirety and the following is inserted in lieu thereof:

                (a)     (i)     If all of the conditions to Cedar's performance
        under this Agreement shall be satisfied, and Cedar shall default in its
        obligations under this Agreement, the Owners may terminate this
        Agreement on written notice to Cedar, whereupon the Owners shall retain
        the Advance Amount and the Additional Advance Amount, and this Agreement
        and the obligations of the parties hereunder shall terminate (and no
        party hereto shall have any further obligations in connection herewith
        except under those provisions that expressly survive a termination of
        this Agreement). Cedar acknowledges that, if Cedar shall default under
        this Agreement as aforesaid, the Owners

                                       -3-
<PAGE>

        will suffer substantial adverse financial consequences as a result
        thereof. Accordingly, subject to the provisions of Section 17(a)(ii)
        below, the Owners' sole and exclusive remedy against Cedar shall be the
        right to retain the Advance Amount and the Additional Advance Amount, as
        and for its sole and full and complete liquidated damages, it being
        agreed that the Owners' damages are difficult, if not impossible, to
        ascertain.

                        (ii)    Notwithstanding anything to the contrary
        contained in Section 17(a)(i) above, in the event that Cedar shall
        contest the existence of a default by Cedar in its obligations under
        this Agreement, the Owners shall be permitted to prosecute an action for
        damages or proceed with any other legal course of conduct in connection
        therewith and Cedar's liability shall not be limited to the sum of the
        Advance Amount plus the Additional Advance Amount, but shall in no event
        be less than the sum of the Advance Amount plus the Additional Advance
        Amount.

                (b)     If (i) on or before the business day prior to the
        Scheduled Closing Date Cedar-South Philadelphia II, LLC ("Cedar Lender")
        shall have deposited with the Title Company the amount of $36,300,000 on
        account of that certain loan in the original principal amount of
        $39,000,000 to be made by Cedar Lender to the Owners contemporaneously
        with the Closing (the "Cedar Loan") and Cedar Lender's and Cedar's
        anticipated closing costs associated therewith, (ii) on or before the
        Scheduled Closing Date, the Owners shall have deposited with the Title
        Company (x) the items set forth in Section 16(a) of this Agreement, and
        (y) the Owner's Estoppel Certificate, and (z) the items set forth in
        Section 2(a) of the Commitment Letter, (iii) the Title Company shall be
        in a position to issue a final title insurance policy to Cedar in
        accordance with Section 5 of the Agreement (subject to Owners' rights
        under 5(c) of the Agreement), then, in such case, (A) the existence of
        any default under this Agreement shall not be a basis for Cedar or the
        Owners not to consummate the Closing or for Cedar Lender or the Owners
        not to consummate the closing under the Commitment Letter, and (B) if
        the Closing shall occur, (x) Cedar and Owners shall not be deemed to
        have waived any of their rights pursuant to the Agreement or any rights
        of Cedar under Paragraph 12 of the Second Amendment Letter, and (y)
        Cedar shall be permitted to bring an action with respect to a breach by
        the Owners of any of the covenants set forth in Section 20 of this
        Agreement, provided, however, that the party exercising its remedies
        under clause (x) must have notified the other in writing of the alleged
        breach within the time period set forth in Section 15(c) and Cedar must
        notify Owners of any action under clause (y) on or before the Closing
        Date or no such action may be brought.

                (c)     If (i) on or before the business day prior to the
        Scheduled Closing Date Cedar Lender shall have deposited with the Title
        Company the amount of $36,300,000 on account of the Cedar Loan and Cedar
        Lender's and Cedar's anticipated closing costs associated therewith, and
        (ii) the Closing does not occur because (1) the Owners shall have failed
        to deposit with the Title Company on or before the Scheduled Closing
        Date any of (x) the items set forth in Section 16(a) of this Agreement,
        or (y) the Owner's Estoppel Certificate, or (z) the items set forth in
        Section 2(a) of the Commitment Letter, or (2) the Title Company shall
        not be in a position to issue a final title insurance policy to Cedar in
        accordance with Section 5 of the Agreement (subject to Owners' rights
        under 5(c) of the Agreement), then, in such case, Cedar shall, by notice
        in writing (which for

                                       -4-
<PAGE>

        this purpose may be given by facsimile to Owners at (610) 896-5814 with
        a copy to Owners' counsel at (215) 735-2513) received by Owners no later
        than three business days after the Closing Date, either (A) terminate
        this Agreement, in which case, as Cedar's sole right and remedy, Owners
        shall return to Cedar $2,000,000 (unless the failure is a failure of
        title which resulted from an action by Owners, in which case the Owners
        shall return to Cedar $3,000,000) and Cedar and the Owners shall have no
        further rights or obligations under this Agreement, or (B) prosecute an
        action for specific performance of this Agreement; provided, however,
        that if Cedar does not notify Owners in writing (which for this purpose
        may be given by facsimile as described above) of its election within the
        aforesaid three business days, Cedar shall be deemed to have irrevocably
        elected remedy (A).

                (d)     If, on or before the business day prior to the Scheduled
        Closing Date, Cedar shall not have deposited with the Title Company the
        amount of $36,300,000 on account of the Cedar Loan and Cedar Lender's
        and Cedar's anticipated closing costs associated therewith, Closing does
        not occur and one or more of the conditions to Cedar's performance under
        this Agreement shall not have been satisfied by the Scheduled Closing
        Date (subject to Owners' right to extend Closing pursuant to Section
        5(c)), the Owners may terminate this Agreement on written notice to
        Cedar, whereupon the Owners shall retain the Advance Amount and the
        Additional Advance Amount, and this Agreement and the obligations of the
        parties hereunder shall terminate (and no party hereto shall have any
        further obligations in connection herewith) provided, however, that if
        Cedar demonstrates that it was ready, willing and able to close on the
        Closing Date, it may, as its sole and exclusivity remedy, pursue an
        action for damages in a total amount not to exceed $2,000,000 on account
        of Owners' failure to fulfill the conditions necessary for Cedar's
        performance under this Agreement, unless the failed condition relates to
        a failure of title resulting from an action by Owners, in which case the
        maximum amount of damages may be $3,000,000. If Cedar commences an
        action for damages and is unable to prove that it was ready, willing and
        able to close on the Closing Date, Owners, in addition to retaining the
        Advance Amount and the Additional Advance Amount, may prosecute an
        action for damages, whether by way of counterclaim or in a separate
        action, or proceed with any other legal course of conduct in connection
        therewith and Cedar's liability shall not be limited to the sum of the
        Advance Amount plus the Additional Advance Amount, but shall in no event
        be less than the sum of the Advance Amount plus the Additional Advance
        Amount.

        8.      The following sentence is inserted at the end of Section
19(a)(iv) of the Agreement:

                Owners shall be under no obligation to include information on
                the Owner's Estoppel Certificate relating to any tenant leases
                for which Cedar has obtained Estoppel Certificates (as defined
                in paragraph 16 of the Second Amendment Letter to this Agreement
                among the parties hereto dated June 18, 2003).

        9.      Exhibit I of the Agreement is hereby deleted in its entirety and
replaced with the exhibit attached to this Second Amendment Letter entitled
Exhibit 6.

                                       -5-
<PAGE>

        10.     Exhibit K of the Agreement is hereby deleted in its entirety and
replaced with the exhibit attached to this Second Amendment Letter entitled
Exhibit 7.

        11.     Exhibit Q of the Agreement is hereby deleted in its entirety and
replaced with the exhibit attached to this Second Amendment Letter entitled
Exhibit 8.

        12.     With regard to contamination from dry cleaning chemicals at or
migrating from the Premises (the "Contamination"), Owners shall, at their sole
cost and expense (a) promptly undertake the activities outlined by Penn E&R
Environmental & Remediation, Inc. in its report dated June 5, 2003, No.
4692-200000, as more particularly described on Schedule 1 attached hereto, (b)
to the extent not covered by clause (a) above, promptly undertake such
investigation, prepare and submit such notices, reports and documents and
conduct such remediation and postremediation measures as may be required to meet
statewide health or site specific standards for non-residential use established
pursuant to the Pennsylvania Land Recycling and Environmental Remediation
Standards Act ("Act 2") for the Contamination provided that Owners may include
as institutional or engineering controls in its demonstration of attainment of
such standards (1) a deed restriction on the use of groundwater, (2) maintenance
of an impervious surface, now provided by the buildings and parking areas, as a
cap on soil underlying those areas, (3) if required by the Department to prevent
vapor inhalation, the installation and maintenance of a vapor mitigation system,
and (4) any related deed acknowledgement required, and (c) after demonstrating
attainment of such standards including through the use of the institutional
and/or engineering controls set forth in subparagraph (b), use its best efforts
to obtain from the Pennsylvania Department of Environmental Protection (the
"PADEP") cleanup liability protection under Chapter 5 of Act 2 with respect to
the Contamination. Copies of all notices, reports, and documents submitted to
PADEP shall be provided to Cedar, it being understood that Owners need not
obtain Cedar's approval prior to such submission and Cedar shall not interfere
or participate in the approval process unless Owners request that Cedar does so.
Owners shall use their best efforts not to unreasonably interfere with the
operations of Cedar or the tenants of the Premises. Promptly upon completion of
its obligations hereunder, Owners shall restore the Premises and any other
affected property to substantially the same condition as they were before
conduction such activities, including, without limitation, the proper
abandonment of any monitoring wells. The provisions of this Paragraph 12 are for
the benefit of Owners and Cedar and shall not inure to the benefit of any third
party, including without limitation, any holder of a mortgage secured by any
interest in the Property. Neither Owners nor their shareholders, partners or
affiliates shall be obligated by the Agreement, as amended by this Second
Amendment Letter, to execute and deliver any guaranty, indemnity or escrow to
any third party, including without limitation, any holder of a mortgage secured
by any interest in the Property, in connection herewith. The provisions of this
Paragraph 12 shall survive Closing.

        13.     Cedar, Cedar Lender, Cedar LP and all of their officers,
directors, shareholders, members or partners or such party's heirs,
representatives, successors or assigns (each a "Cedar Party" and collectively,
the "Cedar Parties") hereby (i) waive and release any and all claims such party
has or may be entitled to assert against Owners (or their officers, directors,
shareholders, members or partners or such party's heirs, representatives,
successors or assigns) or against the Property (or any interest in the Property)
currently existing or hereafter arising (whether known or unknown, suspected or
unsuspected, foreseen or unforeseen, actual or potential) from or relating
directly or indirectly to any transaction involving the Property, its title, or
possession or

                                       -6-
<PAGE>

beneficial interest therein or entitlement to any form of ownership interest in
the Property or an acquisition of any beneficial or any other type of ownership
therein and (ii) waive all rights and covenants and agrees not to seek specific
performance, file any claim, lien or lis pendens against the Property from the
date hereof to the end of time. If any of the Cedar Parties shall take any
action, including, but not limited to, the filing of any pleading or any
document for recording or communication with any third party, that directly or
indirectly claims any entitlement to possession, ownership or title and/or
delays or adversely affects the marketability, refinancing or sale of the
Property (any such action a "Prohibited Action"), Cedar hereby consents and
agrees that (i) Owners shall have the right to obtain, with or without notice to
any Cedar Party, an immediate injunction striking such Prohibited Action; (ii)
all Cedar Parties shall compensate Owners for all losses incurred and all costs
and expenses paid by Owners, including attorneys' fees, relating to such
Prohibited Action; and (iii) Cedar Parties shall pay to Owners all monetary
damages relating to such Prohibited Action to be determined by the courts of the
Commonwealth of Pennsylvania or the United States District Court located in
Philadelphia County, the exclusive jurisdiction of which has already been
provided for in the Agreement, as the case may be. The provisions of this
paragraph shall survive Closing and/or termination by Owners of the Agreement,
as amended. Notwithstanding any provision to the contrary contained in this
paragraph, Cedar Parties shall retain all rights specifically granted to such
parties in (i) documents executed and delivered on the Closing Date in
connection with the Cedar Loan or the Net Lease or (ii) Section 15(c), 17(b),
17(c), or 17(d) of the Agreement.

        14.     The Cedar Parties represent to the Owners that they have had an
opportunity to examine, inspect and investigate, to the full satisfaction of the
Cedar Parties, the environmental condition of the Property, and, provided that
the Owners comply with the provisions of Paragraph 12 of this Second Amendment
Letter, the environmental condition of the Property as of the date hereof is
acceptable to Cedar and shall not be a basis for Cedar not to close under the
Agreement or for Cedar Lender not to close under the Commitment Letter.

        15.     Cedar shall deliver by wire transfer of immediately available
federal funds to SPSP Corporation, in accordance with the wire instructions
attached hereto as Schedule 2, the amount of $1,000,000 (the "Additional Advance
Amount") to be received by SPSP Corporation on or before 5:00 p.m., Wednesday,
June 18, 2003, TIME BEING OF THE ESSENCE (the "Additional Advance Outside
Date"). If the Additional Advance Amount is not timely received by SPSP
Corporation as set forth in the preceding sentence, Cedar shall be in default in
its obligations under the Agreement, the Owners may terminate the Agreement on
written notice to Cedar, whereupon the Owners shall retain the $2,000,000
Advance Amount, and the Agreement and the obligations of the parties thereunder
shall terminate (and no party thereto shall have any further obligations in
connection therewith except under those provisions that expressly survive a
termination of the Agreement). If the Closing shall occur, the $2,000,000
Advance Amount and the $1,000,000 Additional Advance Amount shall be credited
against the loan amount funded pursuant to the Commitment Letter, as amended
hereby. If, on or before the Additional Advance Outside Date, Cedar shall have
delivered the Additional Advance Amount to Ledgewood Law Finn, P.C., as escrow
agent, pursuant to that certain escrow agreement dated as of June 17, 2003 among
Cedar, Cedar Lender and Ledgewood Law Firm, P.C., as escrow agent, Cedar shall
be deemed to have satisfied its obligations under this Paragraph 15.

                                       -7-
<PAGE>

        16.     If, from and after the date hereof, any bonafide third party
proposed leasehold mortgagee of the Property (each, a "Proposed Leasehold
Mortgagee") shall so require, then, provided that Cedar provides written notice
to Owners on or before October 1, 2003, Cedar may contact tenants of the
Property in a commercially reasonable manner, to request that such tenants
deliver to Cedar estoppel certificates or their equivalent ("Estoppel
Certificates") and subordination, non-disturbance and attornment agreements
("SNDAs") in accordance with their respective leases; provided, however, that
the right to contact tenants granted to Cedar hereunder shall be limited to
obtaining one (1) Estoppel Certificate and one (1) SNDA for each tenant,
regardless of whether any Proposed Leasehold Mortgagee should require updated
Estoppel Certificates or SNDAs or any other reason. Failure by Cedar to obtain
such Estoppel Certificates and/or SNDAs on or before the Closing Date shall not
relieve Cedar of its obligations to close under the Agreement on the Closing
Date or of any other obligations to Owners, and Owners shall have no liability
for Cedar's failure to obtain such Estoppel Certificates or SNDAs.

        17.     On or before the Additional Advance Outside Date, TIME BEING OF
THE ESSENCE, Cedar LP will deliver to Ledgewood Law Firm, P.C. by wire transfer
of immediately available federal funds, in accordance with the wire instructions
attached hereto as Schedule 3, the sum of $58,526.51 (the "Legal Fees Amount")
representing its fees and costs incurred in connection with the transactions
contemplated by the Agreement and the Commitment Letter from April 23, 2003
through June 13, 2003. At Closing, Cedar will pay all reasonable legal fees and
costs incurred by the Owners from and after June 14, 2003 in connection with the
transactions contemplated by the Agreement and the Commitment Letter,
accompanied by Owner's attorneys' normal itemization of any such fees and costs.
If, on or before the Additional Advance Outside Date, Cedar LP shall have
delivered the Legal Fees Amount to Ledgewood Law Finn, P.C., as escrow agent,
pursuant to that certain escrow agreement dated as of June 17, 2003 among Cedar,
Cedar Lender and Ledgewood Law Firm, P.C., as escrow agent, Cedar LP shall be
deemed to have satisfied its obligations under the first sentence of this
Paragraph 17. Paragraph 7 of the First Amendment Letter is deleted in its
entirety.

        18.     Section 20(d) of the Agreement is hereby deleted in its entirety
and the following is inserted in lieu thereof

                Leases. Between the date of this Agreement and the Closing Date,
                the Owners shall be permitted to enter into new leases and amend
                and terminate existing Leases (other than the Shop Rite lease
                which shall not be terminated without Cedar's consent), provided
                that all such actions shall be consistent with the Owners' past
                practices at the Premises. The Owners shall keep Cedar appraised
                of the foregoing actions taken by Owners.

        19.     Owners and Cedar hereby agree that that certain letter agreement
dated May 15, 2003 between Owners and Cedar regarding the purchase of Class A
Preferred Operating Partnership Units in Cedar LP is hereby null and void and of
no further force or effect.

        20.     In any action for damages under this Agreement no claim for
consequential or punitive damages shall be permitted.

                                       -8-
<PAGE>

        21.     Except as amended by this Second Amendment Letter, the terms and
provisions of the Agreement, the First Amendment Letter and the Commitment
Letter remain unmodified and in full force and effect. Any future reference to
the Agreement, or the Commitment Letter, as the case may be, shall be deemed to
be a reference to the Agreement, or the Commitment Letter, as the case may be,
as amended by the First Amendment Letter, this Second Amendment Letter and as it
may, from time to time, hereafter be further amended.

        22.     This Agreement may be executed in any number of counterparts,
each of which shall constitute an original, but all of which, taken together,
shall constitute but one and the same instrument.

                      [SIGNATURES BEGIN ON FOLLOWING PAGE]

                                       -9-
<PAGE>

        Kindly acknowledge your agreement with the foregoing by signing this
letter agreement in the space provided below.

                                           Cedar-South Philadelphia I, LLC

                                           By:  /s/  L.S. Ullman
                                                --------------------------------
                                                Name:  L.S. Ullman
                                                Title: Pres.

                                           Cedar-South Philadelphia II, LLC

                                           By:  /s/  L.S. Ullman
                                                --------------------------------
                                                Name:  L.S. Ullman
                                                Title: Pres.

                                           Cedar Income Fund Partnership, L.P.

                                           By:  Cedar Income Fund, Ltd.

                                                By:  /s/  L.S. Ullman
                                                     ---------------------------
                                                     Name:  L.S. Ullman
                                                     Title: Pres.

AGREED AND ACKNOWLEDGED:

SPSP Corporation

By:  /s/  William J. Frutkin
     ---------------------------
     Name:  William J. Frutkin
     Title: Vice President

Passyunk Supermarket, Inc.

By:  /s/  William J. Frutkin
     ---------------------------
     Name:  William J. Frutkin
     Title: Vice President

Twenty Fourth Street Passyunk Partners, L.P.

By:  Twenty Fourth Street Passyunk Corporation, its general partner

By:  /s/  William J. Frutkin
     ---------------------------
     Name:  William J. Frutkin
     Title: Vice President

<PAGE>

                                     JOINDER

        The undersigned hereby joins in this Second Amendment Letter for the
purposes of acknowledging and consenting to the waivers set forth in Paragraph
13 hereof.

                                                /s/  LS Ullman
                                                --------------------------------
                                                Leo S. Ullman
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>17
<FILENAME>ex10-07d.txt
<DESCRIPTION>EX10-07D.TXT
<TEXT>
<PAGE>

                         CEDAR-SOUTH PHILADELPHIA I, LLC
                        CEDAR-SOUTH PHILADELPHIA II, LLC
                             44 SOUTH BAYLES AVENUE
                         PORT WASHINGTON, NEW YORK 11050

                                                                   June 18, 2003

SPSP Corporation
Passyunk Supermarket, Inc.
Twenty Fourth Street Passyunk Partners, L.P.
44 West Lancaster Avenue, Suite 110
Ardmore, Pennsylvania 19003

        Re:     2301-11 Oregon Avenue, Philadelphia, Pennsylvania 2426 South
                23rd Street, Philadelphia, Pennsylvania 2300 W. Passyunk Avenue,
                Philadelphia, Pennsylvania

Gentlemen:

        Reference is hereby made to (i) that certain Agreement to Enter Into Net
Lease dated April 23, 2003, as amended (the "Agreement to Enter Into Net
Lease"), among SPSP Corporation, Passyunk Supermarket, Inc., Twenty Fourth
Street Passyunk Partners, L.P. (collectively, "Owner") and Cedar-South
Philadelphia I, LLC ("Tenant"), (ii) that certain Lease (the "Lease"),
contemplated to be entered into on the Closing Date (as that tern is defined in
the Agreement to Enter Into Net Lease), between Owner, as landlord, and Tenant,
as tenant, and (iii) that certain loan in the original principal amount of
$39,000,000 (the "Loan") contemplated, pursuant to the terms of that certain
letter agreement dated April 23, 2003, as amended (the "Commitment Letter"),
among Cedar-South Philadelphia II, LLC ("Lender"), and Owner, to be made by
Lender to Owner.

        This letter supercedes that certain letter agreement among the parties
hereto dated April 23, 2003.

        The undersigned hereby agree, simultaneously with the execution of the
Lease and the making of the Loan, to enter into a certain letter agreement in
the form annexed hereto as Exhibit A.

        This letter agreement may be executed in several counterparts, all of
which together shall constitute one agreement binding on all parties hereto,
notwithstanding that all the parties have not signed the same counterpart.

        The parties hereto execute this letter agreement intending to be legally
bound hereby, and this letter agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the parties hereto.

<PAGE>

        This letter agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania, without giving effect to
principles of conflicts of law. With respect to any claim or action arising
hereunder, each party (a) irrevocably submits to the exclusive jurisdiction of
the courts of the Commonwealth of Pennsylvania and the United States District
Court located in Philadelphia County, and appellate courts from any thereof, and
(b) irrevocably waives any objection which it may have at any time to the laying
on venue of any suit, action or proceeding arising out of or relating to this
letter agreement brought in any such court, irrevocably waives any claim that
any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum.

        Kindly acknowledge your agreement with the foregoing by signing this
letter in the space provided below.

                                           Cedar-South Philadelphia I, LLC

                                           By:  /s/  L.S. Ullman
                                                --------------------------------
                                                Name:  L.S. Ullman
                                                Title: Pres.

                                           Cedar-South Philadelphia II, LLC

                                           By:  /s/  L.S. Ullman
                                                --------------------------------
                                                Name:  L.S. Ullman
                                                Title: Pres.

AGREED AND ACKNOWLEDGED:

SPSP Corporation

By:  /s/  William J. Frutkin
     ---------------------------
     Name:  William J. Frutkin
     Title: Vice President

<PAGE>

Passyunk Supermarket, Inc.

By:  /s/  William J. Frutkin
     ---------------------------
     Name:  William J. Frutkin
     Title: Vice President

By:  Twenty Fourth Street Passyunk Partners, L.P.

Twenty Fourth Street Passyunk Corporation, its general partner

By:  /s/  William J. Frutkin
     ---------------------------
     Name:  William J. Frutkin
     Title: Vice President
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>18
<FILENAME>ex10-07e.txt
<DESCRIPTION>EX10-07E.TXT
<TEXT>
<PAGE>

                                SPSP CORPORATION
                           PASSYUNK SUPERMARKET, INC.
                  TWENTY FOURTH STREET PASSYUNK PARTNERS, L.P.
                       44 West Lancaster Avenue, Suite 110
                           Ardmore, Pennsylvania 19003

                                                                   July 29, 2003

Cedar-South Philadelphia I, LLC
Cedar-South Philadelphia II, LLC
Cedar Income Fund Partnership, L.P.
44 South Bayles Avenue
Port Washington, New York 11050

        Re:     2301-11 Oregon Avenue, Philadelphia, Pennsylvania 2426 South
                23rd Street, Philadelphia, Pennsylvania 2300 W. Passyunk Avenue,
                Philadelphia, Pennsylvania

Gentlemen:

        Reference is hereby made to (i) that certain Agreement to Enter Into Net
Lease (the "Agreement to Enter Into Net Lease"), dated April 23, 2003, as
amended, among SPSP Corporation, Passyunk Supermarket, Inc., Twenty Fourth
Street Passyunk Partners, L.P. (collectively, "Owner") and Cedar-South
Philadelphia 1, LLC ("Tenant") and (ii) that certain Lease (the "Lease"),
contemplated to be entered into on the Closing Date (as that term is defined in
the Agreement to Enter Into Net Lease), between Owner, as landlord, and Tenant,
as tenant.

        The undersigned hereby agree that:

        1.      This letter shall amend the Agreement to Enter Into Net Lease
and the Lease as set forth in this paragraph. The fast sentence of Section 14(b)
of the Lease shall be deleted and the following is inserted in lieu thereof:
"The insurance policies shall (except for worker's compensation insurance) name
Landlord as an insured party and Lender as an additional insured party."

        2.      This letter shall amend the Agreement to Enter Into Net Lease as
set forth in this paragraph. Paragraph 14 of the Agreement to Enter Into Net
Lease shall be deleted and the following is inserted in lieu thereof:

                14.     SEC Filing and Audit Requirements. Upon Cedar's request,
        during the period commencing on the date of this Agreement and
        continuing for a period of two (2) years after Closing, the Owners shall
        provide Cedar, without any out-of-pocket expense to the Owners, with
        copies of, or access to, such factual information as may be reasonably
        requested by Cedar, and in the possession or control of the Owners, to
        enable Cedar Income Fund, Ltd. to file Form 8-K and comply with other
        filing requirements (as specified in Exhibit C attached hereto), if, as
        and when such filing may be required by the Securities and Exchange
        Commission (the "SEC"). Without limitation of the foregoing,

<PAGE>

        (i) Cedar or its designated or independent or other accountants may
        audit the operating statements of the Owners for the Premises, and the
        Owners shall supply such documentation in their possession or control as
        Cedar or its accountants may reasonably request in order to complete
        such audit, and (ii) the Owners shall furnish Cedar with such financial
        and other information as may be reasonably required by Cedar or its
        assigns to make any required filings with the SEC or other governmental
        authority. This obligation shall survive the Closing for a period of two
        (2) years.

        3.      Tenant, Cedar-South Philadelphia II, LLC and Cedar Income Fund
Partnership, L.P. (collectively, "Cedar") and Owner hereby agree that Cedar
shall not issue any press release or make any other public announcement with
respect to the transactions contemplated by the Agreement to Enter Into Net
Lease (any such press release or public announcement, a "Public Announcement"),
except in accordance with the provisions of this paragraph. If a Public
Announcement shall be required by law or rule or in conjunction with a public
offering by an affiliate of Cedar (a "Permitted Announcement"), Cedar shall
submit to Owner a draft of such Permitted Announcement not less than five (5)
business days prior to the anticipated date of issuing or making such Permitted
Announcement. Cedar need not obtain Owner's approval prior to issuing or making
any Permitted Announcement provided the Permitted Announcement complies with the
penultimate sentence of this paragraph. If a Public Announcement shall be other
than a Permitted Announcement (a "Public Announcement Requiring Approval"),
Cedar shall submit to Owner for Owner's approval (which approval shall not be
unreasonably withheld, conditioned or delayed), a draft of such Public
Announcement Requiring Approval not less than five (5) business days prior to
the anticipated of issuing or making such Public Announcement Requiring
Approval. The parties hereto agree that no Public Announcement shall refer to
the transactions contemplated by the Agreement to Enter Into Net Lease, the
Lease or any other agreement between the parties hereto relating to the Property
as a purchase or acquisition (or similar characterization) of the Property by
Cedar or otherwise state or imply ownership of the Property by Cedar. For
purposes of this paragraph 3, the filing with the SEC of an S-11 Registration
Statement (which may include the Agreement to Enter Into Net Lease as an
exhibit) in connection with a public offering by an affiliate of Cedar shall be
deemed to be a Permitted Announcement and, provided the five (5) business day
period since submission of a draft thereof to Owner has expired and the language
relating to the Agreement to Enter Into Net Lease contained in the revised draft
of such S-11 that is submitted for filing with the SEC has not changed in any
material respect from the draft submitted to the Owner (and remains in
compliance with the preceding sentence), Cedar may file said revised draft of
the S-11 while simultaneously submitting it to Owner.

        4.      This letter agreement may be executed in several counterparts,
all of which together shall constitute one agreement binding on all parties
hereto, notwithstanding that all the parties have not signed the same
counterpart.

        5.      The parties hereto execute this letter agreement intending to be
legally bound hereby, and this letter agreement shall be binding upon and inure
to the benefit of the respective successors and assigns of the parties hereto.

        6.      This letter agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania, without giving
effect to principles of conflicts of

<PAGE>

law. With respect to any claim or action arising hereunder, each party (a)
irrevocably submits to the exclusive jurisdiction of the courts of the
Commonwealth of Pennsylvania and the United States District Court located in
Philadelphia County, and appellate courts from any thereof, and (b) irrevocably
waives any objection which it may have at any time to the laying on venue of any
suit, action or proceeding arising out of or relating to this letter agreement
brought in any such court, irrevocably waives any claim that any such suit,
action or proceeding brought in any such court has been brought in an
inconvenient forum.

        7.      Except as amended by this letter agreement, the terms and
provisions of the Agreement to Enter Into Net Lease remain unmodified and in
full force and effect. Any future reference to the Agreement to Enter Into Net
Lease shall be deemed to be a reference to the Agreement to Enter Into Net
Lease, as amended by this letter agreement and as it may, from time to time,
hereafter be further amended.

                      [signatures appear on following page]

<PAGE>

        Kindly acknowledge your agreement with the foregoing by signing this
letter in the space provided below.

                                           SPSP Corporation

                                           By:  /s/ William J. Frutkin
                                                --------------------------------
                                                Name:  William J. Frutkin
                                                Title: Vice President

                                           Passyunk Supermarket, Inc.

                                           By:  /s/ William J. Frutkin
                                                --------------------------------
                                                Name:  William J. Frutkin
                                                Title: Vice President

                                           Twenty Fourth Street Passyunk
                                           Partners, L.P.

                                           By:  Twenty-Fourth Street Passyunk
                                                Corporation, its general partner

                                                By:  /s/ William J. Frutkin
                                                     ---------------------------
                                                     Name:  William J. Frutkin
                                                     Title: Vice President

AGREED AND ACKNOWLEDGED:

Cedar-South Philadelphia I, LLC

By:  /s/ Leo S. Ullman
     ---------------------------
     Name:  Leo S. Ullman
     Title: President

Cedar-South Philadelphia II, LLC

By:  /s/ Leo S. Ullman
     ---------------------------
     Name:  Leo S. Ullman
     Title: President

Cedar Income Fund Partnership, L.P.

By:  Cedar Income Fund, Ltd.

     By: /s/ Leo S. Ullman
         -----------------------
         Name:Leo S. Ullman
         Title:  President
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>19
<FILENAME>ex10-07f.txt
<DESCRIPTION>EX10-07F.TXT
<TEXT>
<PAGE>

                         Cedar-South Philadelphia I, LLC
                        Cedar-South Philadelphia II, LLC
                    Cedar Shopping Centers Partnership, L.P.
                             44 South Bayles Avenue
                         Port Washington, New York 11050

                                                                October 31, 2003

SPSP Corporation
Passyunk Supermarket, Inc.
Twenty Fourth Street Passyunk Partners, L.P.
44 West Lancaster Avenue, Suite 110
Ardmore, Pennsylvania 19003

        Re:     2301-11 Oregon Avenue, Philadelphia, Pennsylvania, 2426 South
                23rd Street, Philadelphia, Pennsylvania and 2300 W. Passyunk
                Avenue, Philadelphia, Pennsylvania (collectively, the
                "Property")

Gentlemen:

        This letter ("Third Amendment Letter") amends (i) that certain Agreement
to Enter Into Net Lease dated as of April 23, 2003 (the "Agreement") among
Cedar-South Philadelphia I, LLC ("Cedar") and SPSP Corporation ("SPSP"),
Passyunk Supermarket, Inc. ("Passyunk") and Twenty Fourth Street Passyunk
Partners, L.P. ("24th Street"; SPSP, Passyunk and 24th Street are collectively
referred to herein as the "Owners"), as amended by letter agreement dated May
15, 2003 (the "First Amendment Letter") and by letter agreement dated June 18,
2003 (the "Second Amendment Letter"). Any undefined capitalized terms used
herein shall have the meanings ascribed to them in the Agreement, as amended by
the First Amendment Letter and the Second Amendment Letter.

        The parties hereto hereby covenant and agree as follows:

        1.      Section 21 of the Agreement is amended by adding the following:

                If Owners deliver to Cedar a lease (the "Teddy's Lease") for a
                Teddy's Department Store (or similar trade name) for
                approximately 9,400 square feet of the space formerly occupied
                by Eckerd's upon the terms set forth below, then, effective upon
                delivery of the Teddy's Lease, Cedar shall apply any amounts
                received under the Teddy's Lease (the "Teddy's Credit") against
                the Offset Amount thereafter permitted to be deducted by Cedar
                from each monthly installment of basic rent payable under the
                Net Lease pursuant to this Section 21. Cedar shall continue to
                thereafter apply the Teddy's Credit against the Offset Amount
                during the Leasing Period. The lease terms referred to above
                are:

                Rent:            $15 per square foot per annum plus a 10%
                                 increase after 5 years

                Term:            10 years plus options

<PAGE>

                Tenant:          New corporation to be formed by company
                                 operating Teddy's Department Store or similar
                                 trade name Rent

                Commencement:    60 days after delivery or opening for business

                Landlord's Work: Vanilla box plus obtaining Certificate of
                                 Occupancy or equivalent

        Any reduction in the Offset Amount by reason of the application of the
        Teddy's Credit pursuant to this paragraph shall be in addition to any
        reduction set forth in the formula to calculate the Offset Amount
        contained in the second sentence of this Section 21.

        2.      Except as amended by this Third Amendment Letter, the terms and
provisions of the Agreement, the First Amendment Letter and the Second Amendment
Letter remain unmodified and in full force and effect. Any future reference to
the Agreement, shall be deemed to be a reference to the Agreement, as amended by
the First Amendment Letter, the Second Amendment Letter and this Third Amendment
Letter as it may, from time to time, hereafter be further amended.

        3.      This Agreement may be executed in any number of counterparts,
each of which shall constitute an original, but all of which, taken together,
shall constitute but one and the same instrument.

                      [SIGNATURES BEGIN ON FOLLOWING PAGE]

                                       -2-
<PAGE>

        Kindly acknowledge your agreement with the foregoing by signing this
letter agreement in the space provided below.

                                           Cedar-South Philadelphia I, LLC

                                           By:  /s/  Brenda J. Walker
                                                --------------------------------
                                                Name:  Brenda J. Walker
                                                Title: Vice President

                                           Cedar-South Philadelphia II, LLC

                                           By:  /s/  Brenda J. Walker
                                                --------------------------------
                                                Name:  Brenda J. Walker
                                                Title: Vice President

                                           Cedar Shopping Centers Partnership,
                                           L.P.

                                           By:  Cedar Shopping Centers, Inc.

                                                By:  /s/  Brenda J. Walker
                                                     ---------------------------
                                                     Name:  Brenda J. Walker
                                                     Title: Vice President

AGREED AND ACKNOWLEDGED:

SPSP Corporation

By:  /s/  Gary E. Erlbaum
     ---------------------------
     Name:  Gary E. Erlbaum
     Title: President

Passyunk Supermarket, Inc.

By:  /s/  Gary E. Erlbaum
     ---------------------------
     Name:  Gary E. Erlbaum
     Title: President

Twenty Fourth Street Passyunk Partners, L.P.

By:  Twenty Fourth Street Passyunk Corporation, its general partner

By:  /s/  Neil A. Klinger
     ---------------------------
     Name:  Neil A. Klinger
     Title: Vice President

                                       -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>20
<FILENAME>ex10-07g.txt
<DESCRIPTION>EX10-07G.TXT
<TEXT>
<PAGE>

                                                                  Exhibit 10.07g

                                      LEASE

                                     between

                         CEDAR-SOUTH PHILADELPHIA I, LLC
                                    as Tenant

                                       and

                                SPSP CORPORATION,
                           PASSYUNK SUPERMARKET, INC.
                                       AND
                  TWENTY FOURTH STREET PASSYUNK PARTNERS, L.P.
                                   as Landlord

                          Dated As of October 31, 2003

<PAGE>

                                TABLE OF CONTENTS

1.   Certain Definitions.....................................................1

2.   Demise of Premises......................................................7

3.   Term....................................................................8

4.   Rent....................................................................8

5.   Net Lease...............................................................8

6.   Landlord's Covenants...................................................10

7.   Title and Condition....................................................11

8.   Taxes and Legal Requirements...........................................12

9.   Use....................................................................12

10.  Maintenance and Repair.................................................12

11.  Liens..................................................................13

12.  Alterations............................................................13

13.  Condemnation...........................................................13

14.  Insurance..............................................................14

15.  Damage, Destruction....................................................15

16.  Leasehold Financing....................................................16

17.  Assignment, Subleasing.................................................20

18.  Permitted Contests.....................................................21

19.  Environmental Matters..................................................21

20.  Purchase Option........................................................22

21.  Notices................................................................24

22.  Memorandum of Lease; Estoppel Certificates.............................25

23.  Surrender and Holding Over.............................................26

24.  No Merger of Title.....................................................26

25.  Exculpation............................................................27

26.  No Usury...............................................................27

27.  Broker.................................................................27

28.  Waiver of Landlord's Lien..............................................27

29.  No Waiver..............................................................28

30.  Separability...........................................................28

<PAGE>

31.  Indemnification........................................................28

32.  Joint and Several......................................................28

33.  Headings...............................................................28

34.  Modifications..........................................................28

35.  Successors; Assigns....................................................28

36.  Counterparts...........................................................29

37.  Governing Law..........................................................29

38.  Attorneys' Fees........................................................29

39.  Priority...............................................................29

40.  Waiver of Termination Right............................................29

<PAGE>

         THIS LEASE AGREEMENT is made as of this 31st day of October, 2003 by
and between SPSP Corporation, a Pennsylvania corporation ("SPSP"), having an
office at 44 West Lancaster Avenue, Suite 110, Ardmore, Pennsylvania 19003,
Passyunk Supermarket, Inc., a Pennsylvania corporation ("Passyunk"), having an
office at 44 West Lancaster Avenue, Suite 110, Ardmore, Pennsylvania 19003,
Twenty Fourth Street Passyunk Partners, L.P., a Pennsylvania limited partnership
("24th Street") having an office at 44 West Lancaster Avenue, Suite 110,
Ardmore, Pennsylvania 19003 (SPSP, Passyunk and 24th Street are collectively
referred to herein as "Landlord"), and Cedar-South Philadelphia I, LLC, a
Delaware limited liability company ("Tenant"), having its principal office at 44
South Bayles Avenue, Port Washington, New York 11050.

         In consideration of the rents and provisions herein stipulated to be
paid and performed, Landlord and Tenant hereby covenant and agree as follows:

         1.       Certain Definitions.

                  (a)      "24th Street" shall have the meaning set forth in the
preamble.

                  (b)      "AAA" shall have the meaning set forth in Paragraph
5(c)(ii) hereof.

                  (c)      "Additional Rent" shall mean all sums required to be
paid by Tenant to Landlord hereunder other than Basic Rent, which sums shall
constitute rental hereunder.

                  (d)      "Adjoining Land" shall have the meaning set forth in
Paragraph 2 hereof.

                  (e)      "Agreement to Enter Into Net Lease" shall mean that
certain Agreement to Enter Into Net Lease dated as of April 23, 2003 between
Landlord and Tenant, as the same has been amended.

                  (f)      "Alteration" or "Alterations" shall mean any and all
changes, additions, improvements, reconstructions and replacements of any of the
Improvements, both interior and exterior, and both ordinary and extraordinary.

                  (g)      "Available Cash" shall mean, with respect to any
calendar month, the excess of (i) Gross Revenues for the immediately preceding
calendar month, over (ii) Expenses payable during the calendar month at issue.

                  (h)      "Basic Rent" shall have the meaning set forth in
Paragraph 4 hereof.

                  (i)      "Basic Rent Payment Dates" shall have the meaning set
forth in Paragraph 4 hereof.

                  (j)      "Business Day" shall mean a day upon which commercial
banks are not authorized or required by law to close in Philadelphia,
Pennsylvania.

                  (k)      "Claim Deadline" shall have the meaning set forth in
Paragraph 31 hereof.

<PAGE>

                  (l)      "Commencement Date" shall have the meaning set forth
in Paragraph 3 hereof.

                  (m)      "Condemnation" shall mean a Taking and/or a
Requisition.

                  (n)      "CPI" shall mean the Consumer Price Index for all
Urban Consumers, New York-Northeastern New Jersey, All items (1982-1984 = 100),
issued and published by the Bureau of Labor, Department of Labor or any
successor index thereto, appropriately adjusted. If the CPI ceases to be
published and there shall be no successor index thereto, such index as shall be
mutually agreed to by Landlord and Tenant shall be substituted for the CPI.

                  (o)      "Curable Monetary Default' shall have the meaning set
forth in Paragraph 16(b)(iii) hereof.

                  (p)      "Cure Expiration Notice" shall have the meaning set
forth in Paragraph 16(b)(iii) hereof.

                  (q)      "Defaults Requiring Possession" shall have the
meaning set forth in Paragraph 16(b)(v) hereof.

                  (r)      "Environmental Agency" shall mean any federal, state
or local agency or authority with jurisdiction over Hazardous Substances or
Environmental Laws.

                  (s)      "Environmental Laws" shall mean the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended, 42
U.S.C. Section 9061, et seq.; the Hazardous Materials Transportation Act, as
amended, 49 U.S.C. Section 1801, et seq.; the Resource Conservation and Recovery
Act, as amended, 42 U.S.C. Section 6901, et seq.; and the Federal Water
Pollution Control Act, as amended, 33 U.S.C. Section 1251, et seq., as any of
the foregoing may be amended from time to time, and any other federal, state and
local laws and regulations, codes, statutes, orders, decrees, guidance
documents, judgments or injunctions, now or hereafter issued, promulgated,
approved or entered thereunder, relating to pollution, contamination or
protection of the environment, including, without limitation, laws relating to
emissions, discharges, releases or threatened releases of pollutants,
contaminants, chemicals or industrial, toxic or hazardous substances or wastes
into the environment or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Substances.

                  (t)      "Environmental Matters" shall mean events,
proceedings, actions, filings, reports, investigations, remediations,
conditions, violations, compliance obligations, operations, claims, lawsuits,
losses, liabilities, fines, penalties, judgments, damages and expenses with
respect to the Leased Premises that (i) involve an issue under an Environmental
Law or (ii) fall within the jurisdiction of an Environmental Agency.

                  (u)      "Escrow Agent" shall have the meaning set forth in
Paragraph 20(b) hereof.

                  (v)      "Exercise Date" shall have the meaning set forth in
Paragraph 20(a) hereof.

                                        2
<PAGE>

                  (w)      "Expenses" shall mean, with respect to any calendar
month, the amount set forth in Tenant's operating budget as being necessary for
the payment of expenses to be incurred during such calendar month in connection
with the operation of the Leased Premises, including, without limitation, debt
payments (including interest and principal) on loans (including any amounts due
and owing to a Recognized Leasehold Mortgagee), operating expenses, capital
expenditures, and real estate taxes.

                  (x)      "Expiration Date" shall have the meaning set forth in
Paragraph 3 hereof.

                  (y)      "Fee Mortgage" means any mortgage, deed of trust,
indenture of mortgage, pledge, assignment of rents or leases, collateral
assignment or similar Lien or security interest and any extension, modification,
amendment, spreader, consolidation or renewal thereof granted by Landlord on its
fee title to the Leased Premises.

                  (z)      "Gross Revenue" shall mean the gross revenue actually
received by Tenant during any calendar month from the operation of the Leased
Premises, including all subtenant fixed rents and percentage rents; all
reimbursements from subtenants for common area maintenance charges, insurance,
utilities and real estate taxes; and such other amounts as are collected from
subtenants.

                  (aa)     "Hazardous Substances" shall mean (1) any toxic
substance, hazardous waste, hazardous substance or related hazardous material;
(2) asbestos in any form which is or could become friable, urea formaldehyde
foam insulation, transformers or other equipment which contain dielectric fluid
containing levels of polychlorinated biphenyls in excess of presently existing
federal, state or local safety guidelines, whichever are more stringent; and (3)
any substance, material or chemical which is defined as or included in the
definition of "hazardous substances", "toxic substances", "hazardous materials",
"hazardous wastes" or words of similar import under any federal, state or local
statute, law, code, or ordinance or under the regulations adopted or guidelines
promulgated pursuant thereto, including, but not limited to, the Environmental
Laws.

                  (bb)     "Improvements" shall have the meaning set forth in
Paragraph 2 hereof.

                  (cc)     "Insurance Requirement" or "Insurance Requirements"
shall mean, as the case may be, any one or more of the terms of each insurance
policy required to be carried by Tenant under this Lease and the requirements of
the issuer of such policy, and whenever Tenant shall be engaged in making any
Alteration or Alterations, repairs or construction work of any kind
(collectively, "Work"), the term "Insurance Requirement" or "Insurance
Requirements" shall be deemed to include a requirement that Tenant obtain or
cause its contractor to obtain completed value builder's risk insurance when the
estimated cost of the Work in any one instance exceeds the sum of One Hundred
Thousand ($100,000.00) Dollars (which amount shall be automatically increased on
the first day of each calendar year by the percentage increase in the CPI for
such calendar year over the CPI for the immediately preceding calendar year),
and that Tenant or its contractor shall obtain worker's compensation insurance
or other adequate insurance coverage covering all persons employed in connection
with the Work, whether by Tenant, its contractors or subcontractors and with
respect to whom death or bodily injury claims could be asserted against
Landlord.

                                        3
<PAGE>

                  (dd)     "Land" shall have the meaning set forth in Paragraph
2 hereof.

                  (ee)     "Landlord" shall have the meaning set forth in the
preamble.

                  (ff)     "Landlord Covenant" shall have the meaning set forth
in Paragraph 5(c)(i) hereof.

                  (gg)     "Landlord Lien" means any Lien affecting the Leased
Premises that (i) first arises from and after the Commencement Date and (ii) (x)
is the result of an affirmative action of Landlord or Landlord Parties (other
than Liens placed on the Leased Premises with the written consent of, or at the
written request of, Tenant), or (y) is a judgment or tax lien against Landlord.

                  (hh)     "Landlord Parties" means Landlord's agents,
consultants and representatives.

                  (ii)     "Leased Premises" shall have the meaning set forth in
Paragraph 2 hereof.

                  (jj)     "Leasehold Mortgage" means any mortgage, deed of
trust, indenture of mortgage, pledge, assignment of rents or leases, collateral
assignment or similar Lien or security interest, and any extension,
modification, amendment, spreader, consolidation or renewal thereof, granted by
Tenant on its leasehold estate created hereunder and not creating a Lien on
Landlord's fee estate in the Leased Premises.

                  (kk)     "Leasehold Mortgagee" means the holder of a Leasehold
Mortgage.

                  (ll)     "Legal Requirement" or "Legal Requirements" shall
mean, as the case may be, any one or more of all present and future laws, codes,
ordinances, orders, judgments, decrees, injunctions, rules, regulations and
requirements, even if unforeseen or extraordinary, of every duly constituted
governmental authority or agency (but excluding those which by their terms are
not applicable to and do not impose any obligation on Tenant, Landlord or the
Leased Premises) and all covenants, restrictions and conditions now or hereafter
of record which may be applicable to Tenant, to Landlord or to any of the Leased
Premises, or to the use, manner of use, occupancy, possession, operation,
maintenance, alteration, repair or reconstruction of any of the Leased Premises,
even if compliance therewith (i) necessitates structural changes or improvements
(including changes required to comply with the "Americans with Disabilities
Act") or results in interference with the use or enjoyment of any of the Leased
Premises or (ii) requires Tenant to carry insurance other than as required by
the provisions of this Lease.

                  (mm)     "Lender" shall mean Cedar-South Philadelphia II, LLC,
a Delaware limited liability company.

                  (nn)     "Lien" shall mean any lien, mortgage, charge on,
pledge of, or conditional sale or other title retention agreement with respect
to, or any other encumbrance of any kind, nature or description with respect to,
the Leased Premises.

                                        4
<PAGE>

                  (oo)     "Loan" shall mean that-certain loan in the original
principal amount of $39,000,000 made by Lender to Landlord, secured by a
mortgage covering Landlord's fee interest in the Leased Premises and evidenced
by a promissory note.

                  (pp)     "Losses" shall have the meaning set forth in
Paragraph 31 hereof.

                  (qq)     "Net Casualty Proceeds" shall mean the entire
proceeds of any property casualty insurance less any actual and reasonable
expenses incurred in collecting such proceeds.

                  (rr)     "Net Condemnation Award" shall mean the entire award
of any Condemnation less any actual and reasonable expenses incurred in
collecting such proceeds.

                  (ss)     "Offer" shall have the meaning set forth in Paragraph
6(i) hereof.

                  (tt)     "Option Trigger Date" shall have the meaning set
forth in Paragraph 20(a) hereof.

                  (uu)     "Passyunk" shall have the meaning set forth in the
preamble.

                  (vv)     "Permits" shall mean licenses, permits, approvals and
certificates required or used in or relating to the ownership, use, maintenance,
occupancy or operation of any part of the Leased Premises.

                  (ww)     "Permitted Encumbrances" shall mean those covenants,
restrictions, reservations, liens, conditions, encroachments, easements and
other matters of title that affect the Leased Premises specifically set forth on
Exhibit B attached hereto.

                  (xx)     "Person" shall mean any individual, partnership,
corporation, limited liability company, trust or other entity.

                  (yy)     "Post-Closing Adjustments" shall have the meaning set
forth in Paragraph 5(c)(i) hereof.

                  (zz)     "Purchase Closing" shall have the meaning set forth
in Paragraph 20(d) hereof.

                  (aaa)    "Purchase Closing Date" shall have the meaning set
forth in Paragraph 20(d) hereof.

                  (bbb)    "Purchase Option" shall have the meaning set forth in
Paragraph 20(a) hereof.

                  (ccc)    Purchase Option Notice" shall have the meaning set
forth in Paragraph 20(a) hereof.

                  (ddd)    "Purchase Price" shall have the meaning set forth in
Paragraph 20(a) hereof.

                                        5
<PAGE>

                  (eee)    "Recognition Agreement" shall have the meaning set
forth in Paragraph 17(b) hereof.

                  (fff)    "Recognized Leasehold Mortgage" shall mean the
Leasehold Mortgage held by a Recognized Leasehold Mortgagee.

                  (ggg)    "Recognized Leasehold Mortgagee" shall have the
meaning set forth in Paragraph 16(a)(ii) hereof.

                  (hhh)    "Recognized Leasehold Mortgage Documents" shall mean
the Recognized Leasehold Mortgage and any other documents entered into between
Tenant and a Recognized Leasehold Mortgagee in connection therewith.

                  (iii)    "Rent" shall mean Basic Rent, Additional Rent, and
all other sums payable under this Lease by Tenant to Landlord.

                  (jjj)    "Replacement Lease" shall have the meaning set forth
in Paragraph 16(b)(vi) hereof.

                  (kkk)    "Required Notice" shall have the meaning set forth in
Paragraph 16(b)(ii) hereof.

                  (lll)    "Requisition" shall mean any temporary condemnation
or confiscation of the use or occupancy of any of the Leased Premises by any
governmental authority, civil or military, whether pursuant to an agreement with
such governmental authority in settlement of or under threat of any such
requisition or confiscation, or otherwise.

                  (mmm)    "SPSP" shall have the meaning set forth in the
preamble.

                  (nnn)    "State" shall mean the Commonwealth of Pennsylvania.

                  (ooo)    "Sublease" means any sublease, license or other
occupancy agreement granted by Tenant to use all or any portion of the Leased
Premises and any amendments, extensions, renewals or modifications thereof.

                  (ppp)    "Surviving Representation" shall have the meaning set
forth in Paragraph 5(c)(i) hereof.

                  (qqq)    "Taking" shall mean any taking of any of the Leased
Premises in or by condemnation or other eminent domain proceedings pursuant to
any law, general or special, or by reason of any agreement with any condemnor in
settlement of or under threat of any such condemnation or other eminent domain
proceedings or by any other means, or any de facto condemnation.

                  (rrr)    "Taxes" shall mean taxes of every kind and nature
(including real, ad valorem and personal property, income, franchise,
withholding, profits and gross receipts taxes), all charges and/or taxes for any
easement or agreement maintained for the benefit of any of the Leased Premises,
all general and special assessments, levies, permits, inspection and license
fees,

                                        6
<PAGE>

and all other public charges and/or taxes whether of a like or different nature,
even if unforeseen or extraordinary, imposed upon or assessed against Landlord,
Tenant or any of the Leased Premises as a result of or arising in respect of the
ownership, occupancy, leasing, use, maintenance, operation, management, repair
or possession thereof, or any activity conducted on the Leased Premises during
the term, including without limitation, any gross income tax, sales tax, use and
occupancy tax or excise tax levied by any governmental body on or with respect
to the Leased Premises, the Basic Rent or the Additional Rent; provided,
however, that nothing herein shall obligate Tenant to pay, and the term "Taxes"
shall exclude, federal, state or local (i) franchise, capital stock or similar
taxes if any, of Landlord, (ii) income, excess profits or other taxes, if any,
of Landlord, determined on the basis of or measured by its net income, or (iii)
any estate, inheritance, succession, gift, capital levy or similar taxes.

                  (sss)    "Tenant" shall have the meaning set forth in the
preamble.

                  (ttt)    "Term" shall mean the period of years (and/or
portions thereof) that this Lease shall be in effect, commencing on the
Commencement Date and ending on the Expiration Date.

                  (uuu)    "Trade Fixtures" shall mean all property, equipment
and fixtures, which are owned by Tenant and used in the operation of the
business conducted on the Leased Premises.

         2.       Demise of Premises. Landlord hereby demises and lets to Tenant
and Tenant hereby takes and leases from Landlord for the Term and upon the
provisions hereinafter specified the following described property: (a) all of
Landlord's right, title and interest in and to all of those certain plots,
pieces and parcels of land (the "Land") known by the addresses 2301-11 Oregon
Avenue, 2426 South 23rd Street and 2300 W. Passyunk Avenue, Philadelphia,
Pennsylvania and are commonly known as South Philadelphia Shopping Plaza, as
more particularly described in Exhibit A attached hereto, together with the
buildings and improvements (collectively, the "Improvements") located on the
Land (the Improvements and the Land, and all additions and accessions thereto,
substitutions therefor and replacements thereof permitted by this Lease are
hereinafter collectively referred to as the "Leased Premises"), subject to the
Permitted Encumbrances and the rights of space tenants under space leases with
respect to the Leased Premises, and (b) all of Landlord's right, title and
interest, if any, in, to and under (i) all easements, rights of way, privileges,
appurtenances, strips, gores and other rights pertaining to the Leased Premises,
including, without limitation and without warranty, any existing development
rights; (ii) any land in the bed of any street, road, avenue, open or proposed,
public or private, in front of or adjoining the Leased Premises or any portion
thereof, and any award to be made in lieu thereof and in and to any unpaid award
for damage to the Leased Premises by reasons of change of grade of any street
occurring after the date of execution and delivery of this Lease (collectively,
the "Adjoining Land"); and (iii) the fixtures, equipment, machinery, furniture,
furnishings, appliances, supplies and other items of personal property (and
replacements thereof), now owned or hereafter acquired by Landlord and contained
in or on, or used in connection with, the maintenance, use, occupancy and
operation of the Leased Premises.

                                        7
<PAGE>

         3.       Term. Tenant shall have and hold the Leased Premises for a
term commencing on the date hereof (the "Commencement Date"), and ending on
September 30, 2033, or such earlier date as this Lease shall be terminated
pursuant to the terms of this Lease (the "Expiration Date").

         4.       Rent.

                  (a)      Subject to the terms of Paragraph 4(b) below, Tenant
shall pay to Landlord, as fixed monthly rent for the Leased Premises during the
Term ("Basic Rent"), an amount equal to the lesser of (i) ONE HUNDRED
SEVENTY-EIGHT THOUSAND SEVEN HUNDRED FIFTY AND 00/100 ($178,750.00) DOLLARS, and
(ii) the Available Cash for such month. Basic Rent shall be paid in advance
commencing on the first day of the first month next following the Commencement
Date and continuing on the first day of each month thereafter during the Term
(the said days being called the "Basic Rent Payment Dates"), and shall pay the
same at Landlord's address set forth below or at such other address as Landlord
shall direct in writing. Pro rata Basic Rent for the period from the
Commencement Date to the last day of the month following the month in which the
Commencement Date occurs shall be computed and shall be paid in advance on the
Commencement Date, except that if the Commencement Date shall occur on the first
day of a calendar month, the full monthly installment of Basic Rent for the
month in which the Commencement Date occurs shall be paid in advance on the
Commencement Date. If the Expiration Date shall be other than a Basic Rent
Payment Date, Basic Rent shall be prorated based on a 30-day month.

                  (b)      Notwithstanding anything to the contrary contained in
Paragraph 4(a) above, from and after the date that a Recognized Leasehold
Mortgagee shall accelerate the repayment of a loan secured by a Recognized
Leasehold Mortgage, the Basic Rent shall be reduced to One Dollar and 00/100
($1.00).

         5.       Net Lease.

                  (a)      Subject to the terms of Paragraph 5(c) and Paragraph
5(d) below, it is the intention of the parties hereto that the obligations of
Tenant hereunder shall be separate and independent covenants and agreements, and
that Rent shall continue to be payable in all events, and that the obligations
of Tenant hereunder shall continue unaffected, unless the requirement to pay or
perform the same shall have been terminated pursuant to an express provision of
this Lease. This is a net lease and Rent shall be paid without notice, demand or
setoff, except as otherwise specifically set forth herein. This Lease shall not
terminate and Tenant shall not have any right to terminate this Lease, during
the Term (except as otherwise expressly provided herein).

                  (b)      Tenant shall pay directly to the proper authorities
charged with the collection thereof all charges for water, sewer, gas, oil,
electricity, telephone and other utilities or services used or consumed on the
Leased Premises during the Term, whether designated as a charge, tax,
assessment, fee or otherwise, including, without limitation, water and sewer use
charges and taxes, if any, all such charges to be paid as the same from time to
time become due. It is understood and agreed that Tenant shall make its own
arrangements for the installation or provision of all such utilities and that
Landlord shall be under no obligation to furnish any

                                        8
<PAGE>

utilities to the Leased Premises and shall not be liable for any interruption or
failure in the supply of any such utilities to the Leased Premises.

                  (c)      (i)      Pursuant to the Agreement to Enter Into Net
Lease, (x) Landlord made certain representations to Tenant that survive the
closing thereunder (the "Surviving Representations"), for the period specified
by the Agreement to Enter into Net Lease, and (y) final adjustments of certain
items of revenue and expense not determined or not agreed upon as of the date of
this Lease ("Post-Closing_Adjustments") will be made during the Term. If, at the
time an installment of Basic Rent, Additional Rent or any other sum is due to
Landlord by Tenant, (A) Landlord shall have breached a Surviving Representation
and Tenant shall have commenced a claim with respect thereto within the period
specified by the Agreement to Enter into Net Lease, or (B) Landlord shall have
failed to comply with a covenant set forth in Paragraph 6 below (a "Landlord
Covenant"), or (C) Landlord shall owe money to Tenant on account of a
Post-Closing Adjustment, as indicated in a written notice delivered by Tenant to
Landlord, which notice shall indicate the amount of loss, cost, expense or
damage suffered by Tenant as a result thereof (in the case of clause (A) or (B)
of this Paragraph 5(c)(i)), or the amount of money owed by Landlord to Tenant on
account of the Post-Closing Adjustment (in the case of clause (C) of this
Paragraph 5(c)(i)), as applicable, then, in such case, notwithstanding anything
to the contrary contained in this Lease, Tenant shall have the right to deduct
from such installment(s) of Basic Rent, Additional Rent or any other sum due to
Landlord the amount of such loss, cost, expense, damage or amount of money owed.
If, at the time an installment of Basic Rent, Additional Rent or any other sum
is due to Landlord by Tenant, Tenant shall owe money to Landlord on account of a
Post-Closing Adjustment, as indicated in a written notice delivered by Tenant to
Landlord, which notice shall indicate the amount of money owed by Tenant to
Landlord, then, in such case, Tenant shall pay such amount as Additional Rent,
within thirty (30) days after receipt of such written notice.

                           (ii)     In the event that, within ten (10) Business
Days after receipt of a notice pursuant to Paragraph 5(c)(i) above, (x) Landlord
shall dispute whether Landlord shall have breached a Surviving Representation or
failed to comply with a Landlord Covenant (or the amount of loss, cost, expense
or damage suffered by Tenant as a result thereof), or whether Landlord owes
money to Tenant on account of a Post-Closing Adjustment (or the amount of money
owed on account thereof), or (y) Tenant shall dispute whether Tenant owes money
to Landlord on account of a Post-Closing Adjustment (or the amount of money owed
on account thereof), then either Landlord or Tenant shall have the right to
submit such dispute to binding arbitration under the Expedited Procedures
provisions (Rules E-1 through E-10 in the current edition) of the Commercial
Arbitration Rules of the American Arbitration Association ("AAA"). In cases
where the parties utilize such arbitration: (A) the parties will have no right
to object if the arbitrator so appointed was on the list submitted by the AAA
and was not objected to in accordance with Rule E-5, (B) the arbitrator shall be
selected within three (3) Business Days following submission of such dispute to
arbitration, (C) the arbitrator shall render his final decision not later than
three (3) Business Days after the last hearing, (D) the first hearing shall be
held within five (5) Business Days after the completion of discovery, and the
last hearing shall be held within fifteen (15) Business Days after the
appointment of the arbitrator, (E) any finding or determination of the
arbitrator shall be deemed final and binding (except that the arbitrator shall
not have the power to add to, modify or change any of the provisions of this
Agreement),

                                        9
<PAGE>

and (F) the losing party in such arbitration shall pay the arbitration costs
charged by AAA and/or the arbitrator.

                           (iii)    If Landlord shall timely dispute whether
Landlord shall have breached a Surviving Representation during the period that
such Surviving Representation shall survive the closing under the Agreement to
Enter into Net Lease or failed to comply with a Landlord Covenant (or the amount
of the damage suffered by Tenant as a result thereof), or whether Landlord owes
money to Tenant on account of a Post-Closing Adjustment (or the amount of money
owed on account thereof), Tenant shall not be permitted to offset such amounts
in dispute during the pendency of the arbitration. If the arbitrator shall
determine that Landlord shall have breached a Surviving Representation during
the period that such Surviving Representation shall survive the closing under
the Agreement to Enter into Net Lease or that Landlord shall have failed to
comply with a Landlord Covenant, or that Landlord does owe money to Tenant on
account of a Post-Closing Adjustment, Tenant shall have the right to deduct such
amount determined by the arbitrator from the next installment(s) of Basic Rent,
Additional Rent or any other sum due to Landlord.

                           (iv)     If Tenant shall timely dispute whether
Tenant owes money to Landlord on account of a Post-Closing Adjustment (or the
amount of money owed on account thereof), Tenant shall not be required to pay
such amounts in dispute during the pendency of the arbitration. If the
arbitrator shall determine that Tenant does owe money to Landlord on account of
a Post-Closing Adjustment, Tenant shall pay such amount determined by the
arbitrator as Additional Rent within ten (10) days after such finding or
determination.

                  (d)      Tenant shall be permitted to offset certain amounts
against Basic Rent in accordance with Section 21 of the Agreement to Enter Into
Net Lease, which Section 21 is hereby incorporated into this Lease by reference.

         6.       Landlord's Covenants.

                  (a)      Landlord shall not cancel, amend or modify any
Permits with respect to the Leased Premises.

                  (b)      Landlord shall not initiate, withdraw, settle or
otherwise compromise any protest or reduction proceeding affecting real estate
taxes assessed against the Leased Premises for any fiscal period in which the
Commencement Date is to occur or any subsequent fiscal period.

                  (c)      Landlord shall not create or incur any Lien (other
than the Permitted Encumbrances).

                  (d)      Other than the mortgage or mortgages securing the
Loan, Landlord shall not grant any Fee Mortgage.

                  (e)      Neither Landlord nor any Landlord Parties shall bring
any Hazardous Substances in, upon, under, over or from the Leased Premises, and
neither Landlord nor any Landlord Parties shall grant written permission or
consent to any third party to bring any Hazardous Substances in, upon, under,
over or from the Leased Premises.

                                       10
<PAGE>

                  (f)      Landlord shall not remove or dispose of (or permit to
be removed or disposed of) any Hazardous Substances in, upon, under, over or
from the Leased Premises.

                  (g)      Neither Landlord nor any party claiming by, through
or under it, shall do any act to disturb Tenant's peaceful and quiet occupation
and enjoyment of the Leased Premises.

                  (h)      In the event that Landlord shall receive an offer
from a third party to acquire the Leased Premises (an "Offer"), and Landlord
shall desire to pursue the good faith negotiation of such Offer, Landlord shall
deliver written notice to Tenant and any Recognized Leasehold Mortgagee of such
Offer within five (5) days after Landlord's receipt thereof and shall not be
permitted to pursue such Offer unless (i) within thirty (30) days after receipt
of such notice: (x) Tenant shall deliver written notice to Landlord that Tenant
shall not exercise the Purchase Option, and (y) either such Recognized Leasehold
Mortgagee shall deliver to Landlord written consent to Tenant not exercising the
Purchase Option, or such 30-day period shall expire without such Recognized
Leasehold Mortgagee delivering a written objection to Landlord of Tenant's
decision not to exercise the Purchase Option, or (ii) the 30-day period referred
to in the foregoing clause (i) shall expire without Tenant having exercised the
Purchase Option and without the Recognized Leasehold Mortgagee delivering a
written objection to Landlord of Tenant's failure to exercise the Purchase
Option.

                  (i)      In the event that Landlord shall desire to sell the
Leased Premises, Landlord shall deliver written notice thereof to Tenant and any
Recognized Leasehold Mortgagee, and Landlord shall not be permitted to take any
action in furtherance of a sale of the Leased Premises unless: (i) within thirty
(30) days after receipt of such notice : (x) Tenant shall deliver written notice
to Landlord that Tenant shall not exercise the Purchase Option, and (y) either
such Recognized Leasehold Mortgagee shall deliver to Landlord written consent to
Tenant not exercising the Purchase Option, or such 30-day period shall expire
without such Recognized Leasehold Mortgagee delivering a written objection to
Landlord of Tenant's decision not to exercise the Purchase Option, or (ii) the
30-day period referred to in the foregoing clause (i) shall expire without
Tenant having exercised the Purchase Option and without the Recognized Leasehold
Mortgagee delivering a written objection to Landlord of Tenant's failure to
exercise the Purchase Option.

         7.       Title and Condition.

                  (a)      The Leased Premises are demised and let subject to
the Permitted Encumbrances and all Legal Requirements; it being understood and
agreed, however, that the recital of the Permitted Encumbrances herein shall not
be construed as a revival of any thereof which for any reason may have expired.

                  (b)      Except as specifically stated in this Lease and the
Agreement to Enter Into Net Lease, the Landlord specifically disclaims any
representation or warranty, oral or written, including, but not limited to,
those concerning (i) the nature and condition of the Leased Premises, (ii) the
manner, construction, condition and state of repair or lack of repair of any
improvements located on the Leased Premises, (iii) the compliance of the Leased
Premises or its operation with any laws, rules, ordinances, or regulations of
any government or other body, it being specifically understood that Tenant has
had the full opportunity to determine for itself the

                                       11
<PAGE>

condition of the Leased Premises, and (iv) the income and expenses of the Leased
Premises. Tenant expressly acknowledges that in consideration of the agreements
of the Landlord herein, except as otherwise specified herein, LANDLORD MAKES NO
WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, OR ARISING BY DECLARATION OF
LAW, INCLUDING, BUT IN NO WAY LIMITED TO, ANY WARRANTY OF QUANTITY, QUALITY,
CONDITION, HABITABILITY, MERCHANTABILITY, SUITABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF THE LEASED PREMISES, ANY IMPROVEMENTS, THE PERSONALTY OR
SOIL CONDITIONS. Landlord is not liable or bound in any manner by expressed or
implied warranties, guarantees, promises, statements, representations or
information pertaining to the Leased Premises made or furnished by any real
estate broker, agent, employee, servant or other Person representing or
purporting to represent Landlord unless such representations are expressly and
specifically set forth herein.

                  (c)      Landlord hereby unconditionally assigns, without
recourse or warranty whatsoever, to Tenant, all warranties, guaranties and
indemnities, express or implied, and similar rights which Landlord may have
against any manufacturer, seller, engineer, contractor or builder in respect of
any of the Leased Premises, including, but not limited to, any rights and
remedies existing under contract or pursuant to the Uniform Commercial Code.
Landlord hereby agrees to execute and deliver such further documents, including
powers of attorney, as Tenant may reasonably request (and which in the good
faith judgment of Landlord, do not adversely affect a substantial general
interest of Landlord), in order that Tenant may have the full benefit of the
assignment effected or intended to be effected by this Paragraph 7.

         8.       Taxes and Legal Requirements.

                  (a)      Landlord shall promptly deliver to Tenant any bill or
invoice it receives with respect to any Tax and Tenant shall pay the same
directly to the appropriate authority before the same becomes delinquent,
subject to Paragraph 18 below.

                  (b)      Subject to the provisions of Paragraph 18 below,
Tenant shall comply with all Legal Requirements.

                  (c)      Tenant is hereby authorized to continue, settle,
withdraw or otherwise compromise any proceeding or proceedings now pending for
the current tax year for the reduction of the assessed valuation of the Leased
Premises, and to initiate, continue, settle, withdraw or otherwise compromise
any proceeding or proceedings for the reduction of the assessed valuation of the
Leased Premises for any fiscal period during the Term.

         9.       Use. Tenant may use the Leased Premises for any lawful
purpose.

         10.      Maintenance and Repair. Tenant shall, at all times, put, keep
and maintain the Leased Premises, including, without limitation, the roof,
landscaping, walls (interior and exterior), footings, foundations and structural
components of the Leased Premises and the Adjoining Land, in good repair and
appearance, and shall make all repairs and replacements of every kind and nature
(whether foreseen or unforeseen, which may be required to be made upon or in
connection with any of the Leased Premises in order to keep and maintain the
Leased Premises in as good repair and appearance as they were as of the
Commencement Date, except

                                       12
<PAGE>

for ordinary wear and tear. Landlord hereby expressly waives the right to make
repairs at the expense of Tenant, which right may otherwise be provided for in
any law now or hereafter in effect.

         11.      Liens.

                  (a)      Except as otherwise provided herein, Tenant shall not
create or permit to exist any Lien on Landlord's estate in the Leased Premises,
and if any such Lien shall at any time be filed, then Tenant, prior to the
foreclosure of such Lien, and at Tenant's own cost and expense, shall cause the
same to be discharged of record; provided, however, that (i) the foregoing shall
not prohibit Tenant from granting any Leasehold Mortgage or subleasing its
interest in the Leased Premises, and (ii) nothing contained in this Paragraph 11
shall require Tenant to cause the discharge of any Landlord Liens, and Tenant
shall have no liability in connection therewith.

                  (b)      Notwithstanding the provisions of Paragraph 11(a)
above, Tenant shall be permitted to grant any rights-of-way, utility, access or
similar easements or any other interest or encumbrance affecting in any manner
the Leased Premises, provided that such easement, interest or encumbrance (x) is
necessary, in Tenant's sole and absolute discretion, for the operation of the
Leased Premises and (y) would not be prejudicial to Landlord's interest in the
Leased Premises. Landlord shall (at Tenant's sole cost and expense) join in any
instrument (or otherwise indicate its approval of any such instrument) necessary
to grant any such easement, interest or encumbrance (even if the term thereof
shall extend beyond the Expiration Date), provided that (i) such instrument
shall not impose any obligation on Landlord (other than the obligation to (A)
grant or join in the granting of such easement, interest or encumbrance and (B)
perform any term covenant or agreement that is usual and customary to similar
easements, interests or encumbrances of such kind), (ii) Landlord shall not be
liable for any breach of the terms of such instrument caused by Tenant and (iii)
Landlord's liability in respect of any breach or violation by Landlord of the
terms of such instrument shall be limited solely to Landlord's interest in the
Leased Premises.

         12.      Alterations. Tenant shall be permitted to perform any
Alterations without obtaining Landlord's prior consent.

         13.      Condemnation.

                  (a)      Landlord immediately upon obtaining knowledge of the
institution of any proceeding for Condemnation, shall notify Tenant thereof and
Tenant shall have the right to control such proceedings, including the right to
settle, adjust, compromise or collect any condemnation award, without the
consent of Landlord, but subject to the rights of any Recognized Leasehold
Mortgagee pursuant to any Recognized Leasehold Mortgage Documents. No agreement
with any condemnor in settlement of or under threat of any Condemnation shall be
made by Landlord without the written consent of Tenant and, if required by the
Recognized Leasehold Mortgage Documents, the Recognized Leasehold Mortgagee.

                  (b)      If there is no Recognized Leasehold Mortgage at the
time of the Condemnation, the following provisions shall apply:

                                       13
<PAGE>

                           (i)      In the event of a Taking of all or
substantially all of the Leased Premises, a portion of the Net Condemnation
Award in an amount equal to the then outstanding balance of the Loan (or if the
amount of the Net Condemnation Award shall be less than the amount of the then
outstanding balance of the Loan, the entire Net Condemnation Award), shall be
delivered to Lender and applied towards the repayment of the Loan. Any Net
Condemnation Award in excess of the amount of the then outstanding balance of
the Loan shall be retained by Tenant.

                           (ii)     In the event of a Taking of less than all or
substantially all of the Property, the Net Condemnation Award shall be applied
as follows:

                           1.       First, Tenant shall use the Net Condemnation
Award to restore such portion of the Leased Premises that Tenant shall elect to
restore (it being acknowledged that Tenant has no obligation to restore all or
any portion of the Leased Premises);

                           2.       Second, a portion of the remaining Net
Condemnation Award in an amount equal to the lesser of (A) the product of (x) a
fraction, the numerator of which is the number of square feet of the Leased
Premises taken, and the denominator of which is the number of square feet of the
entire Leased Premises immediately before the Taking, and (y) the then
outstanding principal balance of the Loan, and (B) the remaining Net
Condemnation Award, shall be delivered to Lender and applied towards the
reduction in the principal balance of the Loan; and

                           3.       Third, the balance of the Net Condemnation
Award, if any, shall be retained by Tenant.

                           (iii)    In the event of a Requisition, the entire
Net Condemnation Award shall be retained by Tenant.

                           (iv)     In the event of a Taking where the
provisions of Paragraph 13(b)(ii)(2) shall apply, from and after the date of
reduction of the principal balance of the Loan in accordance with the terms of
said Paragraph 13(b)(ii)(2), the amount set forth in clause (i) of Section 4(a)
above shall be reduced in the same proportion that the monthly installments of
interest under the Loan were reduced.

                  (c)      If there is a Recognized Leasehold Mortgage at the
time of the Condemnation, the Net Condemnation Award shall be delivered to
Tenant or the Recognized Leasehold Mortgagee, as required by the Recognized
Leasehold Mortgage Documents, and applied and disbursed in accordance with the
Recognized Leasehold Mortgage Documents.

         14.      Insurance.

                  (a)      Tenant shall maintain, at its sole cost and expense,
(i) insurance against loss or damage to the Improvements under an All Risk
Policy; (ii) contractual and commercial general liability insurance against
claims for bodily injury, death or property damage occurring on, in or about any
of the Leased Premises or the Adjoining Land with limits of at least $50,000,000
(which amount shall be automatically increased on the first day of each calendar
year by the percentage increase in the CPI for such calendar year over the CPI
for the

                                       14
<PAGE>

immediately preceding calendar year); and (iii) worker's compensation insurance
covering all persons employed by Tenant on the Leased Premises in connection
with any work done on or about any of the Leased Premises.

                  (b)      The insurance policies shall (except for worker's
compensation insurance) name Landlord and Lender, as additional insured parties.
Said insurance shall contain a provision whereby the insurer agrees not to
cancel, diminish or materially modify said insurance policy(ies) without having
given Landlord at least thirty (30) days prior written notice thereof. If said
insurance or any part thereof shall expire, be withdrawn, become void by breach
of any condition thereof by Tenant or become void or unsafe by reason of the
failure or impairment of the capital of any insurer, Tenant shall immediately
obtain new or additional insurance reasonably satisfactory to Landlord.

                  (c)      Tenant shall pay as they become due all premiums for
the insurance required by this Paragraph 14 and shall renew or replace each
policy.

                  (d)      Anything in this Paragraph 14 to the contrary
notwithstanding, any insurance which Tenant is required to obtain pursuant to
Paragraph 14(a) may be carried under a "blanket" policy or policies covering
other properties or liabilities of Tenant, provided that such "blanket" policy
or policies otherwise comply with the provisions of this Paragraph 14.

         15.      Damage, Destruction.

                  (a)      Tenant shall settle, adjust, collect and compromise
any and all claims in connection with a casualty, without the consent of
Landlord, but subject to the rights of any Recognized Leasehold Mortgagee
pursuant to any Recognized Leasehold Mortgage Documents.

                  (b)      In the event of any casualty (whether or not insured
against) resulting in damage to the Leased Premises or any part thereof, the
Term shall nevertheless continue and, except as provided in Paragraph 15(d)
below, there shall be no abatement or reduction of Rent.

                  (c)      If there is no Recognized Leasehold Mortgage at the
time of the casualty, the following provisions shall apply:

                           (i)      The Net Casualty Proceeds of such insurance
payment shall be applied as follows:

                           1.       First, Tenant shall use the Net Casualty
Proceeds to restore such portion of the Leased Premises that Tenant shall elect
to restore (it being acknowledged that Tenant has no obligation to restore all
or any portion of the Leased Premises);

                           2.       Second, if Tenant shall elect not to restore
the damage resulting from such casualty, or if Tenant shall not have restored
the entire Leased Premises, a portion of any remaining Net Casualty Proceeds in
an amount equal to the lesser of (A) the product of (x) a fraction, the
numerator of which is the number of square feet of the Leased Premises lost by
reason of the casualty, and the denominator of which is the number of square
feet of the entire Leased Premises immediately before the casualty, and (y) the
then outstanding principal balance

                                       15
<PAGE>

of the Loan, and (B) the entire remaining Net Casualty Proceeds, shall be
delivered to Lender and applied towards the reduction in the principal balance
of the Loan; and

                           3.       Third, the balance of the Net Casualty
Proceeds, if any, shall be retained by Tenant.

                           (ii)     In the event of a casualty where the
provisions of Paragraph 15(c)(i)(2) shall apply, from and after the date of
reduction of the principal balance of the Loan in accordance with the terms of
said Paragraph 15(c)(i)(2), the amount set forth in clause (i) of Section 4(a)
above shall be reduced in the same proportion that the monthly installments of
interest under the Loan were reduced.

                  (d)      If there is a Recognized Leasehold Mortgage at the
time of the casualty, the Net Casualty Proceeds shall be delivered to Tenant or
the Recognized Leasehold Mortgagee, as required by the Recognized Leasehold
Mortgage Documents, and applied and disbursed in accordance with the Recognized
Leasehold Mortgage Documents.

         16.      Leasehold Financing.

                  (a)      (i)      Tenant shall have the right, at any time,
and from time to time, without the consent of Landlord in each instance, (x) to
mortgage or pledge the leasehold estate and interest of Tenant under this Lease
without limit as to amount and on any terms Tenant may deem desirable and (y) to
assign Tenant's interest under this Lease and the rentals hereunder to any
Leasehold Mortgagee as additional collateral for the payment of such mortgage
indebtedness. Landlord shall make, at Tenant's cost and expense, such
modifications to this Lease as a Leasehold Mortgagee shall request, provided
that such modifications do not decrease any rights or benefits, or increase any
obligations, of Landlord. So long as the Leasehold Mortgagee is not given actual
physical possession of the Leased Premises contemporaneously with the creation
of a Leasehold Mortgage, the making and delivery of any Leasehold Mortgage shall
not be deemed to constitute an assignment or transfer of this Lease nor of the
leasehold estate and interest of Tenant under this Lease, nor shall any
Leasehold Mortgagee, as such, be deemed to be an assignee or transferee of this
Lease or the leasehold estate so as to require such Leasehold Mortgagee, as
such, to assume the performance of, or be bound to perform, any of the terms,
covenants or conditions on the part of Tenant under this Lease to be performed.
Subject to the provisions of this Paragraph 16, any Leasehold Mortgagee or its
successor or assignee or designee may become the legal owner and holder of
Tenant's leasehold estate by foreclosure of its Leasehold Mortgage or as a
result of the assignment of this Lease in lieu of foreclosure or otherwise,
subsequent to such a foreclosure or assignment in lieu of foreclosure, and upon
so becoming the legal owner and holder, the Leasehold Mortgagee or its successor
or assignee or designee shall assume in writing the performance of, and be bound
to perform, all of the terms, covenants or conditions on the part of Tenant
under this Lease thereafter to be performed.

                           (ii)     Whenever Tenant shall give a Leasehold
Mortgage in accordance with the terms of this Lease, then so long as such
Leasehold Mortgage shall remain unsatisfied of record, and such Leasehold
Mortgagee shall have notified Landlord in writing of the name and post office
address in the United States of America of at least one Person to whom any
notices under Paragraph 16(b) below shall be given and provided Landlord with a
copy of all documents

                                       16
<PAGE>

comprising such Leasehold Mortgage that are submitted for recording in the
recorder's office (or in the case of any unrecorded Leasehold Mortgage, all
mortgages, assignments of rents and similar instruments relating to such
unrecorded Leasehold Mortgage) (any such Leasehold Mortgagee, a "Recognized
Leasehold Mortgagee"), the provisions of Paragraph 16(b) below shall apply with
respect to, and inure to the benefit of, such Recognized Leasehold Mortgagee.

                           (iii)    If more than one Recognized Leasehold
Mortgagee has exercised any of the rights afforded by Paragraph 16(b) hereof,
only that Recognized Leasehold Mortgagee, to the exclusion of all other
Recognized Leasehold Mortgagees, whose Leasehold Mortgage is most senior in Lien
priority shall be recognized by Landlord as having ,exercised such right, for so
long as such Recognized Leasehold Mortgagee shall be diligently exercising its
rights under this Lease with respect thereto, and thereafter only the Recognized
Leasehold Mortgagee whose Leasehold Mortgage is next most senior in Lien
priority shall be recognized by Landlord, unless any such Recognized Leasehold
Mortgagee shall have designated in writing a Recognized Leasehold Mortgagee
whose Leasehold Mortgage is junior in Lien priority to exercise such right.

                  (b)      (i)      No cancellation, surrender and acceptance of
surrender, modification or amendment of this Lease shall be binding upon any
Recognized Leasehold Mortgagee, or affect the Lien of its Leasehold Mortgage,
without the prior written consent of the Recognized Leasehold Mortgagee, and any
such action taken without such Recognized Leasehold Mortgagee's consent shall
not be binding on such Recognized Leasehold Mortgagee.

                           (ii)     Landlord, upon serving Tenant any (A) notice
of default under this Lease, (B) notice required to be delivered pursuant to
Section 6(h), (C) notice required to be delivered pursuant to Section 6(i), or
(D) notice in connection with the Purchase Option (any such notice, a "Required
Notice"), shall at the same time serve a copy of any such Required Notice upon
each Recognized Leasehold Mortgagee in the manner contemplated in Paragraph 22
of this Lease, and no such Required Notice shall be deemed to have been duly
given to Tenant unless and until a copy thereof shall have been given to each
Recognized Leasehold Mortgagee.

                           (iii)    Upon the expiration of the period of time
given to Tenant under the provisions of this Lease to remedy the default or
cause it to be remedied or to cause action to remedy a default to be commenced,
Landlord shall give each Recognized Leasehold Mortgagee notice (the "Cure
Expiration Notice") of the expiration of such period specifying whether or not
the default has been cured. Each Recognized Leasehold Mortgagee shall have the
right, (x) during a period of forty-five (45) days after its receipt of the Cure
Expiration Notice, in the case of a non-monetary default by Tenant under this
Lease which is susceptible of a cure by the Recognized Leasehold Mortgagee (a
"Curable Non-Monetary Default"), to remedy such default, cause it to be remedied
or cause action to remedy such a default to be commenced and (y) during a period
of thirty (30) days after its receipt of the Cure Expiration Notice, in the case
of a default in the payment of Rent, to pay all amounts then in default
hereunder. All costs and expenses incurred by Landlord in connection with
Landlord's compliance with this Paragraph 16(b)(iii) shall be paid by Tenant to
Landlord within thirty (30) days after Landlord's written demand therefor, which
demand shall be accompanied by reasonable evidence of such costs and expenses.

                                       17
<PAGE>

                           (iv)     With respect to each Recognized Leasehold
Mortgagee, Landlord agrees that no default shall have occurred or be deemed to
have occurred if (1) before the expiration of the thirty (30) day grace or cure
period within which a default in the payment of Rent may be remedied by the
Recognized Leasehold Mortgagee provided in Paragraph 16(b)(iii) above, the
Recognized Leasehold Mortgagee, shall have paid to Landlord all Rent then in
default and (2) in the case of any other default, provided that all Rent then in
default hereunder shall have been paid within the period provided in Paragraph
16(b)(iii) hereof and all other Rent under this Lease that shall thereafter
accrue shall have been paid within the period provided in Paragraph 16(b)(iii),
within the forty-five (45) day grace or cure period set forth in Paragraph
16(b)(iii) hereof, a Recognized Leasehold Mortgagee, shall have cured or shall
be engaged in curing all defaults hereunder and shall diligently complete such
cure or comply with the provisions of this Paragraph 16(b)(iv) within the time
periods set forth in this Paragraph 16(b)(iv). If such Recognized Leasehold
Mortgagee shall (x) fail to cure (in the case of monetary defaults) or commence
to cure (in the case of non-monetary defaults), to the extent such commencement
is reasonably feasible under the circumstances, such default within the
applicable cure period provided in the immediately preceding sentence or (y)
notify Landlord, in writing, that it has relinquished its claims in respect of
the Leased Premises or that it will not institute foreclosure proceedings, or,
if such proceedings shall have been commenced, that it has discontinued such
proceedings, Landlord shall have the right to take any action permitted under
this Lease by reason of any default by Tenant unless Tenant shall have cured the
default prior to Landlord's delivery to Tenant of notice of the termination of
this Lease. Landlord shall accept performance by or on behalf of the Recognized
Leasehold Mortgagee who has complied with the provisions of this Paragraph 16(b)
as if the same had been performed by Tenant.

                           (v)      The parties acknowledge that there are
certain types of defaults by Tenant under this Lease which a Recognized
Leasehold Mortgagee may not be capable of curing (or commencing to cure) within
the time periods specified above (including, without limitation, failure by
Tenant to perform work required to be performed or acts required to be done or
to correct conditions which violate Legal Requirements) and which may only be
cured (or commence to be cured) if the Recognized Leasehold Mortgagee shall
obtain possession of the Leased Premises ("Defaults Requiring Possession").
Anything herein contained to the contrary notwithstanding, upon the occurrence
of any Default Requiring Possession, Landlord shall take no action to effect
termination of this Lease (which right has been waived pursuant to Paragraph 40
below) without first giving each Recognized Leasehold Mortgagee, from and after
the date that each Recognized Leasehold Mortgagee shall have received notice
from Landlord that such a Default Requiring Possession has occurred, a
reasonable time within which to institute, and thereafter diligently prosecute,
steps to obtain possession of the Leased Premises and thereafter promptly
commence and act diligently to cure such Default Requiring Possession (which
period of time shall not be less than the period reasonably required by the
Recognized Leasehold Mortgagee, with the exercise of reasonable diligence).
Notwithstanding the foregoing, no Recognized Leasehold Mortgagee shall be
obligated to continue such possession (once obtained) or to continue such
foreclosure proceedings (once commenced) after any Default Requiring Possession
shall have been cured.

                           (vi)     In case of the termination of this Lease for
any reason (including, without limitation, the rejection of this Lease in a
bankruptcy proceeding), other than the expiration of this Lease by its terms,
Landlord shall give prompt notice thereof to each

                                       18
<PAGE>

Recognized Leasehold Mortgagee. Such notice shall include a statement of all
Rent which would then be due under this Lease but for such termination and all
other defaults then known to Landlord. Landlord shall, on written request of the
Recognized Leasehold Mortgagee, made at any time within thirty (30) days after
the giving of such notice by Landlord, enter into a new lease of the Leased
Premises (the "Replacement Lease") with such Recognized Leasehold Mortgagee, or
its nominee or designee, within ninety (90) days after receipt of such request
which Replacement Lease shall have the same Lien priority as this Lease and
shall be effective as of the date of such termination of this Lease for the
remainder of the Term, at the same rate of Rent, and upon the same terms,
covenants, conditions and agreements as are herein contained; provided, however,
that the Recognized Leasehold Mortgagee or its nominee or designee, as the case
may be, shall (x) contemporaneously with the execution of a Replacement Lease,
pay to Landlord the Rent which Landlord has specified as due in the notice given
pursuant to this Paragraph 16(b)(vi) including any past due amounts, (y) at the
time of the execution and delivery of the Replacement Lease, pay to Landlord any
and all Rent which would have been due hereunder from the date of termination of
this Lease (had this Lease not been terminated) to and including the date of the
execution and delivery of the Replacement Lease, together with all actual and
reasonable expenses, including, without limitation, reasonable attorneys' fees
and disbursements incurred by Landlord in connection with the termination of
this Lease and with the execution and delivery of the Replacement Lease, less
the net amount of all sums received by Landlord from any occupants of any part
or parts of the Leased Premises up to the date of the execution of the
Replacement Lease (as such expenses are specified in writing by Landlord to the
Recognized Leasehold Mortgagee), and (z) on or prior to the execution and
delivery of the Replacement Lease, agree in writing that promptly following the
execution and delivery of the Replacement Lease, such Recognized Leasehold
Mortgagee, or its nominee or designee, as the case may be, will perform or cause
to be performed all of the other covenants and agreements herein contained on
Tenant's part to be performed which are susceptible of being cured by the
Recognized Leasehold Mortgagee to the extent that Tenant shall have failed to
perform the same to the date of execution and delivery of the Replacement Lease.
Concurrently with the execution and delivery of the Replacement Lease, Landlord
shall assign any insurance proceeds or condemnation awards then held by or
payable to Landlord which Tenant would have been entitled to receive but for the
termination of this Lease. Nothing herein contained shall be deemed to impose
any obligation on the part of Landlord to deliver physical possession of the
Leased Premises to the Recognized Leasehold Mortgagee, or its nominee or
designee, unless Landlord at the time of the execution and delivery of the
Replacement Lease shall have obtained physical possession thereof. Except as
specifically set forth herein, until the Replacement Lease is executed and
delivered by the Recognized Leasehold Mortgagee, or its nominee or designee,
such Recognized Leasehold Mortgagee or, its nominee or designee, shall have no
liability hereunder or under the Replacement Lease.

                           (vii)    The name of any Recognized Leasehold
Mortgagee shall be added as an additional named insured to any insurance carried
by Tenant and shall be added to the loss payable endorsement and named as
"mortgagee" on any and all fire and other casualty insurance polices carried by
Tenant in respect of the Leased Premises to be paid to Tenant and/or the
Recognized Leasehold Mortgagee pursuant to Section 15(d) above. The Recognized
Leasehold Mortgagee shall not be liable for the performance of Tenant's
obligations under this Lease unless such Recognized Leasehold Mortgagee has
succeeded to and has possession of the interest of Tenant under this Lease.

                                       19
<PAGE>

                  (c)      Provided that (i) a Replacement Lease shall have been
granted to a Recognized Leasehold Mortgagee, or any of its respective nominees
or designees, pursuant to Paragraph 16(b) hereof or (ii) the Recognized
Leasehold Mortgagee, or its nominee or designee, shall have become the legal
owner and holder of Tenant's leasehold estate, by foreclosure or other legal
proceedings, by assignment in lieu of foreclosure or otherwise, then the
Recognized Leasehold Mortgagee, or any of its respective nominees or designees,
shall be liable for the performance of all of Tenant's covenants under such
Replacement Lease or this Lease, as the case may be, from and after the
effective date of such Replacement Lease or such acquisition of such estate by
foreclosure or other legal proceedings, assignment in lieu of foreclosure or
otherwise; provided, however, that from and after the time that (A) (x) the
Recognized Leasehold Mortgagee, or any of its nominees or designees, shall have
assigned the leasehold estate of Tenant (in the event that the Recognized
Leasehold Mortgagee, or any of its respective nominees or designees, shall have
become the legal owner and holder of such estate) or the Replacement Lease (in
the event that the Recognized Leasehold Mortgagee, or any of its respective
nominees or designees, shall have been granted a Replacement Lease) and (y) such
assignee shall have delivered to Landlord an agreement, in form reasonably
acceptable to Landlord, pursuant to which the assignee assumes and agrees to
perform all of the terms, covenants and conditions of this Lease or such
Replacement Lease, as the case may be (including, without limitation,
obligations thereunder that accrued prior to the date of such agreement), or (B)
the Recognized Leasehold Mortgagee, or any of its nominees or designees, shall
have abandoned the Leased Premises, the Recognized Leasehold Mortgagee, or any
of its nominees or designees, shall be automatically and entirely released and
discharged from the performance of all terms, covenants and conditions of Tenant
under this Lease, or of the lessee under the Replacement Lease, as the case may
be, thereafter accruing.

         17.      Assignment, Subleasing.

                  (a)      Tenant may sublet the Leased Premises in whole or in
part without the consent of Landlord, provided that, in such case, Tenant shall
continue to be liable under this Lease. Tenant may assign its interest in this
Lease without the consent of Landlord, provided that Lender's rights under the
Loan and the documents evidencing and securing the Loan are assigned to said
assignee or an affiliate of said assignee. In the case of such an assignment of
Tenant's interest in this Lease, Tenant shall be released from all liability
under this Lease that arises from and after the date of such assignment.

                  (b)      Each sublease of the Leased Premises or any part
thereof shall be subject and subordinate to the provisions of this Lease shall
expire at least one (1) day prior to the term of this Lease. Upon Tenant's
request, Landlord shall enter into a subordination, recognition and attornment
agreement with a subtenant (which agreement shall be substantially in the form
annexed hereto as Exhibit D (the "Recognition Agreement") and made a part
hereof) with respect to each sublease. Landlord shall make such modifications to
Exhibit D as a prospective subtenant may reasonably request, provided that such
modifications do not decrease any rights or benefits, or increase any
obligations, of Landlord, other than to a de minimis extent. All costs and
expenses incurred by Landlord in connection with Landlord entering into a
Recognition Agreement shall be paid by Tenant to Landlord within thirty (30)
days after Landlord's written demand therefor, which demand shall be accompanied
by reasonable evidence of such costs and expenses.

                                       20
<PAGE>

                  (c)      Tenant agrees that in the case of an assignment,
Tenant shall, within five (5) Business Days after the execution and delivery of
any such assignment, deliver to Landlord (i) a duplicate original of such
assignment in recordable form and (ii) an agreement executed and acknowledged by
the assignee in recordable form wherein the assignee shall agree to assume and
agree to observe and perform all of the terms and provisions of this Lease on
the part of Tenant to be observed and performed from and after the date of such
assignment, pursuant to an assumption agreement in form and substance reasonably
satisfactory to Landlord.

         18.      Permitted Contests. Notwithstanding any provision of this
Lease to the contrary, after prior written notice to Landlord, Tenant shall not
be required to (i) pay any Tax, (ii) comply with any Legal Requirement, or (iii)
discharge or remove any Lien, so long as Tenant shall contest, in good faith and
at its expense, the existence, the amount or the validity thereof, the amount of
the damages caused thereby, or the extent of Tenant's or Landlord's liability
therefor, by appropriate proceedings which shall operate during the pendency
thereof to prevent (v) the collection of, or other realization upon, the Tax or
Lien so contested, (w) the sale, forfeiture or loss of any of the Leased
Premises, any Basic Rent or any Additional Rent to satisfy the same or to pay
any damages caused by the violation of the same, (x) any interference with the
use or occupancy of any of the Leased Premises, (y) any interference with the
payment of any Basic Rent or any Additional Rent, and (z) the cancellation of
any fire or other insurance policy. Tenant further agrees that each such contest
shall be promptly and diligently prosecuted to a final conclusion, except that
Tenant shall, so long as all of the conditions of the first sentence of this
Paragraph 18 are at all times complied with, have the right to attempt to settle
or compromise such contest through negotiations. Tenant shall pay any and all
judgments, decrees and costs (including all attorneys' fees and expenses) in
connection with any such contest, including those costs and expenses incurred by
Landlord in connection therewith, and shall, promptly after the final
determination of such contest, fully pay and discharge the amounts which shall
be levied, assessed, charged or imposed or be determined to be payable therein
or in connection therewith, together with all penalties, fines, interest, costs
and expenses thereof or in connection therewith, and perform all acts the
performance of which shall be ordered or decreed as a result thereof.

         19.      Environmental Matters.

                  (a)      Tenant shall, promptly after obtaining knowledge of
any Environmental Matter, notify Landlord thereof. Landlord shall, promptly
after obtaining knowledge of any Environmental Matter, notify Tenant thereof.

                  (b)      In the event that (i) an Environmental Matter shall
arise from and after the Commencement Date, (ii) such Environmental Matter
relates to Hazardous Substances disposed of or released in, on or under the
Leased Premises from and after the Commencement Date, (iii) Tenant shall
thereafter fail to comply with an Environmental Law or the direction of an
Environmental Agency with respect to such Environmental Matter, and (iv) such
failure to comply shall result in a determination or judgment that (x) all or a
portion of Landlord's interest in the Leased Premises shall be sold, forfeited,
or lost, or (y) civil or criminal liability or penalty shall be imposed on
Landlord, then, in such case, Landlord may, as Landlord's sole remedy in
connection with such failure to comply, perform at the expense of Tenant such
work as is necessary to comply with such Environmental Law or direction of an
Environmental Agency. All costs and expenses incurred by Landlord in connection
with such performance by Landlord

                                       21
<PAGE>

pursuant to this Paragraph 19(b) shall be paid by Tenant to Landlord within
thirty (30) days after Landlord's written demand therefor, which demand shall be
accompanied by reasonable evidence of such costs and expenses. In the event that
Tenant shall fail to pay such costs and expenses within said 30-day period,
Landlord's sole remedy in connection therewith shall be to deduct the unpaid
amount, together with interest thereon at a rate of 12% per annum, from the next
monthly installment of interest payable by Landlord to Lender under the Loan.

                  (c)      Notwithstanding anything to the contrary contained in
Paragraph 19(b) above, in no event shall Tenant have any responsibility or
obligations to Landlord with respect to Environmental Matters that occurred or
arose prior to the Commencement Date or Hazardous Substances disposed of or
released in, on or under the Leased Premises prior to the Commencement Date.

         20.      Purchase Option.

                  (a)      Subject to the terms of Paragraph 20(e) below, at any
time from and after the tenth (10th) anniversary of the Commencement Date (the
"Option Trigger Date"), Tenant shall have the right and option (the "Purchase
Option") to purchase (at the time set forth in Paragraph 20(e) below), the
entire Leased Premises at a purchase price (the "Purchase Price") that shall be
an amount equal to the fair market value of the Leased Premises as of the date
that Tenant shall have exercised the Purchase Option (such date, the "Exercise
Date"). The fair market value of the Leased Premises pursuant to this Paragraph
20 shall be determined as of the Exercise Date by an appraiser selected by
Tenant, who shall, in determining said fair market value, (i) take into account
the existence of the Lease, (ii) deduct the transfer taxes payable by Tenant
pursuant to Paragraph 20(b) below, (iii) deduct the amount of any brokerage
commissions that would have been payable had the Leased Premises been sold to a
third party, and (iv) use a discount rate equal to the sum of (A) 600 basis
points, and (B) the higher of (x) the ten year Treasury note rate than in effect
on the Exercise Date, and (y) the average ten year Treasury note rate in effect
during the period beginning on the Commencement Date and ending on the Exercise
Date. Subject to the terms of Paragraph 20(e) and Paragraph 20(f) below, the
Purchase Option may be exercised only by Tenant giving Landlord written notice
(the "Purchase Option Notice") at any time during the Term of Tenant's intention
to exercise the Purchase Option pursuant to this Paragraph 20.

                  (b)      Contemporaneously with the execution of this Lease,
Landlord has delivered to Ledgewood Law Firm, P.C., as escrow agent ("Escrow
Agent"), a deed in the form attached hereto as Exhibit C, executed and
acknowledged on behalf of Landlord (the "Deed"), to be held in escrow by Escrow
Agent until the occurrence of the events set forth in this Paragraph 20(b). If
Tenant (or a Recognized Leasehold Mortgagee on behalf of Tenant) shall exercise
the Purchase Option pursuant to Paragraph 20(a) above, then (i) upon the
completion of the appraisal referred to in said Paragraph 20(a), Tenant shall
deliver a copy of said appraisal to Landlord and Escrow Agent, and (ii) on the
Purchase Closing Date, (A) provided that the provisions of clause (i) and the
other provisions of this clause (ii) are satisfied, Escrow Agent will be
irrevocably authorized and required to release and record the Deed,
notwithstanding Escrow Agent's receipt of any inconsistent, contrary or
conflicting notice or instructions from Landlord (and Escrow Agent will not be
authorized to deposit the Deed with any court or other governmental authority,
or commence any interpleader or similar action, by reason of having received
inconsistent,

                                       22
<PAGE>

contrary or conflicting notices or instructions from Landlord), (B) Landlord
shall remove any Landlord Liens, (C) Landlord shall deliver to Tenant such title
affidavits and other documents as are reasonably and customarily required by a
nationally-recognized title insurance company selected by Tenant to insure fee
title to the Leased Premises by an ALTA extended coverage owner's policy of
title insurance without any exception for any Landlord Liens, (D) Tenant shall
deliver to Landlord an amount equal to the Purchase Price, in cash, by good
unendorsed certified or official bank check payable to the order of Landlord or
its designee and drawn on a bank or trust company which is a member of the New
York Clearinghouse Association, or, at Landlord's election, by wire transfer of
immediately available federal funds to an account designated by Landlord, and
(E) Landlord and Tenant shall execute such transfer tax forms as are required in
order to transfer the Leased Premises in accordance with this Paragraph 20.
Tenant shall pay all transfer, stamp or other similar taxes and all other
closing costs attributable to the purchase and sale of the Leased Premises
pursuant to this Paragraph 20; provided, however, that each of Landlord and
Tenant shall pay their respective attorneys' fees and disbursements. This Lease
shall be deemed terminated as of the Purchase Closing Date, and Landlord and
Tenant shall have no further liability to one another under this Lease, except
for those duties and obligations hereunder that (i) accrue prior to the date of
such termination, or (ii) expressly survive the expiration or early termination
of this Lease. Landlord shall refund to Tenant any prepaid Rent allocable to any
period after the date of such termination.

                  (c)      In the event that Tenant shall not exercise the
Purchase Option, Escrow Agent shall destroy the Deed on the Expiration Date.
Upon the release of the Deed pursuant to Paragraph 20(b) or the destruction of
the Deed pursuant to this Paragraph 20(c), Escrow Agent shall be relieved and
discharged of all responsibilities and liabilities with respect thereto, and
shall not be subject to any claims made by or on behalf of Tenant or Landlord.
Landlord and Tenant agree to indemnify and hold the Escrow Agent harmless from
any and all liability, costs, expenses (including reasonable attorney fees and
disbursements), damages, actions or other charges which may be imposed upon, or
incurred by, the Escrow Agent in connection with the performance of its duties
hereunder, except with respect to any liability, cost and expense incurred as a
result of the Escrow Agent's willful misconduct or gross negligence. The
foregoing provisions shall survive the expiration or any sooner termination of
this Lease.

                  (d)      The closing of the transaction contemplated by this
Paragraph 20 (the "Purchase Closing") shall occur on the date that shall be the
later to occur of (i) the Option Trigger Date, and (ii) thirty (30) days after
the completion of the appraisal pursuant to Paragraph 20(a) above; provided,
however, that if Landlord is unable to remove any Landlord Liens, Landlord, in
order to attempt to remove such Landlord Liens, may adjourn the Purchase Closing
to a date no later than thirty (30) days following the scheduled date of the
Purchase Closing. Promptly after Landlord shall have removed all such Landlord
Liens, if any, Landlord shall reschedule the date of the Purchase Closing, upon
at least three (3) business days prior notice to Tenant. The actual date of the
Purchase Closing is the "Purchase Closing Date".

                  (e)      Notwithstanding anything to the contrary contained in
Paragraph 20(a) above, the Purchase Option shall be immediately exercisable from
and after the date that, and the Option Trigger Date shall be deemed to be the
date that:

                                       23
<PAGE>

                           (i)      any of SPSP, Passyunk or 24th Street shall
(w) voluntarily be adjudicated a bankrupt or insolvent, (x) consent to the
appointment of a receiver or trustee for itself or for Landlord's interest in
any of the Leased Premises, (y) file a petition seeking relief under the
bankruptcy or other similar laws of the United States, any state or any
jurisdiction, or (z) make a general assignment for the benefit of creditors;

                           (ii)     a court shall enter an order, judgment or
decree appointing a receiver or trustee for any of SPSP, Passyunk or 24th
Street, or for Landlord's interest in any of the Leased Premises or approving a
petition filed against any of SPSP, Passyunk or 24th Street which seeks relief
under the bankruptcy or other similar laws of the United States, any state or
any jurisdiction, and such order, judgment or decree shall remain in force,
undischarged or unstayed, sixty days after it is entered;

                           (iii)    any of SPSP, Passyunk or 24th Street shall
in any insolvency proceedings be liquidated or dissolved or shall begin
proceedings towards its liquidation or dissolution;

                           (iv)     the estate or interest of any of SPSP,
Passyunk or 24th Street in any of the Leased Premises shall be levied upon or
attached in any proceeding and such estate or interest is about to be sold or
transferred or such process shall not be vacated or discharged within sixty (60)
days after such levy or attachment;

                           (v)      The last of Gary Erlbaum, Steven Erlbaum and
Daniel Neducsin shall die;

                           (vi)     Landlord shall receive an Offer, and
Landlord shall desire to pursue the good faith negotiation of such Offer;
provided, however, that Tenant shall be required to exercise the Purchase Option
in accordance with the provisions of Paragraph 6(h) above; or

                           (vii)    Landlord shall desire to sell the Leased
Premises; provided, however, that Tenant shall be required to exercise the
Purchase Option in accordance with the provisions of Paragraph 6(i) above.

                  (f)      Notwithstanding the provisions of the last sentence
of Paragraph 20(a) above, Landlord acknowledges that a Recognized Leasehold
Mortgagee shall be permitted to exercise the Purchase Option on behalf of
Tenant, if and to the extent that such right is given to such Recognized
Leasehold Mortgagee under the Recognized Leasehold Mortgage Documents, and
Landlord agrees to recognize the exercise of the Purchase Option on behalf of
Tenant by such Recognized Leasehold Mortgagee.

         21.      Notices. All notices, requests, demands and other
communications provided for by this Agreement shall be (a) in writing, (b) sent
either by hand delivery service or by same day or overnight recognized
commercial courier service, addressed to the address of the parties stated below
or to such changed address as such party may have fixed by notice, and (c)
deemed to have been delivered on the date of receipt thereof (or the date that
such receipt is refused, if applicable), to the addresses stated below:

                                       24
<PAGE>

                  To Landlord:      c/o Greentree Properties Corporation
                                    44 West Lancaster Avenue, Suite 110
                                    Ardmore, Pennsylvania 19003
                                    Attention: Mr. Gary E. Erlbaum

                  with a copy to:   Greentree Properties Corporation
                                    44 West Lancaster Avenue, Suite 110
                                    Ardmore, Pennsylvania 19003
                                    Attention: William Frutkin, Esq.

                  with a copy to:   Ledgewood Law Firm, P.C.
                                    1521 Locust Street
                                    Philadelphia, Pennsylvania 19102
                                    Attention: Richard Abt, Esq.

                  To Tenant:        Cedar-South Philadelphia I, LLC
                                    44 South Bayles Avenue
                                    Port Washington, New York 11050
                                    Attention: Leo S. Ullman

                  with a copy to:   Stroock & Stroock & Lavan LLP
                                    180 Maiden Lane
                                    New York, New York 10038-4982
                                    Attention: Mark A. Levy, Esq.

                  with a copy to:   each Recognized Leasehold Mortgagee in
                                    accordance with the directions provided by
                                    such Recognized Leasehold Mortgagee pursuant
                                    to Paragraph 16(a)(ii) above

For the purposes of this Paragraph 21, any party may substitute its address by
giving fifteen days' notice to the other party in the manner provided above.

         22.      Memorandum of Lease; Estoppel Certificates. Tenant shall have
the right to require Landlord to execute, deliver and record, file or register
from time to time all such instruments as may be required by any present or
future law in order to evidence the respective interests of Landlord and Tenant
in any of the Leased Premises, and shall have the right to cause a memorandum of
this Lease, and any supplement hereto or to such other instrument, if any, as
may be appropriate, to be recorded, filed or registered and re-recorded, refiled
or re-registered in such manner and in such places as may be required by any
present or future law in order to give public notice and protect the validity of
this Lease. In the event of any discrepancy between the provisions of said
recorded memorandum of this Lease or any other recorded instrument referring to
this Lease and the provisions of this Lease, the provisions of this Lease shall
prevail. Landlord shall, at any time and from time to time, upon not less than
twenty days' prior written request by Tenant or any Recognized Leasehold
Mortgagee, execute, acknowledge and deliver to Tenant and/or such Recognized
Leasehold Mortgagee a statement in writing, executed by

                                       25
<PAGE>

Landlord, and Tenant shall, at any time and from time to time, upon not less
than twenty days' prior written request by Landlord, execute, acknowledge and
deliver to Landlord a statement in writing, executed by Tenant certifying (i)
that this Lease is unmodified and in full effect (or, if there have been
modifications, that this Lease is in full effect as modified, setting forth such
modifications), (ii) the dates to which Basic Rent payable hereunder has been
paid, (iii) that to the knowledge of the party executing such certificate no
default by either Landlord or Tenant exists hereunder or specifying each such of
which such party may have knowledge; (iv) the remaining Term hereof; (v) with
respect to a certificate signed by Tenant, that to the knowledge of the party
executing such certificate, there are no proceedings pending or threatened
against Tenant before or by any court or administrative agency which if
adversely decided would materially and adversely affect the financial condition
and operations of Tenant or if any such proceedings are pending or threatened to
said party's knowledge, specifying and describing the same; and (vi) with
respect to a certificate signed by Landlord, any other provisions reasonably
requested by Tenant or any Recognized Leasehold Mortgagee. It is intended that
any such statements may be relied upon by the recipient of such statements or
their assignees or by any actual or prospective mortgagee, purchaser, assignee
or subtenant of the Leased Premises.

         23.      Surrender and Holding Over.

                  (a)      Upon the expiration or earlier termination of this
Lease, Tenant shall peaceably leave and surrender the Leased Premises (except as
to any portion thereof with respect to which this Lease has previously
terminated) to Landlord in the same condition in which the Leased Premises were
originally received from Landlord at the commencement of this Lease, except as
to any repair or Alteration as permitted or required by any provision of this
Lease, and except for ordinary wear and tear and damage by fire, casualty or
condemnation but only to the extent Tenant is not required to repair the same
hereunder. Tenant may remove at Tenant's sole cost and expense from the Leased
Premises on or prior to such expiration or earlier termination Tenant's Trade
Fixtures and personal property which are owned by Tenant or third parties other
than Landlord, and Tenant at its expense shall, on or prior to such expiration
or earlier termination, repair any damage caused by such removal. Tenant's Trade
Fixtures and personal property not so removed at the end of the Term or within
thirty days after the earlier termination of the Term for any reason whatsoever
shall become the property of Landlord, and Landlord may thereafter cause such
property to be removed from the Leased Premises. Landlord shall not in any
manner or to any extent be obligated to reimburse Tenant for any property which
becomes the property of Landlord as a result of such expiration or earlier
termination. Upon such expiration or earlier termination, no party shall have
any further rights or obligations hereunder except as specifically provided
herein.

                  (b)      Any holding over by Tenant of the Leased Premises
after the expiration or earlier termination of the term of this Lease or any
extensions thereof, with or without the consent of Landlord, shall operate and
be construed as tenancy from month to month only, at one hundred percent (100%)
of the Basic Rent and Additional Rent reserved herein and upon the same terms
and conditions as contained in this Lease.

         24.      No Merger of Title. There shall be no merger of this Lease nor
of the leasehold estate created by this Lease with the fee estate in or
ownership of any of the Leased Premises by reason of the fact that the same
person, corporation, firm or other entity may acquire or hold or

                                       26
<PAGE>

own, directly or indirectly, (i) this Lease or the leasehold estate created by
this Lease or any interest in this Lease or in such leasehold estate and (ii)
the fee estate or ownership of any of the Leased Premises or any interest in
such fee estate or ownership. No such merger shall occur unless and until (x)
all persons, corporations, firms and other entities having any interest in this
Lease or the leasehold estate created by this Lease, including, without
limitation, any Recognized Leasehold Mortgagees, and (y) all persons,
corporations, firms and other entities having any interest in the fee estate in
or ownership of the Leased Premises or any part thereof sought to be merged,
including, without limitation, any Fee Mortgagees, shall join in a written
instrument effecting such merger and shall duly record the same.

         25.      Exculpation.

                  (a)      Anything contained herein to the contrary
notwithstanding, neither Landlord nor Landlord's partners, shareholders,
officers or directors shall have any personal liability hereunder, and any claim
based on or in respect of any liability of Landlord under this Lease shall be
enforced only against Landlord's interest in the Leased Premises and shall not
be enforced against Landlord or Landlord's partners, shareholders, officers or
directors individually or personally.

                  (b)      Anything contained herein to the contrary
notwithstanding, neither Tenant nor Tenant's partners, shareholders, officers or
directors shall have any personal liability hereunder, and any claim based on or
in respect of any liability of Tenant under this Lease shall be enforced only
against Tenant's interest in the Leased Premises and shall not be enforced
against Tenant or Tenant's partners, shareholders, officers or directors
individually or personally.

         26.      No Usury. The intention of the parties being to conform
strictly to the usury laws now in force in the State, whenever any provision
herein provides for payment by Tenant to Landlord of interest at a rate in
excess of the legal rate permitted to be charged, such rate herein provided to
be paid shall be deemed reduced to such legal rate.

         27.      Broker. Landlord and Tenant represent and warrant to each
other that neither party negotiated with any broker in connection with this
Lease other than Fameco of Conshohocken, PA (the "Broker"). Tenant agrees to pay
any commission payable to the Broker in connection with this Lease by separate
agreement. Each party hereby agrees to indemnify the other against all claims,
damages, costs and expenses incurred by the indemnified party as a result of the
breach of the foregoing representation or warranty by the indemnifying party.

         28.      Waiver of Landlord's Lien. Landlord hereby waives any right to
distrain Trade Fixtures or any property of Tenant and any Landlord's lien or
similar lien upon Trade Fixtures and any other property of Tenant regardless of
whether such lien is created or otherwise. Landlord agrees, at the request of
Tenant, to execute a waiver of any Landlord's or similar lien for the benefit of
any present or future holder of a security interest in or lessor of any of Trade
Fixtures or any other personal property of Tenant. Landlord acknowledges and
agrees in the future to acknowledge (in a written form reasonably satisfactory
to Tenant) to such persons and entities at such times and for such purposes as
Tenant may reasonably request that Trade Fixtures are Tenant's property and not
part of Improvements (regardless of whether or to what

                                       27
<PAGE>

extent such Trade Fixtures are affixed to the Improvements) or otherwise subject
to the terms of this Lease.

         29.      No Waiver. No delay or failure by either party to enforce its
rights hereunder shall be construed as a waiver, modification or relinquishment
thereof.

         30.      Separability. If any term or provision of this Lease or the
application thereof to any provision of this Lease or the application thereof to
any person or circumstances shall to any extent be invalid and unenforceable,
the remainder of this Lease, or the application of such term or provision to
person or circumstances other than those as to which it is invalid or
unenforceable, shall not be affected thereby, and each term and provision of
this Lease shall be valid and shall be enforced to the extent permitted by law.

         31.      Indemnification. Except with respect to Environmental Matters,
which shall be governed by Paragraph 19 above, Tenant agrees to defend, pay,
protect, indemnify, save and hold harmless Landlord from and against any and all
liabilities, losses, damages, penalties, costs, expenses (including reasonable
attorneys' fees and expenses), causes of action, suits, claims, demands or
judgments of any nature whatsoever, howsoever caused, arising during the Term
from any of the Leased Premises or Adjoining Land or the use, non-use,
occupancy, condition, design, construction, maintenance, repair or rebuilding
during the Term of any of or otherwise relating to the Leased Premises or
Adjoining Land, and any injury to or death of any person or persons or any loss
of or damage to any property, real or personal, in any manner arising therefrom
connected therewith or occurring thereon (collectively, "Losses"). In case any
action or proceeding is brought against Landlord by reason of any such Loss,
Tenant covenants to defend Landlord in such action, with the expenses of such
defense paid by Tenant, and Landlord will cooperate and assist in the defense of
such action or proceeding if reasonably requested so to do by Tenant. The
obligations of Tenant under this Paragraph 31 shall survive any termination of
this Lease with respect to Losses identified in reasonable detail, by the Claim
Deadline, as defined below, of the intent to make a claim upon Tenant under such
indemnity. The "Claim Deadline" shall be the date that is thirty (30) days after
the later of (i) the expiration of the period during which such third party
claim may be brought under the applicable statute of limitations or (ii) the
date which is two (2) years after the expiration or earlier termination of this
Lease.

         32.      Joint and Several. The liability of Landlord under this Lease
shall be shared jointly and severally among SPSP, Passyunk and 24th Street.

         33.      Headings. The paragraph headings in this Lease are used only
for convenience in finding the subject matters and are not part of this Lease or
to be used in determining the intent of the parties or otherwise interpreting
this Lease.

         34.      Modifications. This Lease may be modified, amended, discharged
or waived only by an agreement in writing signed by the party against whom
enforcement of any such modification, amendment, discharge or waiver is sought.

         35.      Successors, Assigns. The covenants of this Lease shall run
with the Land and bind Tenant, the heirs, distributees, personal
representatives, successors and permitted assigns of Tenant and all present and
subsequent encumbrancers and subtenant, of any of the Leased

                                       28
<PAGE>

Premises, and shall inure to the benefit of and bind Landlord, its successors
and assigns. In the event there is more than one Tenant, the obligation of each
shall be joint and several. The term "Tenant" as used in this lease shall
include Tenant and its successors or assigns.

         36.      Counterparts. This Lease may be executed in several
counterparts, which together shall be deemed one and the same instrument.

         37.      Governing Law. This Lease shall be governed by and construed
in accordance with the laws of the Commonwealth of Pennsylvania, without giving
effect to principles of conflicts of law. With respect to any claim or action
arising hereunder, each party (a) irrevocably submits to the exclusive
jurisdiction of the courts of the Commonwealth of Pennsylvania and the United
States District Court located in Philadelphia County, and appellate courts from
any thereof, and (b) irrevocably waives any objection which it may have at any
time to the laying on venue of any suit, action or proceeding arising out of or
relating to this Lease brought in any such court, irrevocably waives any claim
that any such suit, action or proceeding brought in any such court has been
brought in an inconvenient forum.

         38.      Attorneys' Fees. In the event either party to this Lease shall
be required to commence or defend any action or proceeding against any other
party to this Lease by reason of any breach or claimed breach of any provision
of this Lease, to commence or defend any action or proceeding in any way
connected with this Lease, or to seek a judicial declaration of rights under
this Lease, the party prevailing in such action or proceeding shall be entitled
to recover from or be reimbursed by the other party for the prevailing party's
reasonable and actual attorneys' fees and costs through all levels of
proceedings. The identity of the "prevailing party" for purposes of this
provision shall be deemed at issue in any such action or proceeding and shall be
established by the trier of fact therein.

         39.      Priority. Any Fee Mortgage shall be subject and subordinate to
this Lease and any Replacement Lease.

         40.      Waiver of Termination Right. Landlord hereby waives any rights
it may have under this Lease, at law or in equity to terminate this Lease for
any reason, including by reason of a default by Tenant hereunder. Nothing
contained in this Paragraph 40 shall be deemed to prevent a termination of the
Lease in connection with the purchase of the Leased Premises pursuant to
Paragraph 20 above or the natural expiration of this Lease by its terms.

                                       29
<PAGE>

         IN WITNESS WHEREOF, Landlord and Tenant have caused this instrument to
be executed under seal as of the day and year first above written.

                                    LANDLORD:

                                    SPSP Corporation


                                    By: /s/ Gary E. Erlbaum
                                        -----------------------
                                        Name:  Gary E. Erlbaum
                                        Title: President

                                    Passyunk Supermarket, Inc.


                                    By: /s/ Gary E. Erlbaum
                                        ----------------------
                                        Name:  Gary E. Erlbaum
                                        Title: President

                                    Twenty Fourth Street Passyunk Partners, L.P.

                                    By: Twenty Fourth Street Passyunk
                                        Corporation, its general partner


                                    By: /s/ Marc Erlbaum
                                        ----------------------
                                        Name:  Marc N. Erlbaum
                                        Title: President

                                    TENANT:

                                    Cedar-South Philadelphia I, LLC


                                    By: /s/ Brenda J. Walker
                                        -----------------------
                                        Name:  Brenda J. Walker
                                        Title: Vice President

                                       30
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>21
<FILENAME>ex10-07h.txt
<DESCRIPTION>EX10-07H.TXT
<TEXT>
<PAGE>

                                 PROMISSORY NOTE

$39,000,000.00                                            As of October 31, 2003

         FOR VALUE RECEIVED SPSP Corporation, a Pennsylvania corporation, having
an office at 44 West Lancaster Avenue, Suite 110, Ardmore, Pennsylvania 19003
("SPSP"), Passyunk Supermarket, Inc., a Pennsylvania corporation, having an
office at 44 West Lancaster Avenue, Suite 110, Ardmore, Pennsylvania 19003
("Passyunk"), and Twenty Fourth Street Passyunk Partners, L.P., a Pennsylvania
limited partnership, having an office at 44 West Lancaster Avenue, Suite 110,
Ardmore, Pennsylvania 19003 ("24th Street"; SPSP, Passyunk and 24th Street are
collectively referred to herein as "Borrower), as maker, hereby unconditionally
promises to pay to the order of Cedar-South Philadelphia II, LLC, a Delaware
limited liability company, having an address at 44 South Bayles Avenue, Port
Washington, New York 11050 ("Lender"), or at such other place as the holder
hereof may from time to time designate in writing, the principal sum of
THIRTY-NINE MILLION AND 00/100 DOLLARS ($39,000,000), in lawful money of the
United States of America with interest thereon to be computed from the date of
this Note at the Applicable Interest Rate (defined below), and to be paid in
installments as provided herein.

1.       CERTAIN DEFINED TERMS

As used herein the following terms shall have the meanings set forth below:

         (a)      "Applicable Interest Rate" shall mean an interest rate equal
to 5.5% per annum.

         (b)      "Constant Monthly Payment" shall mean a payment equal to the
lesser of (i) $178,750.00, and (ii) Available Cash (as defined in the Net
Lease), subject to reduction in accordance with Section 3.2 or Section 3.3 of
the Security Instrument, and provided that, from and after the date that a
Recognized Leasehold Mortgagee (as defined in the Net Lease) shall accelerate
the repayment of a loan secured by a Recognized Leasehold Mortgage (as defined
in the Net Lease), the Constant Monthly Payment shall be reduced to One Dollar
and 00/100 ($1.00).

         (c)      "Loan" shall mean the loan evidenced by this Note.

         (d)      "Loan Documents" shall mean this Note, the Security
Instrument, and any other documents or instruments which now or shall hereafter
wholly or partially secure or guarantee payment of this Note or which have
otherwise been executed by Borrower and/or any other person in connection with
the Loan.

         (e)      "Initial Maturity Date" shall mean October 31, 2013, as the
same may be extended pursuant to Section 3 below.

         (f)      "Maturity Date" shall mean the earlier to occur of (i) the
Initial Maturity Date, and (ii) in the event that the tenant under the Net Lease
(as defined in the Security Instrument) shall exercise the purchase option
pursuant to the terms of the Net Lease, the date on which the Property shall be
conveyed to the tenant under the Net Lease pursuant to said purchase option.

<PAGE>

         (g)      "Monthly Payment Date" shall mean the first day of each
calendar month prior to the Maturity Date commencing on (i) the first day of the
next succeeding calendar month after the date hereof if this Note is dated as of
the first day of a month, and (ii) the first day of the second succeeding
calendar month after the date hereof if this Note is dated as of a date other
than the first day of a month.

         (h)      "Security Instrument" shall mean the Open-End Mortgage and
Security Agreement dated the date hereof in the principal sum of $39,000,000
given by Borrower to (or for the benefit of) Lender covering the fee estate of
Borrower in certain premises located in Philadelphia County, State of
Pennsylvania, and other property, as more particularly described therein
(collectively, the "Property").

2.       PAYMENT TERMS

         If this Note is dated as of the first day of a calendar month, a
payment shall be due from Borrower to Lender on the date hereof on account of
all interest scheduled to accrue on the principal sum from and after the date
hereof through and including the last day of the current calendar month. If this
Note is dated as of a date other than the first day of a calendar month, a
payment shall be due from Borrower to Lender on the date hereof on account of
all interest scheduled to accrue on the principal sum from and after the date
hereof through and including the last day of the next succeeding calendar month
after the date hereof. The Constant Monthly Payment shall be due from Borrower
to Lender on each Monthly Payment Date, with each Constant Monthly Payment to be
applied to the payment of interest scheduled to accrue during the next
succeeding calendar month computed at the Applicable Interest Rate. The balance
of the principal sum and all interest thereon shall be due and payable on the
Maturity Date. If the Maturity Date shall be other than a Monthly Payment Date,
interest on the principal sum of this Note shall be prorated based on a 30-day
month.

3.       EXTENSION OF INITIAL MATURITY DATE

         Lender will grant one or more requests to extend the Initial Maturity
Date, provided that (a) there exists no Event of Default under the Security
Instrument, (b) Borrower shall submit such request at least thirty (30) days
prior to the then Initial Maturity Date, and (c) in no event shall the Initial
Maturity Date be extended to a date that shall be later than September 30, 2033.

4.       DEFAULT INTEREST

         Borrower does hereby agree that upon the occurrence of an Event of
Default (as defined in the Security Instrument), Lender shall be entitled to
receive and Borrower shall pay interest on the entire unpaid principal sum at a
rate (the "Default Rate") equal to (i) the Applicable Interest Rate plus four
percent (4%) or (ii) the maximum interest rate that Borrower may by law pay,
whichever is lower. The Default Rate shall be computed from the occurrence of
the Event of Default until the earlier of the date upon which the Event of
Default is cured or the date upon which the Debt is paid in full. Interest
calculated at the Default Rate shall be added to the Debt, and shall be deemed
secured by the Security Instrument. This clause, however, shall not be construed
as an agreement or privilege to extend the date of the payment of the Debt, nor
as a

                                       -2-
<PAGE>

waiver of any other right or remedy accruing to Lender by reason of the
occurrence of any Event of Default.

5.       PREPAYMENT

         Borrower shall have the right to prepay all or any portion of the
unpaid principal balance of this Note at any time.

6.       SECURITY

         This Note is secured by the Security Instrument and the other Loan
Documents. The Security Instrument is intended to be duly recorded in the public
records of the county where the Property is located. All of the terms, covenants
and conditions contained in the Security Instrument and the other Loan Documents
are hereby made part of this Note to the same extent and with the same force as
if they were fully set forth herein.

7.       SAVINGS CLAUSE

         This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance due
hereunder at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the maximum interest rate which
Borrower is permitted by applicable law to contract or agree to pay. If by the
terms of this Note, Borrower is at any time required or obligated to pay
interest on the principal balance due hereunder at a rate in excess of such
maximum rate, the Applicable Interest Rate or the Default Rate, as the case may
be, shall be deemed to be immediately reduced to such maximum rate and all
previous payments in excess of the maximum rate shall be deemed to have been
payments in reduction of principal and not on account of the interest due
hereunder. All sums paid or agreed to be paid to Lender for the use,
forbearance, or detention of the Debt, shall, to the extent permitted by
applicable law, be amortized, prorated, allocated, and spread throughout the
full stated term of the Note until payment in full so that the rate or amount of
interest on account of the Debt does not exceed the maximum lawful rate of
interest from time to time in effect and applicable to the Debt for so long as
the Debt is outstanding.

8.       NO ORAL CHANGE

         This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

9.       JOINT AND SEVERAL LIABILITY

         If Borrower consists of more than one person or party, the obligations
and liabilities of each person or party shall be joint and several.

                                       -3-
<PAGE>

10.      WAIVERS

         (a)      Borrower and all others who may become liable for the payment
of all or any part of the Debt do hereby severally waive presentment and demand
for payment, notice of dishonor, protest and notice of protest and non-payment
and all other notices of any kind. No release of any security for the Debt or
extension of time for payment of this Note or any installment hereof, and no
alteration, amendment or waiver of any provision of this Note, the Security
Instrument or the other Loan Documents made by agreement between Lender or any
other person or party shall release, modify, amend, waive, extend, change,
discharge, terminate or affect the liability of Borrower, and any other person
or entity who may become liable for the payment of all or any part of the Debt,
under this Note, the Security Instrument or the other Loan Documents. No notice
to or demand on Borrower shall be deemed to be a waiver of the obligation of
Borrower or of the right of Lender to take further action without further notice
or demand as provided for in this Note, the Security Instrument or the other
Loan Documents. In addition, acceptance by Lender of any payment in an amount
less than the amount then due shall be deemed an acceptance on account only, and
the failure to pay the entire amount then due shall be and continue to be an
Event of Default. If Borrower is a partnership, the agreements herein contained
shall remain in force and applicable, notwithstanding any changes in the
individuals comprising the partnership, and the term "Borrower," as used herein,
shall include any alternate or successor partnership, but any predecessor
partnership and their partners shall not thereby be released from any liability.
If Borrower is a corporation or limited liability company, the agreements
contained herein shall remain in full force and applicable notwithstanding any
changes in the shareholders or members comprising, or the officers and directors
or managers relating to, the corporation or limited liability company, and the
term "Borrower" as used herein, shall include any alternative or successor
corporation or limited liability company, but any predecessor corporation or
limited liability company shall not be relieved of liability hereunder. (Nothing
in the foregoing sentence shall be construed as a consent to, or a waiver of,
any prohibition or restriction on transfers of interests in a partnership,
corporation or limited liability company which may be set forth in the Security
Instrument or any other Loan Document.)

         (b)      Borrower hereby waives and releases all errors, defects and
imperfections in any proceedings instituted by Lender under the terms of this
Note or of the Security Instrument or the other Loan Documents, as well as all
benefits that might accrue to Borrower by virtue of any present or future laws
exempting any of the property covered by the Security Instrument or the other
Loan Documents or any other property, real or personal, or any part of the
proceeds arising from any sale of such property, from attachment, levy or sale
under execution or providing for any stay of execution, exemption from civil
process or extension of time for payment, as well as the right of inquisition on
any real estate that may be levied upon under a judgment obtained by virtue
hereof, and Borrower hereby voluntarily condemns the same and authorizes the
entry of such voluntary condemnation on any writ of execution issued thereon,
and agrees that such real estate may be sold upon any such writ in whole or in
part in any order desired by Lender.

11.      TRANSFER

         Upon the transfer of this Note in accordance with Section 15.1 of the
Security Instrument, Lender may deliver all the collateral mortgaged, granted,
pledged or assigned pursuant to the

                                       -4-
<PAGE>

Security Instrument and the other Loan Documents, or any part thereof, to the
transferee who shall thereupon become vested with all the rights herein or under
applicable law given to Lender with respect thereto, and Lender shall thereafter
forever be relieved and fully discharged from any liability or responsibility in
the matter; but Lender shall retain all rights hereby given to it with respect
to any liabilities and the collateral not so transferred.

12.      WAIVER OF TRIAL BY JURY

         BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THE
APPLICATION FOR THE LOAN, THIS NOTE, THE SECURITY INSTRUMENT OR THE OTHER LOAN
DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS
OR AGENTS IN CONNECTION THEREWITH.

13.      EXCULPATION

         (a)      Lender shall not enforce the liability and obligation of
Borrower to perform and observe the obligations contained in this Note or the
Security Instrument by any action or proceeding wherein a money judgment shall
be sought against Borrower (or its partners, shareholders, officers or
directors), except only that Lender may bring a foreclosure action, action for
specific performance or other appropriate action or proceeding to enable Lender
to enforce and realize upon this Note, the Security Instrument, the other Loan
Documents, and the interest in the Property, the Rents (as defined in the
Security Instrument) and any other collateral given to Lender created by this
Note, the Security Instrument and the other Loan Documents; provided, however,
that any judgment in any such action or proceeding shall be enforceable against
Borrower only to the extent of Borrower's interest in the Property, in the Rents
and in any other collateral given to Lender. Lender, by accepting this Note and
the Security Instrument, agrees that it shall not sue for, seek or demand any
deficiency judgment against Borrower (or its partners, shareholders, officers or
directors) in any such action or proceeding, under or by reason of or under or
in connection with this Note, the other Loan Documents or the Security
Instrument. The provisions of this Article shall not, however, (i) constitute a
waiver, release or impairment of any obligation evidenced or secured by this
Note, the other Loan Documents or the Security Instrument; (ii) impair the right
of Lender to name Borrower as a party defendant in any action or suit for
judicial foreclosure and sale under the Security Instrument; (iii) affect the
validity or enforceability of any indemnity, guaranty, master lease or similar
instrument made in connection with this Note, the Security Instrument, or the
other Loan Documents; (iv) impair the right of Lender to obtain the appointment
of a receiver; (v) impair the enforcement of the Assignment of Leases and Rents
executed in connection herewith; or (vi) impair the right of Lender to obtain a
deficiency judgment or judgment on the Note against Borrower if necessary to
obtain any insurance proceeds or condemnation awards to which Lender would
otherwise be entitled under the Security Instrument; provided however, Lender
shall only enforce such judgment against the insurance proceeds and/or
condemnation awards.

                                      -5-
<PAGE>

         (b)      Nothing herein shall be deemed to be a waiver of any right
which Lender may have under Sections 506(a), 506(b), 1111(b) or any other
provisions of the U.S. Bankruptcy Code to file a claim for the full amount of
the Debt or to require that all collateral shall continue to secure all of the
Debt owing to Lender in accordance with this Note, the Security Instrument and
the other Loan Documents.

14.      AUTHORITY

         Borrower (and the undersigned representative of Borrower, if any)
represents that Borrower has full power, authority and legal right to execute
and deliver this Note, the Security instrument and the other Loan Documents and
that this Note, the Security Instrument and the other Loan Documents constitute
valid and binding obligations of Borrower.

15.      APPLICABLE LAW

         This Note shall be governed, construed, applied and enforced in
accordance with the laws of the state in which the Property is located and the
applicable laws of the United States of America.

16.      COUNSEL FEES

         In the event that it should become necessary to employ counsel to
collect the Debt or to protect or foreclose the security therefor, Borrower also
agrees to pay all reasonable fees and expenses of Lender, including, without
limitation, reasonable attorney's fees for the services of such counsel whether
or not suit be brought.

17.      NOTICES

         All notices, requests, demands and other communications provided for by
this Agreement shall be (a) in writing, (b) sent either by hand delivery service
or by same day or overnight recognized commercial courier service, addressed to
the address of the parties stated below or to such changed address as such party
may have fixed by notice, and (c) deemed to have been delivered on the date of
receipt thereof (or the date that such receipt is refused, if applicable),
addressed as follows:

If to Borrower:          c/o Greentree Properties Corporation
                         44 West Lancaster Avenue, Suite 110
                         Ardmore, Pennsylvania 19003
                         Attention: Mr. Gary E. Erlbaum

With a copy to:          Ledgewood Law Firm, P.C.
                         1521 Locust Street
                         Philadelphia, Pennsylvania 19102
                         Attention: Richard Abt, Esq.

                                      -6-
<PAGE>

If to Lender:            c/o Cedar Income Fund, Ltd.
                         44 South Bayles Avenue
                         Port Washington, New York 11050
                         Attention: Mr. Leo S. Ullman

With a copy to:          Stroock & Stroock & Lavan LLP
                         180 Maiden Lane
                         New York, New York 10038
                         Attention: Mark A. Levy, Esq.

or addressed as such party may from time to time designate by written notice to
the other parties.

         Either party by notice to the other may designate additional or
different addresses for subsequent notices or communications.

         "Business Day" shall mean a day upon which commercial banks are not
authorized or required by law to close in Philadelphia, Pennsylvania.

18.      MISCELLANEOUS

         (a)      Wherever pursuant to this Note (i) Lender exercises any right
given to it to approve or disapprove, (ii) any arrangement or term is to be
satisfactory to Lender, or (iii) any other decision or determination is to be
made by Lender, the decision of Lender to approve or disapprove, all decisions
that arrangements or terms are satisfactory or not satisfactory and all other
decisions and determinations made by Lender, shall be in the sole and absolute
discretion of Lender and shall be final and conclusive, except as may be
otherwise expressly and specifically provided herein.

         (b)      Whenever used, the singular shall include the plural, the
plural shall include the singular, and the words "Lender" and "Borrower" shall
include their respective successors, assigns, heirs, executors and
administrators.

                                       -7-
<PAGE>


         IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day
and year first above written.

                                        SPSP Corporation


                                        By:    /s/  Gary E. Erlbaum
                                               ---------------------------------
                                               Name:  Gary E. Erlbaum
                                               Title: President

                                        Passyunk Supermarket, Inc.


                                        By:    /s/  Gary E. Erlbaum
                                               ---------------------------------
                                               Name:  Gary E. Erlbaum
                                               Title: President

                                        Twenty Fourth Street Passyunk Partners,
                                        L.P.

                                        By: Twenty Fourth Street Passyunk
                                        Corporation, its general partner

                                        By:    /s/  Marc Erlbaum
                                               ---------------------------------
                                               Name:  Marc N. Erlbaum
                                               Title: President

                                       -8-
<PAGE>

                                ACKNOWLEDGEMENTS

STATE OF PENNSYLVANIA    )
                         ) ss.:
COUNTY OF MONTGOMERY     )

         AND NOW, this 24th day of October, 2003 before me, the undersigned
Notary Public, personally appeared Gary Erlbaum, who acknowledged
himself/herself to be the President of SPSP CORPORATION, a Pennsylvania
corporation, and that he/she, as such President being authorized to do so,
executed the foregoing instrument for the purposes therein contained by signing
the name of the corporation by himself/herself as President.

         IN WITNESS WHEREOF, I hereunder set my hand and official seal.

                                        /s/
                                        ----------------------------------------
                                                      Notary Public

                                        My commission expires:


STATE OF PENNSYLVANIA    )
                         ) ss.:
COUNTY OF MONTGOMERY     )

         AND NOW, this 24th day of October, 2003 before me, the undersigned
Notary Public, personally appeared Gary Erlbaum, who acknowledged
himself/herself to be the President of PASSYUNK SUPERMARKET, INC., a
Pennsylvania corporation, and that he/she, as such President being authorized to
do so, executed the foregoing instrument for the purposes therein contained by
signing the name of the corporation by himself/herself as President.

         IN WITNESS WHEREOF, I hereunder set my hand and official seal.

                                        /s/
                                        ----------------------------------------
                                                      Notary Public

                                        My commission expires:

<PAGE>

STATE OF PENNSYLVANIA    )
                         ) ss.:
COUNTY OF MONTGOMERY     )

         AND NOW, this 24th day of October, 2003 before me, the undersigned
Notary Public, personally appeared Marc Erlbaum, who acknowledged
himself/herself to be the President of TWENTY FOURTH STREET PASSYUNK
CORPORATION, the general partner of TWENTY FOURTH STREET PASSYUNK PARTNERS,
L.P., a Pennsylvania limited partnership, and he/she, as such President being
authorized to do so, executed the foregoing instrument for the purposes therein
contained.

         IN WITNESS WHEREOF, I hereunder set my hand and official seal.

                                        /s/
                                        ----------------------------------------
                                                      Notary Public

                                        My commission expires:
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>22
<FILENAME>ex10-07i.txt
<DESCRIPTION>EX10-07I.TXT
<TEXT>
<PAGE>

                                SPSP Corporation,
                           Passyunk Supermarket, Inc.,
                                       and
                     Twenty Fourth Street Passyunk Partners,
                                      L.P.,
                                   (Borrower)

                                       to

                        Cedar-South Philadelphia II, LLC
                                    (Lender)

                                   ----------

                              OPEN-END MORTGAGE AND
                               SECURITY AGREEMENT

                                   ----------

                Dated:                  October 24, 2003 and

                                        made effective
                                        As of October 31, 2003

                Location:               2301-11 Oregon Avenue,
                                        Philadelphia, Pennsylvania

                                        2300 W. Passyunk Avenue,
                                        Philadelphia, Pennsylvania

                UPON RECORDATION RETURN TO:

                Stroock & Stroock & Lavan LLP
                180 Maiden Lane
                New York, New York  10038-4982

                Attention:  Mark A. Levy, Esq.

THIS INSTRUMENT SECURES THE FUTURE ADVANCES UP TO A MAXIMUM PRINCIPAL AMOUNT OF
$39,000,000.00 PLUS ACCRUED INTEREST AND OTHER INDEBTEDNESS AS DESCRIBED IN
PENNSYLVANIA ACT NO. 42 PA. C.S.A. SECTION 8143

<PAGE>

1 - GRANTS OF SECURITY.......................................................1

   1.1          PROPERTY MORTGAGED...........................................1

   1.2          ASSIGNMENT OF RENTS..........................................3

   1.3          SECURITY AGREEMENT...........................................3

   1.4          PLEDGE OF MONIES HELD........................................3

2 - DEBT AND OBLIGATIONS SECURED.............................................4

   2.1          DEBT AND OBLIGATIONS SECURED.................................4

3 - BORROWER COVENANTS.......................................................4

   3.1          PAYMENT OF DEBT..............................................4

   3.2          FIRE OR OTHER CASUALTY.......................................4

   3.3          CONDEMNATION.................................................5

   3.4          NET LEASE....................................................6

   3.5          MAINTENANCE OF PROPERTY......................................7

   3.6          WASTE........................................................7

   3.7          COMPLIANCE WITH LAWS.........................................7

   3.8          PAYMENT FOR LABOR AND MATERIALS..............................7

   3.9          CHANGE OF NAME, IDENTITY OR STRUCTURE........................7

   3.10         EXISTENCE....................................................8

4 - REPRESENTATIONS AND WARRANTIES...........................................8

   4.1          WARRANTY OF TITLE............................................8

   4.2          AUTHORITY....................................................8

   4.3          LEGAL STATUS AND AUTHORITY...................................8

   4.4          VALIDITY OF DOCUMENTS........................................8

   4.5          LITIGATION...................................................9

   4.6          NO FOREIGN PERSON............................................9

   4.7          SEPARATE TAX LOT.............................................9

   4.8          NET LEASE....................................................9

   4.9          FINANCIAL CONDITION..........................................9

   4.10         BUSINESS PURPOSES...........................................10

   4.11         TAXES.......................................................10

                                       -i-
<PAGE>

   4.12         MAILING ADDRESS.............................................10

   4.13         DISCLOSURE..................................................10

   4.14         ILLEGAL ACTIVITY............................................10

5 - OBLIGATIONS AND RELIANCES...............................................10

   5.1          RELATIONSHIP OF BORROWER AND LENDER.........................10

   5.2          NO LENDER OBLIGATIONS.......................................10

6 - FURTHER ASSURANCES......................................................10

   6.1          RECORDING OF SECURITY INSTRUMENT, ETC.......................10

   6.2          FURTHER ACTS, ETC...........................................11

   6.3          ESTOPPEL CERTIFICATES.......................................11

   6.4          REPLACEMENT DOCUMENTS.......................................11

7 - DUE ON SALE/ENCUMBRANCE.................................................11

   7.1          LENDER RELIANCE.............................................11

   7.2          NO SALE/ENCUMBRANCE.........................................12

   7.3          SALE/ENCUMBRANCE DEFINED....................................12

   7.4          LENDER'S RIGHTS.............................................13

8 - DEFAULT.................................................................13

   8.1          EVENTS OF DEFAULT...........................................13

9 - RIGHTS AND REMEDIES.....................................................13

   9.1          REMEDIES....................................................13

   9.2          APPLICATION OF PROCEEDS.....................................15

   9.3          RIGHT TO CURE DEFAULTS......................................15

   9.4          ACTIONS AND PROCEEDINGS.....................................15

   9.5          RECOVERY OF SUMS REQUIRED TO BE PAID........................15

   9.6          OTHER RIGHTS, ETC...........................................15

   9.7          RIGHT TO RELEASE ANY PORTION OF THE PROPERTY................16

   9.8          RIGHT OF ENTRY..............................................16

   9.9          DEFAULT INTEREST AND LATE CHARGES...........................16

10 - WAIVERS................................................................16

                                      -ii-
<PAGE>

   10.1         WAIVER OF COUNTERCLAIM......................................16

   10.2         MARSHALING AND OTHER MATTERS................................16

   10.3         WAIVER OF NOTICE............................................17

   10.4         SOLE DISCRETION OF LENDER...................................17

   10.5         WAIVER OF TRIAL BY JURY.....................................17

11 - EXCULPATION............................................................17

   11.1         EXCULPATION.................................................17

   11.2         RESERVATION OF CERTAIN RIGHTS...............................18

   11.3         BANKRUPTCY CLAIMS...........................................18

12 - NOTICES................................................................18

   12.1         NOTICES.....................................................18

13 - APPLICABLE LAW.........................................................19

   13.1         CHOICE OF LAW...............................................19

   13.2         USURY LAWS..................................................19

   13.3         PROVISIONS SUBJECT TO APPLICABLE LAW........................19

14 - COSTS..................................................................20

   14.1         PERFORMANCE AT LENDER'S EXPENSE.............................20

   14.2         ATTORNEY'S FEES FOR ENFORCEMENT.............................20

15 - TRANSFER OF LOAN.......................................................20

   15.1         TRANSFER OF LOAN............................................20

16 - DEFINITIONS............................................................20

   16.1         GENERAL DEFINITIONS.........................................20

17 - MISCELLANEOUS PROVISIONS...............................................21

   17.1         NO ORAL CHANGE..............................................21

   17.2         LIABILITY...................................................21

   17.3         INAPPLICABLE PROVISIONS.....................................21

   17.4         HEADINGS, ETC...............................................21

   17.5         DUPLICATE ORIGINALS; COUNTERPARTS...........................21

                                      -iii-
<PAGE>

   17.6         NUMBER AND GENDER...........................................21

   17.7         SUBROGATION.................................................21

   17.8         ENTIRE AGREEMENT............................................22

18 - STATE SPECIFIC PROVISIONS..............................................22

   18.1         OPEN-END MORTGAGE...........................................22

   18.2         ACTION IN EJECTMENT.........................................22

   18.3         CONFLICTING PROVISIONS......................................23

                                      -iv-
<PAGE>

                THIS OPEN-END MORTGAGE AND SECURITY AGREEMENT (this "Security
Instrument") is dated October 24, 2003 and made as of the 31st day of October,
2003, by SPSP Corporation, a Pennsylvania corporation, having an office at 44
West Lancaster Avenue, Suite 110, Ardmore, Pennsylvania 19003 ("SPSP"), Passyunk
Supermarket, Inc., a Pennsylvania corporation, having an office at 44 West
Lancaster Avenue, Suite 110, Ardmore, Pennsylvania 19003 ("Passyunk"), and
Twenty Fourth Street Passyunk Partners, L.P., a Pennsylvania limited
partnership, having an office at 44 West Lancaster Avenue, Suite 110, Ardmore,
Pennsylvania 19003 ("24th Street"; SPSP, Passyunk and 24th Street are
collectively referred to herein as "Borrower") to Cedar-South Philadelphia II,
LLC, a Delaware limited liability company, having an address at 44 South Bayles
Avenue, Port Washington, New York 11050 ("Lender").

                                    RECITALS:

                Borrower by its promissory note of even date herewith given to
Lender is indebted to Lender in the principal sum of THIRTY-NINE MILLION AND
00/100 DOLLARS ($39,000,000) in lawful money of the United States of America
(the note together with all extensions, renewals, modifications, substitutions
and amendments thereof shall collectively be referred to as the "Note"), with
interest from the date thereof at the rates set forth in the Note, principal and
interest to be payable in accordance with the terms and conditions provided in
the Note.

                Borrower desires to secure the payment and performance of the
Obligations (as defined in Section 2.1 hereof).

                             1 - GRANTS OF SECURITY

                1.1     PROPERTY MORTGAGED. Borrower does hereby irrevocably
mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to
Lender, and grant a security interest to Lender in, the following property,
rights, interests and estates now owned, or hereafter acquired, by Borrower
(collectively, the "Property"): (a) the real property described in Exhibit A
attached hereto and made a part hereof (the "Land"); (b) all additional lands,
estates and development rights hereafter acquired by Borrower for use in
connection with the Land and the development of the Land and all additional
lands and estates therein which may, from time to time, by supplemental mortgage
or otherwise be expressly made subject to the lien of this Security Instrument;
(c) the buildings, structures, fixtures, additions, enlargements, extensions,
modifications, repairs, replacements and improvements now or hereafter erected
or located on the Land (the "Improvements"); (d) all easements, rights-of-way or
use, rights, strips and gores of land, streets, ways, alleys, passages, sewer
rights, water, water courses, water rights and powers, air rights and
development rights, and all estates, rights, titles, interests, privileges,
liberties, servitudes, tenements, hereditaments and appurtenances of any nature
whatsoever, in any way now or hereafter belonging, relating or pertaining to the
Land and the Improvements and the reversion and reversions, remainder and
remainders thereof and thereto, and all land lying in the bed of any street,
road or avenue, opened or proposed, in front of or adjoining the Land, to the
center line thereof and all the estates, rights, titles, interests, dower and
rights of dower, curtesy and rights of curtesy, property, possession, claim and
demand whatsoever, both at law and in equity, of Borrower of, in and to the Land
and the Improvements and every part and

<PAGE>

parcel thereof, with the appurtenances thereto; (e) all furnishings, machinery,
equipment, fixtures (including, but not limited to, all heating, air
conditioning, plumbing, lighting, communications and elevator fixtures) and
other property of every kind and nature whatsoever owned by Borrower, or in
which Borrower has or shall have an interest, now or hereafter located upon the
Land and the Improvements, or appurtenant thereto, and usable in connection with
the present or future operation and occupancy of the Land and the Improvements
and all building equipment, materials and supplies of any nature whatsoever
owned by Borrower, or in which Borrower has or shall have an interest, now or
hereafter located upon the Land and the Improvements, or appurtenant thereto, or
usable in connection with the present or future operation and occupancy of the
Land and the Improvements (collectively, the "Personal Property"), and the
right, title and interest of Borrower in and to any of the Personal Property
which may be subject to any security interests, as defined in the Uniform
Commercial Code, as adopted and enacted by the state or states where any of the
Property is located (the "Uniform Commercial Code"), superior in lien to the
lien of this Security Instrument and all proceeds and products of the above; (f)
that certain lease dated as of the date hereof, between Borrower, as landlord,
and Cedar-South Philadelphia I, LLC, as tenant (the "Net Lease Tenant"),
together with any amendments thereto (collectively, the "Net Lease") and all
right, title and interest of Borrower, its successors and assigns therein and
thereunder, including, without limitation, cash or securities deposited
thereunder to secure the performance by the Net Lease Tenant of its obligations
thereunder and all rents, additional rents, revenues (including, but not limited
to, any payment made by or on behalf of the Net Lease Tenant in connection with
the termination of the Net Lease), issues and profits (including all oil and gas
or other mineral royalties and bonuses) from the Land and the Improvements (the
"Rents"), whether paid or accruing before or after the filing by or against
Borrower of any petition for relief under 11 U.S.C. Section 101 et seq., as the
same may be amended from time to time (the "Bankruptcy Code") and all proceeds
from the sale or other disposition of the Net Lease and the right to receive and
apply the Rents to the payment of the Debt (as hereinafter defined); (g) all
rights, powers, privileges, options and other benefits of Borrower as lessor
under the Net Lease, including without limitation the immediate and continuing
right to make claim for, receive, collect and receipt for all Rents payable or
receivable under the Net Lease or pursuant thereto (and to apply the same to the
payment of the Debt (as hereinafter defined)), and to do all other things which
Borrower or any lessor is or may become entitled to do under the Net Lease; (h)
all awards or payments, including interest thereon, which may heretofore and
hereafter be made with respect to the Property, whether from the exercise of the
right of eminent domain (including but not limited to any transfer made in lieu
of or in anticipation of the exercise of the right), or for a change of grade,
or for any other injury to or decrease in the value of the Property; (i) all
proceeds of and any unearned premiums on any insurance policies covering the
Property, including, without limitation, the right to receive and apply the
proceeds of any insurance, judgments, or settlements made in lieu thereof, for
damage to the Property; (j) all of Borrower's claims and rights to the payment
of damages arising from any rejection by Net Lease Tenant of the Net Lease under
the Bankruptcy Code; (k) all refunds, rebates or credits in connection with a
reduction in real estate taxes and assessments charged against the Property as a
result of tax certiorari or any applications or proceedings for reduction; (l)
all proceeds of the conversion, voluntary or involuntary, of any of the
foregoing including, without limitation, proceeds of insurance and condemnation
awards, into cash or liquidation claims; (m) the right, in the name and on
behalf of Borrower, to appear in and defend any action or proceeding brought
with respect to the Property and to commence any action or proceeding to protect
the interest of

                                        2
<PAGE>

Lender in the Property; (n) all agreements, contracts, certificates,
instruments, franchises, permits, licenses, plans, specifications and other
documents, now or hereafter entered into, and all rights therein and thereto,
respecting or pertaining to the use, occupation, construction, management or
operation of the Land and any part thereof and any Improvements or respecting
any business or activity conducted on the Land and any part thereof and all
right, title and interest of Borrower therein and thereunder, including, without
limitation, the right, upon the happening of any default hereunder, to receive
and collect any sums payable to Borrower thereunder; (o) all tradenames,
trademarks, servicemarks, logos, copyrights, goodwill, books and records and all
other general intangibles relating to or used in connection with the operation
of the Property; and (p) any and all other rights of Borrower in and to the
items set forth in Subsections (a) through (o) above.

                1.2     ASSIGNMENT OF RENTS.

                (a)     Borrower hereby absolutely and unconditionally assigns
to Lender Borrower's right, title and interest in and to the Net Lease and the
Rents; it being intended by Borrower that this assignment constitutes a present,
absolute assignment and not an assignment for additional security only. Borrower
hereby acknowledges and agrees that any and all payments of Rent shall be paid
directly to Lender, and Lender may apply any such sums to the payment of the
Debt, first to interest and then to principal.

                (b)     In the event of a termination of the Net Lease, or at
the expiration of the term of the Net Lease, Borrower shall direct all space
tenants of the Property to pay all rents and additional rents directly to
Lender. In the event that Borrower shall receive any rents, notwithstanding such
direction to the space tenants, Borrower shall immediately remit, or shall cause
its agents or affiliates to immediately remit, such receipts to Lender.

                1.3     SECURITY AGREEMENT. This Security Instrument is both a
real property mortgage and a "security agreement" within the meaning of the
Uniform Commercial Code. The Property includes both real and personal property
and all other rights and interests, whether tangible or intangible in nature, of
Borrower in the Property. By executing and delivering this Security Instrument,
Borrower hereby grants to Lender, as security for the Obligations, a security
interest in the Property to the full extent that the Property may be subject to
the Uniform Commercial Code.

                1.4     PLEDGE OF MONIES HELD. Borrower hereby pledges to Lender
any and all monies now or hereafter held by Lender, including, without
limitation, Net Casualty Proceeds (as defined in Section 3.2) and Net
Condemnation Award (as defined in Section 3.3) (collectively, "Deposits"), as
additional security for the Obligations until expended or applied as provided in
this Security Instrument.

                               CONDITIONS TO GRANT

                TO HAVE AND TO HOLD the above granted and described Property
unto and to the use and benefit of Lender, and the successors and assigns of
Lender, forever;

                PROVIDED, HOWEVER, these presents are upon the express condition
that, if Borrower shall well and truly pay to Lender the Debt at the time and in
the manner provided in

                                        3
<PAGE>

the Note and this Security Instrument, shall well and truly perform the Other
Obligations (as defined in Section 2.1 hereof) as set forth in this Security
Instrument and shall well and truly abide by and comply with each and every
covenant and condition set forth herein and in the Note, these presents and the
estate hereby granted shall cease, terminate and be void.

                        2 - DEBT AND OBLIGATIONS SECURED

                2.1     DEBT AND OBLIGATIONS SECURED. This Security Instrument
and the grants, assignments and transfers made in Article 1 are given for the
purpose of securing the payment of the Debt and the performance of all Other
Obligations, it being agreed the Lender shall apply any payments first to
interest and then to principal. For purposes hereof, the term "Debt" shall mean
the aggregate of the indebtedness evidenced by the Note in lawful money of the
United States of America, interest, default interest, late charges, prepayment
premiums and other sums, as provided in the Note, this Security Instrument or
the other Loan Documents (defined below), all other monies agreed or provided to
be paid by Borrower in the Note, this Security Instrument or the other Loan
Documents and all sums advanced pursuant to this Security Instrument to protect
and preserve the Property and the lien and the security interest created hereby.
For purposes hereof, the term "Other Obligations" shall mean the obligations of
Borrower (other than the obligation to repay the Debt) contained in this
Security Instrument, the Note and the other Loan Documents. For purposes hereof,
the term "Loan Documents" shall mean the Note, this Security Instrument and any
other documents or instruments which now or shall hereafter wholly or partially
secure or guarantee payment of the Note or which have otherwise been executed or
are hereafter executed by Borrower and/or any other person or entity in
connection with the loan (the "Loan") evidenced by the Note and any renewal,
extension, amendment, modification, consolidation, change of, or substitution or
replacement for, all or any part thereof. Borrower's obligations for the payment
of the Debt and the performance of the Other Obligations shall be referred to
collectively below as the "Obligations." All the covenants, conditions and
agreements contained in the Note and the other Loan Documents are hereby made a
part of this Security Instrument to the same extent and with the same force as
if fully set forth herein.

                             3 - BORROWER COVENANTS

                Borrower covenants and agrees that:

                3.1     PAYMENT OF DEBT. Borrower will pay the Debt at the time
and in the manner provided in the Note, this

Security Instrument and the other Loan Documents.

                3.2     FIRE OR OTHER CASUALTY.

                (a)     In the event of a fire or other casualty that destroys
all or a portion of the Property, the entire proceeds of any property casualty
insurance less any actual and reasonable expenses incurred in collecting such
proceeds (the "Net Casualty Proceeds") shall be applied as follows:

                (i)     If there is no Recognized Leasehold Mortgage at the time
of the fire or casualty:

                                        4
<PAGE>

                        (1)     First, Net Lease Tenant shall use the Net
                Casualty Proceeds to restore such portion of the Property that
                Net Lease Tenant shall elect to restore (it being acknowledged
                that Net Lease Tenant has no obligation to restore all or any
                portion of the Property pursuant to the terms of the Net Lease);

                        (2)     Second, if Net Lease Tenant shall elect not to
                restore the damage resulting from such casualty, or if Net Lease
                Tenant shall not have restored the entire Property, a portion of
                the remaining Net Casualty Proceeds in an amount equal to the
                lesser of (A) product of (x) a fraction, the numerator of which
                is the number of square feet of the Property lost by reason of
                the casualty, and the denominator of which is the number of
                square feet of the entire Property immediately before the
                casualty, and (y) the then outstanding principal balance of the
                Loan, and (B) the entire remaining Net Casualty Proceeds, shall
                be delivered to Lender and applied towards the reduction in the
                principal balance of the Loan; and

                        (3)     Third, the balance of the Net Casualty Proceeds,
                if any, shall be retained by Net Lease Tenant.

                (b)     If there is a Recognized Leasehold Mortgage at the time
of the casualty, the Net Casualty Proceeds shall be delivered to Tenant or the
Recognized Leasehold Mortgagee, as required by the Recognized Leasehold Mortgage
Documents (as defined in the Net Lease), and applied and disbursed in accordance
with the Recognized Leasehold Mortgage Documents.

                (c)     In the event of a fire or other casualty where the
provisions of Section 3.2(a)(i)(2) shall apply, from and after the date of
reduction of the principal balance of the Loan in accordance with the terms of
said Section 3.2(a)(i)(2), the amount set forth in clause (i) of the definition
of Constant Monthly Payment (as defined in the Note) shall be recalculated to
equal one-twelfth (1/12) of the product of such reduced principal balance and
the Applicable Interest Rate (as defined in the Note).

                3.3     CONDEMNATION.

                (a)     Borrower shall promptly give Lender notice of the actual
or threatened commencement of any condemnation or eminent domain proceeding and
shall deliver to Lender copies of any and all papers served in connection with
such proceedings. Lender may participate in any such proceedings, and Borrower
shall from time to time deliver to Lender all instruments requested by it to
permit such participation. Borrower shall, or shall cause Net Lease Tenant, to
prosecute any such proceedings, subject to the terms of the Net Lease.

                (b)     If there is no Recognized Leasehold Mortgage at the time
of the taking, the following provisions shall apply:

                (i)     In the event of a taking of all or substantially all of
        the Property, a portion of the awards payable in connection with such
        taking, less any actual and reasonable expenses incurred in collecting
        such award (the "Net Condemnation Award") in an amount equal to the
        lesser of (x) the amount of the Debt then outstanding, and (y) the
        entire Net Condemnation Award, shall be delivered to Lender and applied
        towards the

                                        5
<PAGE>

        repayment of the Debt. Any Net Condemnation Award in excess of the
        amount of the Debt then outstanding shall be retained by Net Lease
        Tenant.

                (ii)    In the event of a taking of less than all or
        substantially all of the Property, the Net Condemnation Award shall be
        applied as follows:

                        (1) First, Net Lease Tenant shall use the Net
                Condemnation Award to restore such portion of the Property that
                Net Lease Tenant shall elect to restore (it being acknowledged
                that Net Lease Tenant has no obligation to restore all or any
                portion of the Property pursuant to the terms of the Net Lease);

                        (2) Second, a portion of the remaining Net Condemnation
                Award in an amount equal to the lesser of (A) the product of (x)
                a fraction, the numerator of which is the number of square feet
                of the Property taken, and the denominator of which is the
                number of square feet of the entire Property immediately before
                the taking, and (y) the then outstanding principal balance of
                the Loan, and (B) the remaining Net Condemnation Award shall be
                delivered to Lender and applied towards the reduction in the
                principal balance of the Loan; and

                        (3) Third, the balance of the Net Condemnation Award, if
                any, shall be retained by Net Lease Tenant.

                (iii)   In the event of a temporary taking, the enter Net
        Condemnation Award shall be retained by Net Lease Tenant.

                (iv)    In the event of a taking where the provisions of Section
        3.3(c)(i)(2) shall apply, from and after the date of reduction of the
        principal balance of the Loan in accordance with the terms of said
        Section 33(c)(i)(2), the amount set forth in clause (i) of the
        definition of the Constant Monthly Payment shall be recalculated to
        equal one-twelfth (1/12) of the product of such reduced principal
        balance and the Applicable Interest Rate.

                (c)     If there is a Recognized Leasehold Mortgage at the time
of the taking, the Net Condemnation Award shall be delivered to Tenant or the
Recognized Leasehold Mortgagee, as required by the Recognized Leasehold Mortgage
Documents, and applied and disbursed in accordance with the Recognized Leasehold
Mortgage Documents.

                3.4     NET LEASE.

                (a)     Borrower shall promptly and fully keep, observe and
perform, or cause to be kept, observed or performed, all of the terms,
covenants, provisions and agreements imposed upon or assumed by Borrower under
the Net Lease and any amendments, modifications or supplements thereof, and
Borrower shall not do or fail to do, or permit or fail to permit to be done any
act or thing, the doing or omission of which will (i) give Net Lease Tenant a
right to terminate the Net Lease or to abate the rental or other material
payment due thereunder, except as expressly permitted under the terms of the Net
Lease, (ii) release any party from liability under or with respect to the Net
Lease or (iii) otherwise impair the Net Lease as security for the Obligations.
Borrower shall not under any circumstances modify, cancel, amend or terminate
the Net Lease without Lender's prior written consent, and any attempted
modification, cancellation,

                                        6
<PAGE>

amendment or termination of the Net Lease without such consent shall be void and
of no force or effect whatsoever.

                (b)     Borrower shall enforce all of the terms, covenants and
conditions contained in the Net Lease upon the part of Net Lease Tenant to be
observed or performed, short of termination thereof, provided, that,
notwithstanding anything contained herein to the contrary, Borrower shall not
pursue any remedies which could affect any payment due from the Net Lease
Tenant, or which could otherwise adversely affect (A) the rights or claims of
Borrower or Lender under the Net Lease, (B) the value of the Property or (C) the
rights or interests of Lender under the Loan Documents.

                (c)     Borrower shall promptly deliver to Lender a copy of any
notice relating to defaults received from or given to Net Lease Tenant or any
other person or entity liable for the performance of Net Lease Tenant's
obligations under the Net Lease.

                (d)     Borrower shall not enter into any lease for all or any
portion of the Property, other than the Net Lease, without Lender's prior
written consent. The provisions of that certain Assignment of Leases and Rents
of even date herewith made by Borrower, as assignor, to Lender, as assignee and
this Section 3.4 shall apply to any such Lease as if such Lease were the Net
Lease designated hereunder.

                3.5     MAINTENANCE OF PROPERTY. Except to the extent Net Lease
Tenant has a right to do so without Borrower's consent, the Improvements and the
Personal Property shall not be removed, demolished or materially altered (except
for normal replacement of the Personal Property and tenant improvements made in
connection with a Lease which has been entered into by Borrower in accordance
with the terms hereof) without the consent of Lender.

                3.6     WASTE. Borrower shall not commit any waste of the
Property or, subject to the terms of the Net Lease, make any change in the use
of the Property which will in any way materially increase the risk of fire or
other hazard arising out of the operation of the Property, or take any action
that might invalidate or give cause for cancellation of any insurance policy, or
do or permit to be done thereon anything that may in any way materially impair
the value of the Property or the security of this Security Instrument.

                3.7     COMPLIANCE WITH LAWS. Borrower shall give prompt notice
to Lender of the receipt by Borrower of any notice related to a violation of any
Applicable Laws and of the commencement of any proceedings or investigations
which relate to compliance with Applicable Laws. Borrower will not engage in or
knowingly permit any illegal activities at the Property.

                3.8     PAYMENT FOR LABOR AND MATERIALS. Borrower will never
create in respect of the Property or any part thereof any other or additional
lien or security interest other than the liens or security interests hereof,
except for the Permitted Exceptions (defined below).

                3.9     CHANGE OF NAME, IDENTITY OR STRUCTURE. Borrower will not
change Borrower's name, identity (including its trade name or names) or, if not
an individual,

                                        7
<PAGE>

Borrower's corporate, limited liability company, partnership or other structure
without notifying Lender of such change in writing at least thirty (30) days
prior to the effective date of such change and, in the case of a change in
Borrower's structure, without first obtaining the prior written consent of
Lender. Borrower will execute and deliver to Lender, prior to or
contemporaneously with the effective date of any such change, any financing
statement or financing statement change required by Lender to establish or
maintain the validity, perfection and priority of the security interest granted
herein. At the request of Lender, Borrower shall execute a certificate in form
satisfactory to Lender listing the trade names under which Borrower intends to
operate the Property, and representing and warranting that Borrower does
business under no other trade name with respect to the Property.

                3.10    EXISTENCE. Borrower will continuously maintain its
existence and its rights to do business in the state where the Property is
located together with its franchises and trade names.

                       4 - REPRESENTATIONS AND WARRANTIES

                Borrower represents and warrants to Lender that:

                4.1     WARRANTY OF TITLE. Borrower has paid for and has good
title to the Property and has the right to mortgage, grant, bargain, sell,
pledge, assign, warrant, set over, transfer and convey the same and that
Borrower possesses an unencumbered fee simple absolute estate in the Land and
the Improvements and that it owns the Property free and clear of all liens,
encumbrances and charges whatsoever except for those exceptions shown in the
title insurance policy insuring the lien of this Security Instrument (the
"Permitted Exceptions"). Borrower shall warrant, defend and preserve the title
and the validity and priority of the lien of this Security Instrument and shall
warrant and defend the same to Lender against the claims of all persons
whomsoever.

                4.2     AUTHORITY. Borrower (and the undersigned representative
of Borrower, if any) has full power, authority and legal right to execute this
Security Instrument, and to mortgage, grant, bargain, sell, pledge, assign,
warrant, set over, transfer and convey the Property pursuant to the terms hereof
and to keep and observe all of the terms of this Security Instrument on
Borrower's part to be performed.

                4.3     LEGAL STATUS AND AUTHORITY. Borrower (a) is duly
organized, validly existing and in good standing under the laws of its state of
organization or incorporation; (b) is duly qualified to transact business and is
in good standing in the State where the Property is located; and (c) has all
necessary approvals, governmental and otherwise, and full power and authority to
own the Property and carry on its business as now conducted and proposed to be
conducted. Borrower now has and shall continue to have the full right, power and
authority to operate and lease the Property, to encumber the Property as
provided herein and to perform all of the other obligations to be performed by
Borrower under the Note, this Security Instrument and the other Loan Documents.

                4.4     VALIDITY OF DOCUMENTS. (a) The execution, delivery and
performance of the Note, this Security Instrument and the other Loan Documents
and the

                                        8
<PAGE>

borrowing evidenced by the Note (i) are within the corporate, partnership, trust
or limited liability company (as the case may be) power of Borrower; (ii) have
been authorized by all requisite corporate, partnership, trust or limited
liability company (as the case may be) action; (iii) have received all necessary
approvals and consents, corporate, governmental or otherwise; (iv) will not
violate, conflict with, result in a breach of or constitute (with notice or
lapse of time, or both) a default under any provision of law, any order or
judgment of any court or governmental authority, the articles of incorporation,
by-laws, partnership, trust, operating agreement or other governing instrument
of Borrower, or any indenture, agreement or other instrument to which Borrower
is a party or by which it or any of its assets or the Property is or may be
bound or affected; (v) will not result in the creation or imposition of any
lien, charge or encumbrance whatsoever upon any of its assets, except the lien
and security interest created hereby; and (vi) will not require any
authorization or license from, or any filing with, any governmental or other
body (except for the recordation of this instrument in appropriate land records
in the State where the Property is located and except for Uniform Commercial
Code filings relating to the security interest created hereby); and (b) the
Note, this Security Instrument and the other Loan Documents constitute the
legal, valid and binding obligations of Borrower.

                4.5     LITIGATION. There is no action, suit or proceeding,
judicial, administrative or otherwise (including any condemnation or similar
proceeding), pending or, to the best of Borrower's knowledge, threatened or
contemplated against, or affecting, Borrower or the Property that has not been
disclosed to Lender or is not adequately covered by insurance.

                4.6     NO FOREIGN PERSON. Borrower is not a "foreign person"
within the meaning of Section 1445(f)(3) of the Internal Revenue Code of 1986,
as amended and the related Treasury Department regulations, including temporary
regulations.

                4.7     SEPARATE TAX LOT. The Property is assessed for real
estate tax purposes as one or more wholly independent tax lot or lots, separate
from any adjoining land or improvements not constituting a part of such lot or
lots, and no other land or improvements are assessed and taxed together with the
Property or any portion thereof.

                4.8     NET LEASE. (a) Borrower is the sole owner of the entire
lessor's interest in the Net Lease; (b) to Borrower's knowledge, the Net Lease
is valid and enforceable; (c) the terms of all alterations, modifications and
amendments to the Net Lease are reflected in the definition of Net Lease
contained herein; (d) none of the Rents reserved in the Net Lease have been
assigned or otherwise pledged or hypothecated; (e) none of the Rents have been
collected for more than one (1) month in advance, other than the payment due on
the Commencement Date (as defined in the Net Lease); (f) the premises demised
under the Net Lease have been completed and the tenant under the Net Lease has
accepted the same and has taken possession of the same on a rent-paying basis;
(g) there exist no offsets or defenses to the payment of any portion of the
Rents; and (h) no default exists, or with the passing of time or the giving of
notice or both would exist under the Net Lease which could have a material
adverse effect on the Borrower or the Property.

                4.9     FINANCIAL CONDITION. (a) Borrower is solvent, and no
bankruptcy, reorganization, insolvency or similar proceeding under any state or
federal law with respect to

                                        9
<PAGE>

Borrower has been initiated, and (b) it has received reasonably equivalent value
for the granting of this Security Instrument.

                4.10    BUSINESS PURPOSES. The Loan is solely for the business
purpose of Borrower, and is not for personal, family, household, or agricultural
purposes.

                4.11    TAXES. Borrower has filed all federal, state, county,
municipal, and city income and other tax returns required to have been filed by
them and have paid all taxes and related liabilities which have become due
pursuant to such returns or pursuant to any assessments received by them.

                4.12    MAILING ADDRESS. Borrower's mailing address, as set
forth in the opening paragraph hereof or as changed in accordance with the
provisions hereof, is true and correct.

                4.13    DISCLOSURE. To Borrower's best knowledge, Borrower has
disclosed to Lender all material facts and has not failed to disclose any
material fact that could cause any representation or warranty made herein to be
materially misleading.

                4.14    ILLEGAL ACTIVITY. No portion of the Property has been
purchased with proceeds of any illegal activity.

                          5 - OBLIGATIONS AND RELIANCES

                5.1     RELATIONSHIP OF BORROWER AND LENDER. The relationship
between Borrower and Lender is solely that of debtor and creditor, and Lender
has no fiduciary or other special relationship with Borrower and no term or
condition of any of the Note, this Security Instrument and the other Loan
Documents shall be construed so as to deem the relationship between Borrower and
Lender to be other than that of debtor and creditor. Borrower is not relying on
Lender's expertise, business acumen or advice in connection with the Property.

                5.2     NO LENDER OBLIGATIONS. (a) Notwithstanding the
provisions of Subsections 1.1(f) and (j) or Section 1.2, Lender is not
undertaking the performance of (i) any obligations under the Leases; or (ii) any
obligations with respect to such agreements, contracts, certificates,
instruments, franchises, permits, trademarks, licenses and other documents.

                (b)     By accepting or approving anything required to be
observed, performed or fulfilled or to be given to Lender pursuant to this
Security Instrument, the Note or the other Loan Documents, Lender shall not be
deemed to have warranted, consented to, or affirmed the sufficiency, the
legality or effectiveness of same, and such acceptance or approval thereof shall
not constitute any warranty or affirmation with respect thereto by Lender.

                             6 - FURTHER ASSURANCES

                6.1     RECORDING OF SECURITY INSTRUMENT, ETC. Borrower
forthwith upon the execution and delivery of this Security Instrument and
thereafter, from time to time, at the request of Lender, will cause this
Security Instrument and any of the other Loan Documents creating a lien or
security interest or evidencing the lien hereof upon the Property to

                                       10
<PAGE>

be filed, registered or recorded in such manner and in such places as may be
required by any present or future law in order to publish notice of and fully to
protect and perfect the lien or security interest hereof upon, and the interest
of Lender in, the Property. Except where prohibited by law, Lender will pay all
taxes, duties, imposts, assessments, filing, registration and recording fees,
and any and all expenses incident to the preparation, execution, acknowledgment
and/or recording of the Loan Documents and any amendment or supplement thereto.

                6.2     FURTHER ACTS, ETC. Borrower will, at the cost of Lender,
do, execute, acknowledge and deliver all and every such further acts, deeds,
conveyances, mortgages, assignments, notices of assignments, transfers, deeds to
secure debt and assurances as Lender shall, from time to time, reasonably
require, for the better assuring, conveying, assigning, transferring, and
confirming unto Lender the property and rights hereby mortgaged, granted,
bargained, sold, conveyed, confirmed, pledged, assigned, warranted and
transferred or intended now or hereafter so to be, or which Borrower may be or
may hereafter become bound to convey or assign to Lender, or for carrying out
the intention or facilitating the performance of the terms of this Security
Instrument or for filing, registering or recording this Security Instrument, or
for complying with all Applicable Laws. Borrower, on demand, will execute and
deliver and hereby authorizes Lender to execute in the name of Borrower or
without the signature of Borrower to the extent Lender may lawfully do so, one
or more financing statements, chattel mortgages or other instruments, to
evidence more effectively the security interest of Lender in the Property.
Borrower grants to Lender an irrevocable power of attorney coupled with an
interest for the purpose of exercising and perfecting any and all rights and
remedies available to Lender at law and in equity, including without limitation
such rights and remedies available to Lender pursuant to this Section 6.2.

                6.3     ESTOPPEL CERTIFICATES. After request by Lender,
Borrower, within ten (10) days, shall furnish Lender or any proposed assignee an
estoppel certificate in form and content as may be reasonably requested by
Lender with respect to the status of the Loan and/or the Loan Documents.

                6.4     REPLACEMENT DOCUMENTS. Upon receipt of an affidavit of
an officer of Lender as to the loss, theft, destruction or mutilation of the
Note or any other Loan Document which is not of public record, and, in the case
of any such mutilation, upon surrender and cancellation of such Note or other
Loan Document, Borrower will issue, in lieu thereof, a replacement Note or other
Loan Document, dated the date of such lost, stolen, destroyed or mutilated Note
or other Loan Document in the same principal amount thereof and otherwise of
like tenor.

                           7 - DUE ON SALE/ENCUMBRANCE

                7.1     LENDER RELIANCE. Borrower acknowledges that Lender has
examined and relied on the experience of Borrower and its general partners,
managing members, principals and (if Borrower is a trust) beneficial owners in
owning and operating properties such as the Property in agreeing to make the
Loan, and will continue to rely on Borrower's ownership of the Property as a
means of maintaining the value of the Property as security for payment and
performance of the Obligations. Borrower acknowledges that Lender has a valid
interest in maintaining the value of the Property so as to ensure that, should
Borrower default in the

                                       11
<PAGE>

payment or the performance of the Obligations, Lender can recover the Debt by a
sale of the Property.

                7.2     NO SALE/ENCUMBRANCE. Borrower agrees that Borrower shall
not, without the prior written consent of Lender, sell, convey, mortgage, grant,
bargain, encumber, pledge, assign, or otherwise transfer the Property or any
part thereof or permit the Property or any part thereof to be sold, conveyed,
mortgaged, granted, bargained, encumbered, pledged, assigned, or otherwise
transferred. Notwithstanding the foregoing, Lender hereby acknowledges that Net
Lease Tenant has an option to purchase the Property pursuant to the terms of the
Net Lease and consents to such purchase option; provided, however, that in the
event that Net Lease Tenant shall exercise such purchase option in accordance
with the terms of the Net Lease, the Maturity Date shall be accelerated as
provided in the Note.

                7.3     SALE/ENCUMBRANCE DEFINED. A sale, conveyance, mortgage,
grant, bargain, encumbrance, pledge, assignment, or transfer within the meaning
of this Article 7 shall be deemed to include, but not be limited to, (a) an
installment sales agreement wherein Borrower agrees to sell the Property or any
part thereof for a price to be paid in installments; (b) an agreement by
Borrower leasing all or a substantial part of the Property for other than actual
occupancy by a tenant thereunder or a sale, assignment or other transfer of, or
the grant of a security interest in, Borrower's right, title and interest in and
to any Leases or any Rents; (c) if Borrower or any general partner or managing
member of Borrower is a corporation, the voluntary or involuntary sale,
conveyance, transfer or pledge of such corporation's stock (or the stock of any
corporation directly or indirectly controlling such corporation by operation of
law or otherwise) or the creation or issuance of new stock; (d) if Borrower or
any general partner or managing member of Borrower is a limited or general
partnership or joint venture, the change, removal or resignation of a general
partner or managing partner, or the transfer or pledge of the partnership
interest of any general partner or managing partner of such partnership or any
profits or proceeds relating to such partnership interest or the transfer or
pledge of any limited partnership interests in such partnership or any profits
or proceeds related to such interests whether in one transfer or pledge or a
series of transfers or pledges; (e) if Borrower or any general partner or
managing member of Borrower is a limited liability company, the change, removal
or resignation of the managing member of such company, or the transfer or pledge
of the membership interest of the managing member of such company or any profits
or proceeds relating to such membership interest or the transfer or pledge of
any membership interests in such company or any profits or proceeds related to
such interests whether in one transfer or pledge or a series of transfers or
pledges; and (f) without limitation to the foregoing, any voluntary or
involuntary sale, transfer, conveyance or pledge by any person or entity which
directly or indirectly controls Borrower (by operation of law or otherwise) (a
"Principal") of its direct or indirect controlling interest in Borrower.
Notwithstanding the foregoing, the following transfers shall not be deemed to be
a sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment or
transfer within the meaning of this Article 7: (A) transfer by devise or descent
or by operation of law upon the death of a partner, member or stockholder of
Borrower or any general partner thereof, and (B) a sale, transfer or
hypothecation of a partnership, shareholder or membership interest in Borrower,
whichever the case may be, by the current partner(s), shareholder(s) or
member(s), as applicable, to an immediate family member (i.e., parents, spouses,
siblings, children or grandchildren) of such partner, shareholder or member or
to a Principal (or a trust for the benefit of any such persons).

                                       12
<PAGE>

                7.4     LENDER'S RIGHTS. Lender reserves the right to condition
the consent required hereunder upon a modification of the terms hereof and on
assumption of the Note, this Security Instrument and the other Loan Documents as
so modified by the proposed transferee, the approval by Lender of the proposed
transferee, or such other conditions as Lender shall determine in its sole
discretion to be in the interest of Lender. Lender shall not be required to
demonstrate any actual impairment of its security or any increased risk of
default hereunder in order to declare the Debt immediately due and payable upon
Borrower's sale, conveyance, mortgage, grant, bargain, encumbrance, pledge,
assignment, or transfer of the Property without Lender's consent. This provision
shall apply to every sale, conveyance, mortgage, grant, bargain, encumbrance,
pledge, assignment, or transfer of the Property regardless of whether voluntary
or not, or whether or not Lender has consented to any previous sale, conveyance,
mortgage, grant, bargain, encumbrance, pledge, assignment, or transfer of the
Property.

                                   8 - DEFAULT

                8.1     EVENTS OF DEFAULT. The occurrence of any one or more of
the following events shall constitute an "Event of Default": (i) if the entire
Debt is not paid on or before the Maturity Date; (ii) if Borrower shall fail to
pay to Lender any installment of the Constant Monthly Payment, except to the
extent that Borrower shall be excused from paying the same; (iii) if Borrower
shall breach any of the covenants contained in Section 1.2(b) above; (iv) if any
of SPSP, Passyunk or 24th Street shall (w) voluntarily be adjudicated a bankrupt
or insolvent, (x) consent to the appointment of a receiver or trustee for itself
or for any of the Property, (y) file a petition seeking relief under the
bankruptcy or other similar laws of the United States, any state or any
jurisdiction, or (z) make a general assignment for the benefit of creditors; (v)
if a court shall enter an order, judgment or decree appointing a receiver or
trustee for any of SPSP, Passyunk or 24th Street or for any of Borrower's
interest in the Property or approving a petition filed against any of SPSP,
Passyunk or 24th Street which seeks relief under the bankruptcy or other similar
laws of the United States, any state or any jurisdiction, and such order,
judgment or decree shall remain in force, undischarged or unstayed, sixty days
after it is entered; (vi) if any of SPSP, Passyunk or 24th Street shall in any
insolvency proceedings be liquidated or dissolved or shall begin proceedings
towards its liquidation or dissolution; or (vii) if the estate or interest of
any of SPSP, Passyunk or 24th Street in any of the Property shall be levied upon
or attached in any proceeding and such estate or interest is about to be sold or
transferred or such process shall not be vacated or discharged within sixty (60)
days after such levy or attachment.

                             9 - RIGHTS AND REMEDIES

                9.1     REMEDIES. Upon the occurrence of any Event of Default,
Borrower agrees that Lender may take such action, without notice or demand, as
it deems advisable to protect and enforce its rights against Borrower and in and
to the Property, including, but not limited to, the following actions, each of
which may be pursued concurrently or otherwise, at such time and in such order
as Lender may determine, in its sole discretion, without impairing or otherwise
affecting the other rights and remedies of Lender: (a) declare the entire unpaid
Debt to be immediately due and payable; (b) with or without entry, institute
proceedings, judicial or otherwise, for the complete or partial foreclosure of
this Security Instrument under any applicable provision of law in which case the
Property or any interest therein may be sold for

                                       13
<PAGE>

cash or upon credit in one or more parcels or in several interests or portions
and in any order or manner, any partial foreclosure to be subject to the
continuing lien and security interest of this Security Instrument for the
balance of the Debt not then due, unimpaired and without loss of priority; (c)
sell for cash or upon credit the Property or any part thereof and all estate,
claim, demand, right, title and interest of borrower therein and rights of
redemption thereof, pursuant to power of sale, judicial decree or otherwise, at
one or more sales, as an entirety or in one or more parcels; (d) institute an
action, suit or proceeding in equity for the specific performance of any
covenant, condition or agreement contained herein, in the Note or in the other
Loan Documents; (e) recover judgment on the Note either before, during or after
any proceedings for the enforcement of this Security Instrument or the other
Loan Documents; (f) apply for the appointment of a receiver, trustee, liquidator
or conservator of the Property, without notice and without regard for the
adequacy of the security for the Debt and without regard for the solvency of
Borrower or of any person, firm or other entity liable for the payment of the
Debt; (g) enter into or upon the Property, either personally or by its agents,
nominees or attorneys and dispossess Borrower and its agents and servants
therefrom, without liability for trespass, damages or otherwise and exclude
Borrower and its agents or servants wholly therefrom, and take possession of all
books, records and accounts relating thereto and Borrower agrees to surrender
possession of the Property and of such books, records and accounts to Lender
upon demand, and thereupon Lender may exercise all rights and powers of Borrower
with respect to the Property including, without limitation; (1) the right to
use, operate, manage, control, insure, maintain, repair, restore and otherwise
deal with all and every part of the Property and conduct the business thereat
including without limitation the right to perform the landlord's obligations
under the Net Lease with or without entry; (2) the right to make or complete any
construction, alterations, additions, renewals, replacements and improvements to
or on the Property as Lender deems advisable; (3) the right to make, cancel,
enforce or modify Leases, obtain and evict tenants, and demand sue for, collect
and receive all Rents of the Property and every part thereof; (h) require
Borrower to pay monthly in advance to Lender, or any receiver appointed to
collect the Rents, the fair and reasonable rental value for the use and
occupation of such part of the Property as may be occupied by Borrower; (i)
require Borrower to vacate and surrender possession of the Property to Lender or
to such receiver and, in default thereof, Borrower may be evicted by summary
proceedings or otherwise; (j) apply the receipts from the Property and/or any
Deposits and interest thereon to the payment of the Obligations, it being agreed
that Lender shall apply such receipts first to interest and then to principal;
(k) exercise any and all rights and remedies granted to a secured party upon
default under the Uniform Commercial Code, including, without limiting the
generality of the foregoing: the right to (1) take possession of the Personal
Property or any part thereof, and to take such other measures as Lender may deem
necessary for the care, protection and preservation of the Personal Property,
and (2) request Borrower at its expense to assemble the Personal Property and
make it available to Lender at a convenient place acceptable to Lender. Any
notice of sale, disposition or other intended action by Lender with respect to
the Personal Property sent to Borrower in accordance with the provisions hereof
at least five (5) days prior to such action, shall constitute commercially
reasonable notice to Borrower. Upon any foreclosure or other sale of the
Property pursuant to the terms hereof, Lender may bid for and purchase the
Property and shall be entitled to apply all or any part of the secured
indebtedness as a credit against the purchase price.

                In the event of a sale, by foreclosure, power of sale, or
otherwise, of less than all of the Property, this Security Instrument shall
continue as a lien and security interest on the

                                       14
<PAGE>

remaining portion of the Property unimpaired and without loss of priority.
Notwithstanding the provisions of this Section 9.1 to the contrary, if any Event
of Default as described in clause (iii), (iv), (v) or (vi) of Section 8.1(a)
shall occur, the entire unpaid Debt shall be automatically due and payable,
without any further notice, demand or other action by Lender.

                9.2     APPLICATION OF PROCEEDS. The purchase money, proceeds
and avails of any disposition of the Property, or any part thereof, or any other
sums collected by Lender pursuant to the Note, this Security Instrument or the
other Loan Documents, may be applied by Lender to the payment of the Debt, first
to interest and then to principal.

                9.3     RIGHT TO CURE DEFAULTS. Upon the occurrence of any Event
of Default, Lender may, but without any obligation to do so and without notice
to or demand on Borrower and without releasing Borrower from any obligation
hereunder or curing or being deemed to have cured any default hereunder, make or
do the same in such manner and to such extent as Lender may deem necessary to
protect the security hereof. Lender is authorized to enter upon the Property for
such purposes, or appear in, defend, or bring any action or proceeding to
protect its interest in the Property or to foreclose this Security Instrument or
collect the Debt, or to enforce the terms and conditions of the Net Lease, and
the cost and expense thereof (including reasonable attorneys' fees to the extent
permitted by law), with interest as provided in this Section 9.3, shall
constitute a portion of the Debt and shall be due and payable to Lender upon
demand. All such costs and expenses incurred by Lender in remedying such Event
of Default or such failed payment or act or in appearing in, defending, or
bringing any such action or proceeding shall bear interest at the Default Rate
(as defined in the Note), for the period after notice from Lender that such cost
or expense was incurred to the date of payment to Lender. All such costs and
expenses incurred by Lender together with interest thereon calculated at the
Default Rate shall be deemed to constitute a portion of the Debt and be secured
by this Security Instrument and the other Loan Documents and shall be
immediately due and payable upon demand by Lender therefor.

                9.4     ACTIONS AND PROCEEDINGS. Subject to the terms of the Net
Lease, Lender has the right to appear in and defend any action or proceeding
brought with respect to the Property and to bring any action or proceeding, in
the name and on behalf of Borrower, which Lender, in its discretion, decides
should be brought to protect its interest in the Property.

                9.5     RECOVERY OF SUMS REQUIRED TO BE PAID. Lender shall have
the right from time to time to take action to recover any sum or sums which
constitute a part of the Debt as the same become due, without regard to whether
or not the balance of the Debt shall be due, and without prejudice to the right
of Lender thereafter to bring an action of foreclosure, or any other action, for
a default or defaults by Borrower existing at the time such earlier action was
commenced.

                9.6     OTHER RIGHTS, ETC. (a) The failure of Lender to insist
upon strict performance of any term hereof shall not be deemed to be a waiver of
any term of this Security Instrument. Borrower shall not be relieved of
Borrower's obligations hereunder by reason of (i) the failure of Lender to
comply with any request of Borrower to take any action to foreclose this
Security Instrument or otherwise enforce any of the provisions hereof or of the
Note or the other Loan Documents, (ii) the release, regardless of consideration,
of the whole or any part of the

                                       15
<PAGE>

Property, or of any person liable for the Debt or any portion thereof, or (iii)
any agreement or stipulation by Lender extending the time of payment or
otherwise modifying or supplementing the terms of the Note, this Security
Instrument or the other Loan Documents.

                (b)     It is agreed that the risk of loss or damage to the
Property is on Borrower, and Lender shall have no liability whatsoever for
decline in value of the Property, or for failure to determine whether insurance
in force is adequate as to the nature or amount of risks insured. Possession by
Lender shall not be deemed an election of judicial relief, if any such
possession is requested or obtained, with respect to any Property or collateral
not in Lender's possession.

                (c)     Lender may resort for the payment of the Debt to any
other security held by Lender in such order and manner as Lender, in its
discretion, may elect. Lender may take action to recover the Debt, or any
portion thereof, or to enforce any covenant hereof without prejudice to the
right of Lender thereafter to foreclose this Security Instrument. The rights of
Lender under this Security Instrument shall be separate, distinct and cumulative
and none shall be given effect to the exclusion of the others. No act of Lender
shall be construed as an election to proceed under any one provision herein to
the exclusion of any other provision. Lender shall not be limited exclusively to
the rights and remedies herein stated but shall be entitled to every right and
remedy now or hereafter afforded at law or in equity.

                9.7     RIGHT TO RELEASE ANY PORTION OF THE PROPERTY. Lender may
release any portion of the Property for such consideration as Lender may require
without, as to the remainder of the Property, in any way impairing or affecting
the lien or priority of this Security Instrument, or improving the position of
any subordinate lienholder with respect thereto, except to the extent that the
obligations hereunder shall have been reduced by the actual monetary
consideration, if any, received by Lender for such release, and may accept by
assignment, pledge or otherwise any other property in place thereof as Lender
may require without being accountable for so doing to any other lienholder. This
Security Instrument shall continue as a lien and security interest in the
remaining portion of the Property.

                9.8     RIGHT OF ENTRY. Lender and its agents shall have the
right to enter and inspect the Property at all reasonable times.

                9.9     DEFAULT INTEREST AND LATE CHARGES. Borrower acknowledges
that, without limitation to any of Lender's rights or remedies set forth in this
Security Instrument, Lender has the right following an Event of Default to
demand interest on the principal amount of the Note at the Default Rate and late
payment charges in accordance with the terms of the Note.

                                  10 - WAIVERS

                10.1    WAIVER OF COUNTERCLAIM. Borrower hereby waives the right
to assert a counterclaim, other than a mandatory or compulsory counterclaim, in
any action or proceeding brought against Borrower by Lender arising out of or in
any way connected with this Security Instrument, the Note, any of the other Loan
Documents, or the Obligations.

                10.2    MARSHALING AND OTHER MATTERS. Borrower hereby waives, to
the extent permitted by law, the benefit of all appraisement, valuation, stay,
extension,

                                       16
<PAGE>

reinstatement and redemption laws now or hereafter in force and all rights of
marshalling in the event of any sale hereunder of the Property or any part
thereof or any interest therein. Further, Borrower hereby expressly waives any
and all rights of redemption from sale under any order or decree of foreclosure
of this Security Instrument on behalf of Borrower, and on behalf of each and
every person acquiring any interest in or title to the Property subsequent to
the date of this Security Instrument and on behalf of all persons to the extent
permitted by applicable law.

                10.3    WAIVER OF NOTICE. Borrower shall not be entitled to any
notices of any nature whatsoever from Lender except with respect to matters for
which this Security Instrument specifically and expressly provides for the
giving of notice by Lender to Borrower and except with respect to matters for
which Lender is required by applicable law to give notice, and Borrower hereby
expressly waives the right to receive any notice from Lender with respect to any
matter for which this Security Instrument does not specifically and expressly
provide for the giving of notice by Lender to Borrower.

                10.4    SOLE DISCRETION OF LENDER. Wherever pursuant to this
Security Instrument (a) Lender exercises any right given to it to approve or
disapprove, (b) any arrangement or term is to be satisfactory to Lender, or (c)
any other decision or determination is to be made by Lender, the decision of
Lender to approve or disapprove, all decisions that arrangements or terms are
satisfactory or not satisfactory and all other decisions and determinations made
by Lender, shall be in the sole and absolute discretion of Lender, except as may
be otherwise expressly and specifically provided herein.

                10.5    WAIVER OF TRIAL BY JURY. BORROWER HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING
DIRECTLY OR INDIRECTLY TO THE LOAN, THE APPLICATION FOR THE LOAN, THE NOTE, THIS
SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF
LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH.

                                11 - EXCULPATION

                11.1    EXCULPATION. Lender shall not enforce the liability and
obligation of Borrower to perform and observe the obligations contained in the
Note or this Security Instrument by any action or proceeding wherein a money
judgment shall be sought against Borrower (or its partners, shareholders,
officers or directors), except only that Lender may sell the Property under any
power of sale or right of non-judicial foreclosure or bring a foreclosure
action, confirmation action, action for specific performance or other
appropriate action or proceeding to enable Lender to enforce and realize upon
the Note, this Security Instrument, the other Loan Documents, and the interest
in the Property, the Rents and any other collateral given to Lender created by
the Note, this Security Instrument and the other Loan Documents; provided,
however, that any judgment in any such action or proceeding shall be enforceable
against Borrower only to the extent of Borrower's interest in the Property, in
the Rents and in any other collateral given to Lender. Lender, by accepting the
Note and this Security Instrument, agrees that it shall not sue for, seek or
demand any deficiency judgment against Borrower (or its

                                       17
<PAGE>

partners, shareholders, officers or directors) in any such action or proceeding,
under or by reason of or under or in connection with the Note, the other Loan
Documents or this Security Instrument.

                11.2    RESERVATION OF CERTAIN RIGHTS. The provisions of Section
11.1 shall not, however, (a) constitute a waiver, release or impairment of any
obligation evidenced or secured by the Note, the other Loan Documents or this
Security Instrument; (b) impair the right of Lender to name Borrower as a party
defendant in any action or suit for judicial foreclosure and sale under this
Security Instrument; (c) affect the validity or enforceability without regard to
the provisions of Section 11.1 of any indemnity, guaranty, master lease or
similar instrument made in connection with the Note, this Security Instrument,
or the other Loan Documents; (d) impair the right of Lender to obtain the
appointment of a receiver; (e) impair the enforcement of the Assignment of
Leases and Rents executed in connection herewith; or (f) impair the right of
Lender to obtain a deficiency judgment or judgment on the Note against Borrower
if necessary to obtain any insurance proceeds or condemnation awards to which
Lender would otherwise be entitled under this Security Instrument, provided,
however, Lender shall only enforce such judgment against the insurance proceeds
and/or condemnation awards.

                11.3    BANKRUPTCY CLAIMS. Nothing herein shall be deemed to be
a waiver of any right which Lender may have under Sections 506(a), 506(b),
1111(b) or any other provisions of the Bankruptcy Code to file a claim for the
full amount of the Debt or to require that all collateral shall continue to
secure all of the Debt owing to Lender in accordance with the Note, this
Security Instrument and the other Loan Documents.

                                  12 - NOTICES

                12.1    NOTICES. All notices, requests, demands and other
communications provided for by this Agreement shall be (a) in writing, (b) sent
either by hand delivery service or by same day or overnight recognized
commercial courier service, addressed to the address of the parties stated below
or to such changed address as such party may have fixed by notice, and (c)
deemed to have been delivered on the date of receipt thereof (or the date that
such receipt is refused, if applicable), addressed as follows:

If to Borrower:                 c/o Greentree Properties Corporation
                                44 West Lancaster Avenue, Suite 110
                                Ardmore, Pennsylvania 19003
                                Attention: Mr. Gary E. Erlbaum

With a copy to:                 Greentree Properties Corporation
                                44 West Lancaster Avenue, Suite 110
                                Ardmore, Pennsylvania 19003
                                Attention: William Frutkin, Esq.

With a copy to:                 Ledgewood Law Firm, P.C.
                                1521 Locust Street
                                Philadelphia, Pennsylvania 19102
                                Attention: Richard Abt, Esq.

                                       18
<PAGE>

If to Lender:                   Cedar-South Philadelphia II, LLC
                                44 South Bayles Avenue
                                Port Washington, New York 11050
                                Attention: Mr. Leo S. Ullman

With a copy to:                 Stroock & Stroock & Lavan LLP
                                180 Maiden Lane
                                New York, New York 10038-4982
                                Attention: Mark A. Levy, Esq.

                Either party by notice to the other may designate additional or
different addresses for subsequent notices or communications.

                For purposes of this Section, "Business Day" shall mean a day on
which commercial banks are not authorized or required by law to close in
Philadelphia, Pennsylvania.

                               13 - APPLICABLE LAW

                13.1    CHOICE OF LAW. This Security Instrument shall be
governed, construed, applied and enforced in accordance with the laws of the
state in which the Property is located and the applicable laws of the United
States of America.

                13.2    USURY LAWS. This Security Instrument and the Note are
subject to the express condition that at no time shall Borrower be obligated or
required to pay interest on the Debt at a rate which could subject the holder of
the Note to either civil or criminal liability as a result of being in excess of
the maximum interest rate which Borrower is permitted by applicable law to
contract or agree to pay. If by the terms of this Security Instrument or the
Note, Borrower is at any time required or obligated to pay interest on the Debt
at a rate in excess of such maximum rate, the rate of interest under the
Security Instrument and the Note shall be deemed to be immediately reduced to
such maximum rate and the interest payable shall be computed at such maximum
rate and all prior interest payments in excess of such maximum rate shall be
applied and shall be deemed to have been payments in reduction of the principal
balance of the Note. All sums paid or agreed to be paid to Lender for the use,
forbearance, or detention of the Debt shall, to the extent permitted by
applicable law, be amortized, prorated, allocated, and spread throughout the
full stated term of the Note until payment in full so that the rate or amount of
interest on account of the Debt does not exceed the maximum lawful rate of
interest from time to time in effect and applicable to the Debt for so long as
the Debt is outstanding.

                13.3    PROVISIONS SUBJECT TO APPLICABLE LAW. All rights, powers
and remedies provided in this Security Instrument may be exercised only to the
extent that the exercise thereof does not violate any applicable provisions of
law and are intended to be limited to the extent necessary so that they will not
render this Security Instrument invalid, unenforceable or not entitled to be
recorded, registered or filed under the provisions of any applicable law. If any
term of this Security Instrument or any application thereof shall be invalid

                                       19
<PAGE>

or unenforceable, the remainder of this Security Instrument and any other
application of the term shall not be affected thereby.

                                   14 - COSTS

                14.1    PERFORMANCE AT LENDER'S EXPENSE. Lender shall not be
permitted to any administrative processing and/or commitment fees in connection
with: (a) extensions, renewals, modifications, amendments and terminations of
the Loan Documents requested by Borrower, and (b) the release or substitution of
collateral for the Loan requested by Borrower, and Lender shall not be entitled
to reimbursement for its reasonable out-of-pocket costs and expenses associated
with its provision of consents, waivers and approvals under the Loan Documents
(the occurrence of any of the above shall be called an "Event"). Lender further
acknowledges and confirms that Lender shall be responsible for the payment of
all costs of reappraisal of the Property or any part thereof, which are required
by law, regulation or any governmental or quasi-governmental authority.

                14.2    ATTORNEY'S FEES FOR ENFORCEMENT. Each party shall pay
their respective legal fees in connection with the preparation of the Note, this
Security Instrument and the other Loan Documents. In the event that either party
shall prosecute an action for enforcement of its rights under the Note, this
Security Instrument or the Other Loan Documents, the prevailing party in such
action shall be entitled to recover as a part of such action the actual
out-of-pocket costs and reasonable attorneys' fees incurred by such prevailing
party in connection with such action.

                              15 - TRANSFER OF LOAN

                15.1    TRANSFER OF LOAN. Lender may, at any time, on prior
notice to Borrower, sell, transfer or assign the Note, this Security Instrument
and the other Loan Documents, provided that said assignee shall either be (i)
Net Lease Tenant, or (ii) the holder of a leasehold mortgage granted by Net
Lease Tenant, or (iii) an affiliate of either Net Lease Tenant or the holder of
a leasehold mortgage granted by Net Lease Tenant. Lender may forward to each
purchaser, transferee or assignee all documents and information which Lender now
has or may hereafter acquire relating to the Debt and to Borrower and the
Property, whether furnished by Borrower or otherwise, as Lender determines
necessary or desirable. Borrower agrees to cooperate with Lender in connection
with any transfer made pursuant to this Section, provided such cooperation does
not require Borrower to incur any cost or expense.

                                16 - DEFINITIONS

                16.1    GENERAL DEFINITIONS. Unless the context clearly
indicates a contrary intent or unless otherwise specifically provided herein,
words used in this Security Instrument may be used interchangeably in singular
or plural form and the word "Borrower" shall mean "each Borrower and any
subsequent owner or owners of the Property or any part thereof or any interest
therein," the word "Lender" shall mean "Lender, its servicer and any subsequent
holder of the Note," the word "Note" shall mean "the Note and any other evidence
of indebtedness secured by this Security Instrument," the word "person" shall
include an individual, corporation, partnership, limited liability company,
trust, unincorporated association,

                                       20
<PAGE>

government, governmental authority, and any other entity, the word "Property"
shall include any portion of the Property and any interest therein, and the
phrases "attorneys' fees", "legal fees" and "counsel fees" shall include any and
all reasonable attorneys', paralegal and law clerk fees and disbursements,
including, but not limited to, fees and disbursements at the pre-trial, trial
and appellate levels incurred or paid by Lender in protecting its interest in
the Property, the Leases and the Rents and enforcing its rights hereunder.

                          17 - MISCELLANEOUS PROVISIONS

                17.1    NO ORAL CHANGE. This Security Instrument, and any
provisions hereof, may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

                17.2    LIABILITY. If Borrower consists of more than one person,
the obligations and liabilities of each such person hereunder shall be joint and
several. This Security Instrument shall be binding upon and inure to the benefit
of Borrower and Lender and their respective successors and assigns forever.

                17.3    INAPPLICABLE PROVISIONS. If any term, covenant or
condition of the Note or this Security Instrument is held to be invalid, illegal
or unenforceable in any respect, the Note and this Security Instrument shall be
construed without such provision.

                17.4    HEADINGS, ETC. The headings and captions of various
Sections of this Security Instrument are for convenience of reference only and
are not to be construed as defining or limiting, in any way, the scope or intent
of the provisions hereof.

                17.5    DUPLICATE ORIGINALS; COUNTERPARTS. This Security
Instrument may be executed in any number of duplicate originals and each
duplicate original shall be deemed to be an original. This Security Instrument
may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a
single Security Instrument. The failure of any party hereto to execute this
Security Instrument, or any counterpart hereof, shall not relieve the other
signatories from their obligations hereunder.

                17.6    NUMBER AND GENDER. Whenever the context may require, any
pronouns used herein shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns and pronouns shall include the
plural and vice versa.

                17.7    SUBROGATION. If any or all of the proceeds of the Note
have been used to extinguish, extend or renew any indebtedness heretofore
existing against the Property, then, to the extent of the funds so used, Lender
shall be subrogated to all of the rights, claims, liens, titles, and interests
existing against the Property heretofore held by, or in favor of, the holder of
such indebtedness and such former rights, claims, liens, titles, and interests,
if any, are not waived but rather are continued in full force and effect in
favor of Lender and are merged with the lien and security interest created
herein as cumulative security for the payment and performance of the
Obligations.

                                       21
<PAGE>

                17.8    ENTIRE AGREEMENT. The Note, this Security Instrument and
the other Loan Documents constitute the entire understanding and agreement
between Borrower and Lender with respect to the transactions arising in
connection with the Debt and supersede all prior written or oral understandings
and agreements between Borrower and Lender with respect thereto. Borrower hereby
acknowledges that, except as incorporated in writing in the Note, this Security
Instrument and the other Loan Documents, there are not, and were not, and no
persons are or were authorized by Lender to make, any representations,
understandings, stipulations, agreements or promises, oral or written, with
respect to the transaction which is the subject of the Note, this Security
Instrument and the other Loan Documents.

                         18 - STATE SPECIFIC PROVISIONS

                18.1    OPEN-END MORTGAGE. (a) This Security Instrument is an
open-end mortgage pursuant to 42 PA. C.S.A. Section 8143, and secures, inter
alia, present and future advances made by Lender pursuant to the Loan Documents,
including, without limitation, advances for the payment of taxes, assessments,
maintenance charges, insurance premiums or costs incurred for the protection of
the Property or the lien of this Security Instrument, or expenses incurred by
the Lender by reason of default by Borrower, and to enable any completion of the
Improvements comprising the Property as may be contemplated by the Loan
Documents. Nothing contained herein shall impose any obligation on the part of
Lender to make any such additional loan(s) to Borrower.

                (b)     Without limiting any other provisions of this Security
Instrument, this Security Instrument secures present and future loans, advances
and extensions of credit made by Lender to or for the benefit of Borrower, and
the lien of such future advances shall relate back to the date of this Security
Instrument. This Security Instrument shall also secure additional loans
hereafter made by Lender to Borrower. Nothing contained herein shall impose any
obligation on the part of Lender to make any such additional loans, advances and
extensions of credit to or for the benefit of Borrower.

                (c)     If Borrower sends a written notice to Lender which
purports to limit the indebtedness secured by this Security Instrument and to
release the obligation of the Lender to make any additional advances to
Borrower, such notice shall be ineffective as to any future advances made: (i)
to pay taxes, assessments, maintenance charges and insurance premiums; (ii)
costs incurred for the protection and preservation of the Property or the lien
of this Security Instrument, and (iii) costs and expenses incurred by Lender by
reason of the default of Borrower. It is the intention of the parties hereto
that any such advance made by Lender after any such notice by Borrower shall be
secured by the lien of this Security Instrument on the Property.

                18.2    ACTION IN EJECTMENT. (a) For the purpose of obtaining
possession of the Land and the Improvements in the event of any Event of Default
hereunder or under the Note, Borrower hereby authorizes and empowers any
attorney of any court of record in the Commonwealth of Pennsylvania or
elsewhere, as attorney for Borrower and all persons claiming under or through
Borrower, to appear for and confess judgment against Borrower, and against all
persons claiming under or through mortgagor, in an action in ejectment for
possession of the Property, in favor of Lender, for which this Security
Instrument, or a copy thereof verified by affidavit, shall be a sufficient
warrant; and thereupon a writ of possession may immediately issue

                                       22
<PAGE>

for possession of the property, without any prior writ or proceeding whatsoever
and without any stay of execution. If for any reason after such action has been
commenced it shall be discontinued, or possession of the Property shall remain
in or be restored to Borrower, Lender shall have the right for the same default
or any subsequent default to bring one or more further actions as above provided
to recover possession of the Property. Lender may confess judgment in an action
in ejectment before or after the institution of proceedings to foreclose this
Security Instrument or to enforce the Note, or after entry of judgment therein
or on the Note, or after a sheriffs sale or judicial sale or other foreclosure
sale of the Property in which Lender is the successful bidder, it being the
understanding of the parties that the authorization to pursue such proceedings
for confession of judgment therein is an essential part of the remedies for
enforcement of this Security Instrument and the Note, and shall survive any
execution sale to Lender.

                (b)     Borrower confirms to Lender that (i) Borrower is a
business entity and that its principals are knowledgeable in business matters;
(ii) the terms of this Security Instrument, including the foregoing warrant of
attorney to confess judgment, have been negotiated and agreed upon in a
commercial context; and (iii) Borrower has fully reviewed the aforesaid warrant
of attorney to confess judgment with its own counsel and is knowingly and
voluntarily waiving certain rights it would otherwise possess, including but not
limited to, the right to any notice of a hearing prior to the entry of judgment
by Lender pursuant to the foregoing warrant.

                18.3    CONFLICTING PROVISIONS. The provisions of this Article
18 are intended to supplement, and not limit, the other provisions of this
Security Instrument; provided, however, that in the event the provisions of this
Article 18 contradict any other provision of this Security instrument, the
provisions of this Article 18 shall govern.

                                       23
<PAGE>

                IN WITNESS WHEREOF, THIS SECURITY INSTRUMENT has been executed
by Borrower as of the day and year first above written.

                                    SPSP Corporation

                                    By:   /s/  Gary E. Erlbaum
                                          --------------------------------------
                                          Name:   Gary E. Erlbaum
                                          Title:  President

                                    Passyunk Supermarket, Inc.

                                    By:   /s/  Gary E. Erlbaum
                                          --------------------------------------
                                          Name:   Gary E. Erlbaum
                                          Title:  President

                                    Twenty Fourth Street Passyunk Partners, L.P.

                                    By:   Twenty Fourth Street Passyunk
                                          Corporation, its general partner

                                    By:   /s/  Marc Erlbaum
                                          --------------------------------------
                                          Name:   Marc Erlbaum
                                          Title:  President

The undersigned hereby certifies that the address of the within named mortgagee
is:

Cedar-South Philadelphia II, LLC
44 South Bayles Avenue
Port Washington, New York 11050
Attention: Mr. Leo S. Ullman

/s/  Brenda J. Walker
--------------------------------
On behalf of mortgagee

                                       24
<PAGE>

                                ACKNOWLEDGEMENTS

STATE OF         Pennsylvania           )
                                        ) ss.:
COUNTY OF        Montgomery             )

                AND NOW, this 24th day of October, 2003 before me, the
undersigned Notary Public, personally appeared Gary Erlbaum, who acknowledged
himself/herself to be the President of SPSP CORPORATION, a Pennsylvania
corporation, and that he/she, as such President being authorized to do so,
executed the foregoing instrument for the purposes therein contained by signing
the name of the corporation by himself/herself as President.

                IN WITNESS WHEREOF, I hereunder set my hand and official seal.

                                          /s/
                                          --------------------------------------
                                                         Notary Public

                                          My commission expires:

STATE OF         Pennsylvania           )
                                        ) ss.:
COUNTY OF        Montgomery             )

                AND NOW, this 24th day of October 2003 before me, the
undersigned Notary Public, personally appeared Gary Erlbaum, who acknowledged
himself/herself to be the President of PASSYUNK SUPERMARKET, INC., a
Pennsylvania corporation, and that he/she, as such President being authorized to
do so, executed the foregoing instrument for the purposes therein contained by
signing the name of the corporation by himself/herself as President.

                IN WITNESS WHEREOF, I hereunder set my hand and official seal.

                                          /s/
                                          --------------------------------------
                                                         Notary Public

                                          My commission expires:

                                       25
<PAGE>

STATE OF         Pennsylvania           )
                                        ) ss.:
COUNTY OF        Montgomery             )

                AND NOW, this 24th day of October, 2003, before me, the
undersigned Notary Public, personally appeared Marc Erlbaum who acknowledged
himself/herself to be the President of TWENTY FOURTH STREET PASSYUNK
CORPORATION, the general partner of TWENTY FOURTH STREET PASSYUNK PARTNERS,
L.P., a Pennsylvania limited partnership, and he/she, as such President, being
authorized to do so, executed the foregoing instrument for the purposes therein
contained.

                IN WITNESS WHEREOF, I hereunder set my hand and official seal.

                                          /s/
                                          --------------------------------------
                                                         Notary Public

                                          My commission expires:

                                       26
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>23
<FILENAME>ex10-08a.txt
<DESCRIPTION>EX10-08A.TXT
<TEXT>
<PAGE>

                             CONTRIBUTION AGREEMENT

        AGREEMENT (this "Agreement") made as of this 2nd day of October 2003 by
and among FIREHOUSE REALTY CORP., a Pennsylvania corporation ("Firehouse"), REED
DEVELOPMENT ASSOCIATES, INC., a Pennsylvania corporation ("Reed"), SOUTH RIVER
VIEW PLAZA, INC., a Pennsylvania corporation ("South"), RIVER VIEW DEVELOPMENT
CORP., a Pennsylvania corporation ("Development"), RIVERVIEW COMMONS, INC., a
Pennsylvania corporation ("Commons"; and together with Firehouse, Reed, South
and Development, the "Owners", or each individually, an "Owner") and
CSC-RIVERVIEW LLC ("Cedar").

                               W I T N E S S E T H

        WHEREAS, the Owners and Cedar desire to form a Pennsylvania limited
partnership (the "Partnership");

        WHEREAS, the Owners are the owners in fee of the Fee Property (as
hereinafter defined) and the owners of a leasehold estate in the Leasehold
Property (as hereinafter defined);

        WHEREAS, the Owners desire to contribute the Property (as hereinafter
defined) to the Partnership, in exchange for preferred interests in and to the
Partnership; and

        WHEREAS, Cedar desires to contribute the Initial Funding Amount (as
hereinafter defined) to the Partnership in exchange for common interests in and
to the Partnership.

        NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, the parties hereto covenant and agree
as follows:

                                    ARTICLE I
                              Issuance of Interests

        1.1     Interests. The Owners and Cedar hereby agree to form the
Partnership, to contribute the Property and the Initial Funding Amount to the
Partnership and to cause the Partnership to issue interests in and to the
Partnership to Owners and Cedar (and to an affiliate of Cedar) so that said
formation, contribution and issuance (collectively, the "Contribution") will
result in:

                A.      Said affiliate of Cedar becoming the general partner of
the Partnership, owning one percent (1%) of the common interests in and to the
Partnership ("Cedar GP Interests");

                B.      Cedar becoming a limited partner of the Partnership,
owning ninety-nine percent (99%) of the common interests in and to the
Partnership ("Cedar LP Interests" and, together with Cedar GP Interests, the
"Interests"); and

                C.      The Owners becoming limited preferred partners of the
Partnership, owning a preferred interest (the "Preferred Interest").

<PAGE>

        1.2     Permitted Exceptions. Upon the Contribution, the Property shall
be subject only to those matters set forth on EXHIBIT A annexed hereto
(collectively, the "Permitted Exceptions").

        1.3     Other Agreement.

        The parties acknowledge that, pursuant to the terms of that certain
Recapitalization Agreement (the "Other Agreement"), among Delaware 1851
Associates, LP, Indenture of Trust of Bart Blatstein dated as of June 9, 1998
("1998 Trust"), Irrevocable Indenture of Trust of Barton Blatstein dated July
13, 1999 ("1999 Trust"; and together with 1998 Trust, "Original LPs"),
Welsh-Square, Inc. ("WSI"; and together with Original LPs, the "Other Agreement
Owners"), and CSC-Columbus LLC (the "Other Agreement Buyer"), the Other
Agreement Owners have agreed to consummate the transaction as more particularly
described in the Other Agreement (the closing of such transaction, the "Other
Agreement Closing"). Notwithstanding anything to the contrary contained herein
or in the Other Agreement, the Closing under this Agreement is specifically
contingent, as set forth in Sections 7.2.1(L) and 7.2.2(C) hereof, upon the
Other Agreement Closing (which shall include, without limitation, the making of
the loan contemplated by the Other Agreement (the "Other Agreement Owners
Loan")). It is expressly understood and agreed that the Closing and the Other
Agreement Closing shall occur simultaneously and that, if the Other Agreement is
terminated in accordance with its terms, then this Agreement shall similarly
terminate and, in connection with any such termination, if (i) the Other
Agreement Owners are entitled to the downpayment under the Other Agreement in
connection with such termination, then, in such case, the Owners shall be
entitled to the Downpayment in connection with such a termination under this
Agreement, and (ii) the Other Agreement Buyer is entitled to a refund of the
downpayment under the Other Agreement in connection with such termination, then,
in such case, Cedar shall be entitled to a refund of the Downpayment. A default
by the Other Agreement Owners under the Other Agreement shall be deemed to be a
default by Owners under this Agreement and a default by the Other Agreement
Buyer under the Other Agreement shall be deemed to be a default by Cedar under
this Agreement.

                                   ARTICLE II
                             Initial Funding Amount

        2.1     Initial Funding Amount. In consideration for (i) the
contribution by the Owners of the Property to the Partnership, and (ii) the
issuance of the Interests to Cedar, Cedar shall (i) loan to Owners an amount
equal to Twenty Six Million Seven Hundred Forty-Three Thousand ($26,743,000.00)
Dollars (the "Owners Loan"), on a nonrecourse basis, secured by the Preferred
Interest, and (ii) contribute to the Partnership an initial capital amount equal
to the sum of all legal fees, title insurance premiums and other closing costs
to be paid by Cedar in connection with the Closing (as hereinafter defined), as
the same may be adjusted pursuant to the terms of this Agreement (the "Initial
Capital Amount"). The Owners Loan and the Initial Capital Amount are sometimes
collectively referred to herein as the "Initial Funding Amount".

        2.2     Property Contribution. In consideration for (i) the issuance of
the Preferred Interest to the Owners, (ii) the making by Cedar of the Owners
Loan, and (iii) the contribution by Cedar of the Initial Capital Amount to the
Partnership, Owners shall contribute to the Partnership

                                        2
<PAGE>

(a) their fee interest in certain real property located at 1100, 1300 and 1400
South Christopher Columbus Boulevard, Philadelphia, Pennsylvania and 1401 South
Water Street, Philadelphia, Pennsylvania (also collectively known as Riverview
Shopping Center) all as more particularly described on EXHIBIT B annexed hereto
together with all improvements located thereon, subject only to the Permitted
Exceptions (the "Fee Property") and (b) their right, title and interest in (A)
that certain Lease dated October 16, 1991 by and between Interstate Land
Management Corporation ("Interstate") and Commons, as amended by that certain
First Amendment to Lease dated June 24, 1992 (as so amended, "Parking Lease I"),
with respect to the premises particularly described on EXHIBIT B-1 annexed
hereto, (B) that certain Lease dated June 24, 1992 by and between Interstate and
Commons, as amended by that certain First Amendment to Lease dated February 10,
1993 (as so amended, "Parking Lease II"), with respect to the premises
particularly described on EXHIBIT B-2 annexed hereto (the leased property
described on EXHIBIT B-1 and EXHIBIT B-2 together with all improvements located
thereon, collectively, the "Leasehold Property"), (C) the Personal Property (as
that term is hereinafter defined), (D) the Leases (as that term is hereinafter
defined), (E) all easements and rights appurtenant to the Fee Property and/or
the Leasehold Property, if any, (F) to the extent assignable, the Permits (as
that term is hereinafter defined), other than that certain liquor license, LID
No. 47678 owned by Reed (the "Liquor License"), (G) and all Records and Plans
(as that term is hereinafter defined) in the Owners' possession or control. The
Fee Property, together with the foregoing items (A) through (G), are hereinafter
referred to collectively as, the "Property".

        2.3     Method of Payment. The Initial Funding Amount shall be disbursed
as follows: simultaneously with the execution and delivery of this Agreement,
Five Hundred Thousand and 00/100 Dollars ($500,000.00) (the "Downpayment") by
wire transfer of immediately available federal funds to the account of Escrow
Agent (as hereinafter defined) in accordance with the wire instructions set
forth on EXHIBIT C annexed hereto, to be held in escrow pursuant to the
provisions of Article IX hereof, and (b) at the closing of the transactions
contemplated hereby (the "Closing"), the balance of the Owners Loan in the sum
of Twenty Six Million Two Hundred Forty-Three Thousand ($26,243,000.00) Dollars,
subject to a credit to Cedar for the interest earned on the Downpayment and
subject to other apportionments and other adjustments required to be made
pursuant to this Agreement (the "Balance of the Initial Funding Amount") by wire
transfer of immediately available federal funds to the bank account, designated
in writing by the Owners prior to Closing. Except as otherwise expressly
provided in this Agreement, the Downpayment shall be fully non-refundable.

        2.4     Downpayment. The party or parties hereunder that shall be
entitled to receive the Downpayment shall receive all interest that shall have
accrued thereon; provided, however, that if the Closing shall occur, the amount
of any interest earned on the Downpayment shall be credited in favor of Cedar
against the Balance of the Initial Funding Amount. The Downpayment, together
with all interest thereon, shall be held by Escrow Agent in accordance with
Article IX hereof.

                                   ARTICLE III
                                   Disclaimer

        3.1     Disclaimer of Warranties. Cedar is acquiring the Interests with
the Property being "AS IS" with all faults and defects. Except as specifically
stated in this Agreement, the Owners

                                        3
<PAGE>

hereby specifically disclaim any representation or warranty, oral or written,
including, but not limited to, those concerning (i) the nature and condition of
the Property, (ii) the manner, construction, condition and state of repair or
lack of repair of any improvements located on the Property, (iii) the compliance
of the Property or its operation with any laws, rules, ordinances, or
regulations of any government or other body, it being specifically understood
that Cedar has had the full opportunity to determine for itself the condition of
the Property, and (iv) the income and expenses of the Property. The issuance of
the Interests as provided for herein is made with the understanding that Cedar
has inspected the Property, is aware of the condition thereof, and has apprised
itself of all information with respect to the Property and that, except as
otherwise provided herein, the issuance is made with the Property in an "as is"
condition. Cedar expressly acknowledges that in consideration of the agreements
of the Owners herein, except as otherwise specified herein, THE OWNERS MAKE NO
WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, OR ARISING BY DECLARATION OF
LAW, INCLUDING, BUT IN NO WAY LIMITED TO, ANY WARRANTY OF QUANTITY, QUALITY,
CONDITION, HABITABILITY, MERCHANTABILITY, SUITABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF THE PROPERTY, THE INTERESTS, ANY IMPROVEMENTS, THE
PERSONALTY OR SOIL CONDITIONS. The Owners are not liable or bound in any manner
by expressed or implied warranties, guarantees, promises, statements,
representations or information pertaining to the Interests or the Property made
or furnished by any real estate broker, agent, employee, servant or other Person
(as hereinafter defined) representing or purporting to represent the Owners
unless such representations are expressly and specifically set forth herein. For
purposes of this Agreement, the term "Person" shall mean any individual,
partnership, corporation, limited liability company, trust or other entity.

                                   ARTICLE IV
                    The Owners' Representations and Covenants

        4.1     The Owners jointly and severally represent as follows:

                A.      Firehouse is a corporation duly organized and validly
existing under and by virtue of the laws of the Commonwealth of Pennsylvania and
is in good standing in the Commonwealth of Pennsylvania. Firehouse has all
requisite power and authority to execute, deliver and perform this Agreement and
to consummate the transactions contemplated hereby. Annexed hereto as EXHIBIT D
is a true, correct and complete copy of the Certificate of Incorporation of
Firehouse, which Certificate of Incorporation has not been amended or modified.
The sole asset of Firehouse is Firehouse's interest in the Property.

                B.      Reed is a corporation duly organized and validly
existing under and by virtue of the laws of the Commonwealth of Pennsylvania and
is in good standing in the Commonwealth of Pennsylvania. Reed has all requisite
power and authority to execute, deliver and perform this Agreement and to
consummate the transactions contemplated hereby. Annexed hereto as EXHIBIT E is
a true, correct and complete copy of the Certificate of Incorporation of Reed,
which Certificate of Incorporation has not been amended or modified. The sole
asset of Reed is the Liquor License and Reed's interest in the Property.

                C.      South is a corporation duly organized and validly
existing under and by virtue of the laws of the Commonwealth of Pennsylvania and
is in good standing in the

                                        4
<PAGE>

Commonwealth of Pennsylvania. South has all requisite power and authority to
execute, deliver and perform this Agreement and to consummate the transactions
contemplated hereby. Annexed hereto as EXHIBIT F is a true, correct and complete
copy of the Certificate of Incorporation of South, which Certificate of
Incorporation has not been amended or modified. The sole asset of South is
South's interest in the Property.

                D.      Development is a corporation duly organized and validly
existing under and by virtue of the laws of the Commonwealth of Pennsylvania and
is in good standing in the Commonwealth of Pennsylvania. Development has all
requisite power and authority to execute, deliver and perform this Agreement and
to consummate the transactions contemplated hereby. Annexed hereto as EXHIBIT G
is a true, correct and complete copy of the Certificate of Incorporation of
Development, which Certificate of Incorporation has not been amended or
modified. The sole asset of Development is Development's interest in the
Property.

                E.      Commons is a corporation duly organized and validly
existing under and by virtue of the laws of the Commonwealth of Pennsylvania and
is in good standing in the Commonwealth of Pennsylvania. Commons has all
requisite power and authority to execute, deliver and perform this Agreement and
to consummate the transactions contemplated hereby. Annexed hereto as EXHIBIT H
is a true, correct and complete copy of the Certificate of Incorporation of
Commons, which Certificate of Incorporation has not been amended or modified.
The sole asset of Commons is Commons' interest in the Property.

                F.      The Owners are the owner in fee of the Fee Property,
subject only at Closing to the Permitted Exceptions. Commons is the owner of a
leasehold estate in the Leased Property.

                G.      This Agreement (i) has been duly authorized, executed
and delivered by the Owners and no other proceedings on the part of the Owners
are necessary to authorize this Agreement or to consummate the transactions
contemplated hereby, and (ii) is the legal, valid and binding obligation of the
Owners enforceable against the Owners in accordance with its terms (subject to
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' rights generally).

                H.      The execution, delivery, observance and performance by
the Owners of this Agreement and the transactions contemplated hereby will not
(i) result in any violation of the organizational documents of any of the
Owners, (ii) violate any material contractual provision, law, statute,
ordinance, rule, regulation, judgment, decree or order applicable to any of the
Owners, (iii) conflict with, or cause a breach of, or a default under, or result
in a termination, modification, or acceleration of, any material obligation of
any of the Owners.

                I.      The Property is encumbered by a first mortgage (the
"Mortgage") securing a loan in the original principal amount of Twenty-Four
Million and 00/100 Dollars ($24,000,000) (the "Mortgage Loan"), made by First
Union National Bank of North Carolina ("Mortgagee")to the Owners on March 25,
1997 assigned to State Street Bank and Trust Co. A true, correct and complete
schedule of the documents evidencing the Mortgage Loan (the "Mortgage Loan
Documents") is annexed hereto as EXHIBIT I. True, accurate and complete copies
of the Mortgage Loan Documents in all material respects have been delivered to
Cedar.

                                        5
<PAGE>

The Mortgage Loan Documents are in full force and effect and have not been
amended. As of the date hereof, no default exists under any of the Mortgage Loan
Documents. The outstanding principal balance of the Mortgage Loan as of the date
hereof is Twenty Two Million Four Hundred Eighteen Thousand Eight Hundred Eighty
Four ($22,418,884.00) Dollars. The portion of the November 2003 payment under
the Mortgage Loan Documents that will be applied in reduction of the outstanding
principal balance of the Mortgage Loan is Twenty Nine Thousand Two Hundred
Eighty Two ($29,282.00) Dollars. There is no prepayment penalty or other fee
payable in connection with a voluntary prepayment of the Mortgage Loan other
than a prepayment fee (the "Prepayment Fee") in an amount equal to the greater
of (i) one percent (1%) of the outstanding principal balance of the Mortgage
Loan and (ii) the positive excess of (1) the present value, as of the date of
such prepayment, of all future installments of principal and interest due under
the Mortgage Loan Documents absent any such prepayment including the principal
amount due at maturity, discounted at an interest rate per annum equal to the
Treasury Constant Maturity Yield Index (as defined in the Mortgage Loan
Documents) published during the second full week preceding the date on which
such premium is payable for instruments having a maturity coterminous with the
remaining term of the Mortgage Loan, over (2) the then outstanding principal
balance hereof immediately before such prepayment (as more fully set forth in
the Mortgage Loan Documents). Upon the payment of the Prepayment Fee, the
Mortgage Loan may be freely pre-paid and the Mortgage discharged.

                J.      The Property is not subject to any mortgages, liens or
encumbrances other than (i) the Mortgage Loan, (ii) the Permitted Exceptions
(upon Closing), and (iii) that certain mortgage made to Fleet Bank, dated Sept
2, 2002, in connection with a line of credit made by Fleet Bank, which such
mortgage is freely terminable and shall be discharged by the Owners, at their
sole cost and expense, at or prior to the Closing.

                K.      No consent, approval, waiver, license, authorization or
declaration of, or filing or registration with, any Person is or will be
required in connection with the execution, delivery and performance of this
Agreement by the Owners.

                L.      There are no material contracts or agreements, written
or oral, which affect the Property, except those described either in this
Agreement or set forth in Exhibits to this Agreement.

                M.      There are no takings, condemnations, betterments,
assessments, actions, suits, arbitrations, claims, attachments, assignments for
the benefit of creditors, insolvency, bankruptcy, reorganization or other
proceedings, actual or proposed, pending or, to the best of the Owners'
knowledge, threatened against the Property or the Owners except for claims
covered under applicable insurance policies.

                N.      No tax certiorari proceeds with respect to the Property
are presently pending or remain outstanding, other than that certain Real Estate
Market Value Appeal for Tax Year 2004, dated September 24, 2003, filed on
September 24, 2003, alleging overvaluation of the portion of the Property owned
by Firehouse with respect to the Property to be properly reflected in Board of
Revision of Taxes Notice of Proposed Changes in Market Value for Real Estate
Taxes in 2004, dated August 1, 2003.

                                        6
<PAGE>

                O.      True, correct and complete copies (in all material
respects) of the leases, licenses or other occupancy agreements affecting the
Property (collectively, the "Leases") and subleases affecting the Property
(collectively, the "Subleases") have been delivered to Cedar. The information
set forth on EXHIBIT J annexed hereto (the "Schedule of Leases") is true,
complete and correct in all material respects, and the Leases and the Subleases
are in full force and effect and have not been amended, except as set forth in
the Schedule of Leases. The Schedule of Leases sets forth the amount of all
security deposits (plus accrued interest thereon, if any, required to be paid to
the respective tenants under the Leases (the "Tenants")) made by Tenants under
the Leases and held by or on behalf of the landlord thereunder. The rent roll
(the "Rent Roll") annexed hereto as EXHIBIT K is true, correct and complete in
all material respects based upon the current operation of the Property and the
rents set forth on the Rent Roll are the rents currently being collected. All of
the landlord's obligations under the Leases which the landlord is obligated to
perform in all material respects prior to the Closing have or will have been
performed.

                P.      Except as set forth on the Schedule of Leases:

                        (a)     (there are no Leases or Subleases and no Person,
                                other than the Owners, the Tenants and
                                subtenants under the Subleases (the
                                "Subtenants"), has any right of possession of
                                the Property;

                        (b)     there are no unsatisfied "Take-Over" space
                                obligations or "Take-Back" space obligations
                                ("Take-Over" space obligations mean rent
                                obligations of the Tenant in other buildings
                                assumed by the landlord, and "Take-Back" space
                                obligations mean obligations imposed upon the
                                landlord to sublet or otherwise be responsible
                                for the obligations of a Tenant under a Lease);

                        (c)     To the Owners' knowledge there are no disputes
                                with Tenants as to the amount of their rental
                                obligations;

                        (d)     the rents set forth on the Rent Roll were
                                actually collected for the month of September,
                                2003;

                        (e)     there are no arrearages under any of the Leases;

                        (f)     no Tenant or Subtenant has any option to
                                purchase the Property;

                        (g)     none of the Owners has received from any Tenant
                                any written notice claiming any material default
                                by the landlord under its Lease which has not
                                been complied with, and none of the Owners has
                                delivered to Tenant any written notice claiming
                                a default by Tenant under a Lease which has not
                                been complied with, and, to the best knowledge
                                of the Owners, there are no circumstances which,
                                after notice and the expiration of any
                                applicable grace period, would constitute a
                                default by either the landlord or any Tenant
                                under the Leases in any material respect;

                                        7
<PAGE>

                        (h)     no Tenant has any right of first offer, right of
                                first refusal, option or other preferential
                                right to expand its premises; and

                        (i)     no Tenant has asserted offsets or claims
                                against, or has any defense to, rental payable
                                or obligations under the Leases.

                Q.      No guarantor of any of the Leases has been released or
discharged voluntarily (or, to the best of the Owners' knowledge either
involuntarily or by operation of law) from any obligation related to the Lease.
All of the improvements to be constructed by the landlord, if any, contemplated
under the Leases or as required therein and in all collateral agreements and
plans and specifications respecting same have been completed as so required in
all material respects, and any fees, costs, allowances, advances or other
expenses to be paid by the landlord for tenant improvements or tenant finish
work have been paid in full. None of the rentals due or to become due under the
Leases has been or will be, at the closing, assigned, encumbered or subject to
any liens.

                R.      There are no management, service, supply, equipment
rental, and similar agreements affecting the Property, and there are no
month-to-month service arrangements on expired or automatic renewable contracts
(collectively, the "Service Contracts") which will bind the Property, the
Partnership, Cedar or the Owners after the Closing.

                S.      All federal, state and local tax returns required to be
filed by the Owners have been timely, duly and accurately completed and filed,
and all federal, state and local taxes required to be paid by the Owners have
been paid in full in connection with all filed returns.

                T.      The Owners have no material liabilities or obligations
of any nature, other than in the ordinary course of business (whether known or
unknown and whether absolute, accrued, contingent or otherwise) except for the
Mortgage Loan. Except in connection with the Mortgage Loan, the interests of the
Owners in the Property have not been pledged or transferred.

                U.      Other than as contemplated by this Agreement, there are
no outstanding options to purchase, rights of first offer, rights of first
refusal, warrants, calls, commitments, conversion rights, rights of exchange,
plans or other agreements of any character, absolute or contingent, to acquire
all, or any portion of, the Property or the Interests.

                V.      As of the date hereof, none of the Owners has entered
into any brokerage agreements or lease commission agreements, other that certain
listing agreement between Reed and Seligsohn, Soens, Hess, dated as of May 1,
2003 (the "Seligsohn Agreement"). No leasing commission is now or will hereafter
become due or owing in connection with any of the Leases, including, without
limitation, pursuant to the Seligsohn Agreement, or in connection with any
renewals or extensions of the term of any of the Leases, other than any
commissions incurred, between the date of this Agreement and Closing, pursuant
to Cedar's prior written consent, in connection with new Lease executed (with
the prior written consent of Cedar) during the period between the date of this
Agreement and the Closing. Any commissions incurred resulting from a new Lease
so approved by Cedar and executed, shall be paid by Cedar.

                W.      The Personal Property (as hereinafter defined) has not
been assigned or conveyed to any other party (other than as security for the
Mortgage Loan). For purposes of this

                                        8
<PAGE>

Agreement, the term "Personal Property" shall mean all equipment, appliances,
tools, machinery, supplies, building materials and other personal property of
every kind and character owned by the Owners and attached to, appurtenant to,
located in or used in connection with the operation of the Property, other than
the Liquor License.

                X.      The Owners have received no written notice of any
violation or any alleged violation of any Environmental Laws has been issued or
given by any Governmental Authority (as hereinafter defined) which remains
uncured. For purposes of this Agreement, the term "Hazardous Materials" shall
mean (a) any toxic substance, hazardous waste, hazardous substance or related
hazardous material; (b) asbestos in any form which is or could become friable,
urea formaldehyde foam insulation, transformers or other equipment which contain
dielectric fluid containing levels of polychlorinated biphenyls in excess of
presently existing federal, state or local safety guidelines, whichever are more
stringent; and (c) any substance, material or chemical which is defined as or
included in the definition of "hazardous substances", "toxic substances",
"hazardous materials", "hazardous wastes" or words of similar import under any
federal, state or local statute, law, code, or ordinance or under the
regulations adopted or guidelines promulgated pursuant thereto, including, but
not limited to, the Environmental Laws. For purposes of this Agreement, the term
"Environmental Laws" shall mean the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section9061, et
seq.; the Hazardous Materials Transportation Act, as amended, 49 U.S.C.
Section1801, et seq.; the Resource Conservation and Recovery Act, as amended, 42
U.S.C. Section6901, et seq.; and the Federal Water Pollution Control Act, as
amended, 33 U.S.C. Section1251, et seq., as any of the foregoing may be amended
from time to time, and any other federal, state and local laws and regulations,
codes, statutes, orders, decrees, guidance documents, judgments or injunctions,
now or hereafter issued, promulgated, approved or entered thereunder, relating
to pollution, contamination or protection of the environment, including, without
limitation, laws relating to emissions, discharges, releases or threatened
releases of pollutants, contaminants, chemicals or industrial, toxic or
hazardous substances or wastes into the environment or otherwise relating to the
manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials. For purposes of this Agreement,
the term "Governmental Authority" shall mean the United States government, any
state, regional, local or any other political subdivision of any of the
foregoing, and any agency, department, commission, board, court bureau or
instrumentality of any of them having jurisdiction over the Property or any of
the Owners.

                Y.      The Owners have delivered to Cedar a true, correct and
complete copy of the Phase I Environmental Report, dated as of September 27,
2001, prepared by IVI Environmental, Inc., as updated by that certain Phase I
Environmental Site Assessment dated as of August 8, 2003, prepared by IVI
Environmental, Inc. directly for Cedar.

                Z.      [intentionally omitted]

                AA.     There are, and at the Closing there will be, no
employees and no employment contracts, operating agreements, management
contracts, listing agreements, consulting agreements, union contracts, labor
agreements, pension plans, profit sharing plans or employee benefit plans which
relate to any of the Owners or the Property (collectively, "Operating
Agreements"), other than the Seligsohn Agreement. True, correct and complete

                                        9
<PAGE>

copies of the Selligs Agreement has been delivered to Cedar. Neither the Owners,
nor to the Owners' best knowledge, any other party is in default with respect to
any of its obligations or liabilities pertaining to the Seligsohn Agreement.
There are, and at Closing will be, no unpaid fees or commissions owing with
respect to the Property, other than any fees incurred, between the date of this
Agreement and Closing, pursuant to Cedar's prior written consent, in connection
with new Lease executed (with the prior written consent of Cedar) during the
period between the date of this Agreement and the Closing. Any fees incurred
resulting from a new Lease so approved by Cedar and executed, shall be paid by
Cedar.

                BB.     The Owners maintain insurance with respect to the
Property as set forth on EXHIBIT L annexed hereto. True, correct, and complete
copies of these policies have been delivered to Cedar and are in full force and
effect. True, correct, and complete copies of all policies of liability
insurance held in connection with the Property during the Owners' tenure of
ownership of the Property have been delivered by the Owners to Cedar. None of
the Owners has received any written notice from any insurance company which has
issued a policy with respect to the Property or from Mortgagee requesting or
requiring performance of any structural or other major repair or alteration to
the Property which has not been complied with.

                CC.     None of the Owners is a "foreign person" as defined
pursuant to Section 1445 of the Internal Revenue Code of 1986, as amended.

                DD.     All Records and Plans in the possession or control of
the Owners have been made available to Cedar. For purposes of this Agreement the
term "Records and Plans" shall mean all of the following items which are in the
possession of or under the control of the Owners: (A) all accounting, tax,
financial, and other books and records (including tax returns) maintained in
connection with the renovation, construction, use, maintenance, repair, leasing
and operation of the Property and the formation, existence and operation of the
Owners, (B) all building plans and specifications (including "as-built"
drawings) with respect to the improvements and (C) all structural reviews,
architectural drawings and engineering, soil, seismic, geologic and
architectural reports, studies and certificates and other documents pertaining
to the Property. Records and Plans also means such additional books, records,
plans, specifications, reports, studies and other documents maintained or
prepared after the date of this Agreement. Except as expressly provided herein,
no representations are given regarding the accuracy or completeness of the
Records and Plans.

                EE.     A true, correct and complete schedule in all material
respects of the lease documents evidencing the Owners leasehold estate in the
Leasehold Property (the "Leasehold Documents") is annexed hereto as EXHIBIT M.
True, accurate and complete copies of the Leasehold Documents have been
delivered to Cedar. The Leasehold Documents are in full force and effect and
have not been amended, except as set forth on EXHIBIT M. As of the date hereof,
no default exists under any of the Leasehold Documents and, to the knowledge of
the Owners, no condition exists which, with the giving of notice or the passage
of time would give rise to a default under any of the Leasehold Documents. The
Owners know of no reason why Interstate would not agree to execute and deliver
the Parking Lease Memoranda (as that term is hereinafter defined), it being
understood that the Owners have not yet engaged in dialogue with Intrastate in
connection with the Parking Lease Memoranda,

                                       10
<PAGE>

        The representations and warranties made in this Section 4.1 shall
survive the Closing shall survive the Closing and remain in full force and
effect for a period of four (4) months after the date of the Closing. The Owners
shall have no liability to Cedar in respect of said representations and
warranties unless Cedar shall have delivered to the Owners, within such four (4)
month period, a claim specifying the alleged breach of any one or more of such
representations, in which case the Owner's liability shall survive with respect
to the matters alleged in such claim until resolution thereof. For purposes of
this Agreement the term "material" shall mean (unless the context clearly
indicates otherwise) any fact or condition, the presence or absence of which,
has or could have a significant adverse effect on the financial condition or
value of the Property or the continued use and enjoyment thereof.

        4.2     Cedar represents as follows:

                A.      Cedar is a limited liability company duly organized and
validly existing under and by virtue of the laws of the State of Delaware and is
in good standing in the State of Delaware. Cedar has all requisite power and
authority to execute, deliver and perform this Agreement and to consummate the
transactions contemplated hereby.

                B.      This Agreement (i) has been duly authorized, executed
and delivered by Cedar and no other proceedings on the part of Cedar are
necessary to authorize this Agreement or to consummate the transactions
contemplated hereby, and (ii) is the legal, valid and binding obligation of
Cedar enforceable against Cedar in accordance with its terms (subject to
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' rights generally).

                C.      The execution, delivery, observance and performance by
Cedar of this Agreement and the transactions contemplated hereby will not (i)
result in any violation of the organizational documents of Cedar, (ii) violate
any contractual provision, law, statute, ordinance, rule, regulation, judgment,
decree or order applicable to Cedar, (iii) conflict with, or cause a breach of,
or a default under, or result in a termination, modification, or acceleration
of, any obligation of Cedar, or (iv) permit any other party to terminate or
modify any agreement or instrument to which Cedar is a party or by which any of
them is bound.

        4.3     The Owners hereby covenant and agree with Cedar as follows:

                A.      At all times up to the Closing Date, the Owners shall
maintain or cause to be maintained insurance upon the Property in the same
coverages and amounts as the insurance policies on the Property on the date
hereof.

                B.      At all times up to the Closing Date, the Owners shall
operate and maintain the Property in substantially the same manner as it is now
operated and maintained, and the Owners shall use reasonable efforts to maintain
the physical condition of the Property in its current condition, reasonable and
ordinary wear and tear and damage by fire and casualty excepted.

                C.      The Owners shall neither transfer nor remove any
Personal Property (other than the Liquor License) or fixtures from the Property
subsequent to the date hereof, unless the same are no longer needed for the
maintenance and operation of the Property or except for

                                       11
<PAGE>

purposes of replacement thereof, in which case such replacements shall be
promptly installed prior to Closing and shall be comparable in quality to the
items being replaced.

                D.      The Owners shall not without the prior written consent
of Cedar, which consent may be granted or withheld in Cedar's sole discretion,
to (i) enter into any Lease nor modify, renew, extend, replace, terminate or
otherwise change any of the terms, conditions or covenants of any existing
Lease, or (ii) consent to any Sublease or any modification, renewal,
replacement, termination or other change of any of the terms, conditions or
covenants of any existing Sublease.

                E.      The Owners shall not enter into any new Service Contract
after the date hereof without the prior written consent of Cedar, which consent
may be granted or withheld in Cedar's sole discretion.

                F.      The Owners shall not enter into any Operating Agreement
after the date hereof without the prior written consent of Cedar, which consent
may be granted or withheld in Cedar's sole discretion.

                G.      The Owners shall not amend or modify any Permits with
respect to the Property and shall keep in full force and effect and/or renew all
Permits. For purposes of this Agreement, the term "Permits" shall mean all
approvals, consents, registrations, franchises, permits, licenses, variances,
certificates of occupancy and other authorizations with regard to zoning,
landmark, ecological, environmental, air quality, subdivision, planning,
building or land use required by any Governmental Authority for the
construction, lawful occupancy and operation of the Improvements and the actual
use thereof.

                H.      The Owners shall timely comply with all Legal
Requirements in all material respects. For purposes of this Agreement, the term
"Legal Requirements" shall mean any law, statute, ordinance, order, rule,
regulation, decree or other requirement of a Governmental Authority, and all
conditions of any Permit.

                I.      The Owners shall pay all obligations and trade creditors
in the normal course of business and not defer any expenses or costs which would
be paid or incurred in the normal course of business.

                J.      The Owners shall not, without the written consent of
Cedar, convey any interest, directly or indirectly, in the Property.

                K.      The Owners shall not withdraw, settle or otherwise
compromise any protest or reduction proceeding affecting real estate taxes
assessed against the Property for any fiscal period in which the Closing is to
occur or any subsequent fiscal period without the consent of Cedar, which
consent may be granted or withheld in Cedar's sole discretion.

                L.      The Owners shall not create, assume, incur or suffer to
exist any lien (other than the Permitted Exceptions).

                                       12
<PAGE>

                M.      The Owners shall use good faith efforts to obtain the
Tenant Estoppel Certificates, the Landlord Consent, and the Landlord Estoppel
(as those terms are defined in Section 7.2.1).

                N.      The Owners shall not bring (or permit to be brought) any
Hazardous Materials in, upon, under, over or from the Property in violation of
Environmental Laws.

                O.      The Owners shall not remove or dispose of (or permit to
be removed or disposed of) any Hazardous Materials in, upon, under, over or from
the Property in violation of Environmental Laws.

                P.      The Owners shall not hereafter engage any new employees
for any of the Owners or the Property.

                Q.      The Owners shall make all payments as required by the
Mortgage Loan.

                R.      The Owners shall, at Cedar's sole cost and expense,
cooperate with Cedar with regard to any financing that is arranged for by Cedar
in connection with the transactions contemplated by this Agreement, and the
Owners will execute all documents reasonably required pursuant to such
financing, provided same do not impose cost or liability on the Owners.

                S.      The Owners shall not collect any rent under any Lease
more than one (1) month in advance.

                T.      The Owners shall not make any material alterations to
the Property.

        4.4     The Owners acknowledge that Cedar desires that a memorandum of
lease be placed of record prior to the Closing with respect to each of Parking
Lease I and Parking Lease II. Accordingly, the Owners covenant and agree that
they shall, within five (5) days of the date hereof, contact Interstate and
thereafter shall use their reasonable and good faith efforts to obtain from
Interstate as soon as possible, a memorandum of lease, in form (i) suitable for
recording, (ii) satisfying any applicable statutory requirements, and (iii)
reasonably acceptable to Cedar, with respect to each of Parking Lease I and
Parking Lease II (collectively, the "Parking Lease Memoranda"). Upon obtaining
the Parking Lease Memoranda from Interstate, the Owners shall countersign such
documents, shall deliver same to the Title Company to be placed of record and
shall deliver a duplicate original of each to Cedar at the Closing. The Owners
shall promptly deliver to Cedar copies of all correspondence sent to or received
from Interstate in connection with the Parking Lease Memoranda and shall
otherwise keep Cedar informed with respect to the Owners' progress with respect
to obtaining the Parking Lease Memoranda from Interstate. Nothing contained in
this paragraph shall be deemed to require the Owners to obtain the Parking Lease
Memoranda as a condition of Closing.

                                    ARTICLE V
                                    Brokerage

        5.1     The parties agree that Michael Salove Company (the "Broker") is
the broker in connection with this transaction. The Owners agree to pay any
commission payable to the Broker in connection with this transaction by separate
agreement. Provided the Closing occurs,

                                       13
<PAGE>

Cedar shall, at the Closing, reimburse the Owners for a portion of the fee paid
to the Broker in the amount of Two Hundred Fifty Thousand ($250,000.00) Dollars.

        5.2     Cedar hereby agrees to indemnify, defend and hold the Owners
harmless from and against any and all claims, losses, liability, costs and
expenses (including reasonable attorneys' fees) resulting from any claim that
may be made against the Owners by any broker (other than the Broker), or any
other person claiming a commission fee or other compensation by reason of this
transaction, if the same shall arise by, through or on account of any alleged
act of Cedar or Cedar's representatives.

        5.3     The Owners hereby agree to jointly and severally indemnify,
defend and hold Cedar harmless from and against any and all claims, losses,
liability, costs and expenses (including reasonable attorneys' fees) resulting
from any claim that may be made against Cedar by any broker (including the
Broker), or any other person, claiming a commission fee or other compensation by
reason of this transaction, if the same shall arise by, through or on account of
any alleged act of the Owners or the Owners' representatives.

        5.4     The obligations under this Article V shall survive the Closing
or a termination of this Agreement.

                                   ARTICLE VI
                             Title and Due Diligence

        6.1     Title.

                6.1.1   Title Commitment; Title Objections. The Owners have
ordered and have caused to be delivered to Cedar, a title insurance report and
commitment (the "Commitment") for the Title Policy (as hereinafter defined) from
Legal Abstract Co., 2200 Walnut Street, Philadelphia, Pennsylvania 19103 (the
"Title Company"). Upon receipt of any updates or revisions to the Commitment,
Cedar shall furnish copies thereof to the Owners' attorneys. The parties
acknowledge and agree that the Commitment contains certain objections to title
which are not Permitted Exceptions (the "Title Objections"). If any supplement,
amendment or modification of the Commitment contains any additional Title
Objections not contained in the original Commitment, Cedar shall give notice to
the Owners, within ten (10) days of its receipt of such supplement, amendment or
modification, setting forth such additional Title Objections contained therein.
In the event Cedar fails to give notice within such ten (10) days following its
receipt of such supplement, amendment or modification, Cedar shall be deemed to
have waived its right to object thereto.

                6.1.2   Encumbrances to Eliminate. The Owners shall be required
to eliminate (a) all mortgages (other than the Mortgage), (b) unpaid water
charges and assessments, (c) any other Title Objections which are in a
liquidated amount and which may be satisfied by the payment of money, and (d)
any other Title Objections that were contained in the original Commitment.

                6.1.3   Other Exceptions. Except as set forth in Section 6.1.2
above, the Owners shall not be required to bring any action or institute any
proceeding, or to otherwise incur any costs or expenses in order to attempt to
eliminate any Title Objections. If the Owners fail to eliminate any and all
Title Objections (other than those encumbrances set forth in Section 6.1.2

                                       14
<PAGE>

above which the Owners shall be obligated to remove), then, Cedar may elect, as
its sole right and remedy, to either (i) proceed with the transactions
contemplated hereby subject to such exceptions, and Cedar shall close hereunder,
without reduction of the Initial Capital Amount, notwithstanding the existence
of same, and the Owners shall have no obligations whatsoever after the Closing
Date with respect to the Owners' failure to eliminate such exceptions, or (ii)
terminate this Agreement by notice given to Owners, in which event Cedar shall
be entitled to a return of, and Escrow Agent shall promptly deliver, the
Downpayment to Cedar. Upon such return and delivery, this Agreement shall
terminate and neither party hereto shall have any further obligations hereunder
other than pursuant to those provisions that expressly survive a termination of
this Agreement.

        6.2     Liens, Judgments and Encumbrances. If, at the Closing, the
Property is subject to any mortgage or mortgages, unpaid taxes, water charges
and assessments, or any other liens, judgments and monetary encumbrances, the
existence thereof shall not constitute a Title Objection provided that such
mortgages), unpaid taxes, water charges and assessments, or any other liens,
judgments and encumbrances are paid by the Owners to the Title Company and the
Title Company shall omit the same from the Title Policy.

        6.3     Affidavits. If the Commitment, or any supplement, amendment or
modification thereof, discloses judgments, bankruptcies or other returns against
other persons having names the same as, or similar to, that of any of the
Owners, the Owners shall deliver to the Title Company affidavits showing that
such judgments, bankruptcies or other returns are not against the Owners in
order to induce the Title Company to omit exceptions with respect to such
judgments, bankruptcies or other returns. In addition, the Owners shall deliver
to the Title Company an affidavit required to cause the Title Company to issue a
non-imputation endorsement to the Title Policy and all other affidavits
customarily required of sellers of property similar to the Property.

        6.4     Violations. Notwithstanding anything to the contrary contained
herein, Owners shall cure and eliminate (and pay all related fines and penalties
and any accrued interest thereon), at Owners' cost and expense, any violations
assessed against the Property as of the Closing Date.

        6.5     [intentionally omitted]

        6.6     [intentionally omitted]

        6.7     Ongoing Site Visits. Cedar and its employees, agents,
contractors, consultants and representatives ("Consultants") shall have
reasonable access to the Property on at least one (1) Business Day's (as that
term is hereinafter defined) prior notice to Owners (which notice may be
delivered by telephone to Brian Friedman of Tower Investments, Inc. at (215)
467-4600), during reasonable times as mutually agreed upon by Owners and Cedar
solely for the purpose of (i) inspecting the physical and structural condition
of the Property and conducting non-intrusive physical inspections and tests
(non-intrusive physical inspections and tests shall include, for example, taking
de minimis samples of building materials), and (ii) monitoring the ongoing
operations of the Property (including, without limitation, the performance by
Tenants of their respective obligations under the Leases). If Cedar desires to
conduct any intrusive physical inspections and tests, including a Phase II
environmental inspection of the Property, Cedar shall

                                       15
<PAGE>

identify in writing the procedures Cedar desires to perform and request Owner's
consent. If Owners object to the inspections and tests requested by Cedar,
Owners shall describe the basis for their objection to Cedar and propose to
Cedar a reasonable alternative for resolving the issue giving rise to Cedar's
request for intrusive physical inspections or tests. If Owners consent to the
inspections and tests requested by Cedar, Cedar and Consultants shall, in
performing intrusive physical inspections or tests, (a) comply with any and all
statutes, laws, ordinances, rules and regulations applicable to the Property,
and (b) restore the Property to the condition, in all material respects, in
which the same was found before inspection or testing was undertaken, but in no
event later than ten (10) Business Days after such inspection or testing occurs.

        6.8     Interviews. Cedar may communicate or conduct interviews with any
Tenant without the requirement of having received the prior consent of Owners;
provided, however, that with respect to any interview to be conducted at the
Property, Cedar shall notify Owners (which notice may be delivered by telephone
to Brian Friedman of Tower Investments, Inc. at (215) 467-4600) at least one (1)
Business Day in advance of any such interview. With respect to interviews
conducted at the Property, any such interview shall not unreasonably disrupt or
disturb (i) the on-going operation of the Property, or (ii) the quiet possession
of Tenants.

        6.9     Access to Books and Records. Cedar and the Consultants shall, on
at least one (1) Business Day's prior notice to Owners (which notice may be
delivered by telephone to Brian Friedman of Tower Investments, Inc. at (215)
467-4600), during reasonable times as mutually agreed upon by Owners and Cedar,
have access to all books and records of with respect to the Property as Cedar
reasonably requires, and Owners shall lend their reasonable assistance to Cedar
and the Consultants in connection with any such examination or audit.

                                   ARTICLE VII
                                   The Closing

        7.1     Closing Date.

                7.1.1   The transaction contemplated herein shall be consummated
at the Closing which shall take place at the offices of the Title Company or at
such other place as shall be mutually agreed upon by the Owners and Cedar on the
earlier of (i) five (5) Business Days after the receipt by Cedar Income Fund
Partnership, L.P. or any related entity of the proceeds of a new public offering
of common stock or shares of beneficial interest (the "Offering Receipt Date"),
and (ii) October 31, 2003 (the actual date of the Closing being herein referred
to as the "Closing Date").

                7.1.2   The parties acknowledge and agree that, it is a
condition precedent to Cedar's obligations to consummate the transactions
contemplated by this Agreement that Cedar (i) shall have received certain Tenant
Estoppel Certificates, as more particularly set forth in Section 7.2.1 (B) (such
condition, the "Tenant Estoppel Condition"), and (ii) shall receive at Closing
the Good Standing Certificates or the Service Company Affidavits (as those terms
are hereinafter defined). If the day which is five (5) Business Days after the
Scheduled Receipts Date occurs prior to October 31, 2003, and, as of such date,
the Tenant Estoppel Condition has not yet been fully satisfied and/or the Good
Standing Certificates or the Service Company Affidavits shall not have yet been
obtained by the Owners, then, in such event, the Closing shall

                                       16
<PAGE>

be adjourned until October 31, 2003 (or such earlier date upon which the Tenant
Estoppel Condition shall have been fully satisfied and the Good Standing
Certificates or the Service Company Affidavits obtained by the Owners).

        7.2     Conditions to the Closing.

                7.2.1   Conditions Precedent to Cedar's Obligations. The Closing
and Cedar's obligations with respect to the transaction contemplated by this
Agreement are subject to the satisfaction of the following conditions and the
obligations of the parties with respect to such conditions are as follows:

                A.      Title.

                        (a)     Cedar shall not have exercised its rights,
                                pursuant to Section 6.1.3 hereof, to terminate
                                this Agreement.

                        (b)     Upon payment of all premiums by the party
                                responsible for such cost pursuant to the terms
                                of Section 8.6 hereof, the Title Company shall
                                be willing to issue a title insurance policy
                                insuring in the Partnership good and marketable
                                fee title to the Property (subject only to the
                                Permitted Exceptions), which policy shall
                                include a non-imputation endorsement, and
                                otherwise be in accordance with the provisions
                                of Article VI hereof (the "Title Policy").

                B.      Tenant Estoppel Certificates. The Owners shall request,
and Cedar shall have received estoppel certificates certified to the Partnership
and Cedar and dated not more than thirty (30) days prior to the Closing Date
("Tenant Estoppel Certificates") duly executed by (i) each Major Tenant and (ii)
such other Tenants so that Tenant Estoppel Certificates shall have been received
from Tenants occupying, in the aggregate (including the space demised to Major
Tenants), at least 80% of the rentable square footage of the Property (the
foregoing condition, the "Estoppel Condition"). "Major Tenants" mean those
Tenants set forth on EXHIBIT N annexed hereto. The Tenant Estoppel Certificates
shall be substantially in the form of and upon substantially the terms set forth
on EXHIBIT O annexed hereto. The Owners shall deliver the original executed
Tenant Estoppel Certificates to Cedar as and when the same shall be delivered to
the Owners, but in no event later than two (2) Business Days prior to the
Closing Date. If any Tenant Estoppel Certificate shall have been modified or
qualified in any fashion that, individually or in connection with other Tenant
Estoppel Certificates, reveals facts, conditions or circumstances which result
or may result in a material adverse change in the financial condition of the
Property, or are inconsistent in any material respect with the representations
of the Owners set forth in Section 4.1 above, then Cedar may disapprove the same
(such disapproved Tenant Estoppel Certificates, the "Unacceptable Certificates")
by notice delivered to the Owners promptly following Cedar's receipt of such
Unacceptable Certificate, and, for purposes of establishing whether the Estoppel
Condition has been satisfied, any Unacceptable Certificates shall be deemed not
to have been received.

                C.      [intentionally omitted]

                                       17
<PAGE>

                D.      Landlord Consent. Cedar shall have received a consent
duly executed by Interstate (the "Landlord Consent"), to be dated not more than
ten (10) days prior to the Closing Date, authorizing Owners' contribution of the
Leasehold Property, assignment of the Leasehold Documents to the Partnership,
and the form of Leasehold Assignment (as hereinafter defined).

                E.      Landlord Estoppel. Cedar shall have received an estoppel
certificate (the "Landlord Estoppel") duly executed by Interstate to be dated
not more than thirty (30) days prior to the Closing Date. The Landlord Estoppel
shall certify the annual base rent and additional rent for the Leasehold
Property, that the Leasehold Documents are in full force and effect, and that
Interstate (i) has not delivered any notice of default under the Leasehold
Documents that remains uncured, and (ii) does not have knowledge of any default
under the Leasehold Documents. The Owners shall deliver the original executed
Landlord Estoppel to Cedar as and when the same is received by the Owners, but
in no event later than five (5) Business Days prior to the Closing Date. If the
Landlord Estoppel shall reveal facts, conditions or circumstances which result
or may result in a material adverse change in the financial condition of the
Property, or are inconsistent in any material respect with the representations
of the Owners set forth in Section 4.1 above, then Cedar may disapprove the same
by notice delivered to the Owners promptly following Cedar's receipt of the
Landlord Estoppel, in which case the condition set forth in this Section 7.2.1E
shall be deemed not to have been satisfied.

                F.      Casualty or Condemnation Event. No Material Loss shall
have occurred pursuant to which Cedar shall have exercised its rights, pursuant
to the provisions of Section 7.5 hereof, to termination this Agreement.

                G.      Representations, Warranties and Covenants of the Owners.
The Owners shall have duly performed in all material respects, each and every
agreement to be performed by the Owners under this Agreement and the Owners'
representations, warranties and covenants set forth in this Agreement shall be
true and correct as of the Closing Date.

                H.      No Material Changes. On the Closing Date, there shall
have been no material adverse changes in the physical condition of the Property
and there shall have been no material adverse change in the financial condition
of any of the Owners.

                I.      Manager Termination. Cedar shall have received a
termination, in form reasonably satisfactory to Cedar (the "Manager
Termination") of the management agreement, dated as of March 24, 1997, entered
into with Tower Investments, Inc. ("Existing Property Manager"), duly executed
by Existing Property Manager and the Owners to be dated as of the Closing Date.

                J.      Release. Cedar shall have received a release (the
"Release"), in form reasonably satisfactory to Cedar, duly executed by Existing
Property Manager to be dated as of the Closing Date.

                K.      The Owners' Deliveries. The Owners shall have delivered
the items described in Section 7.3 below.

                L.      The Other Agreement. Without modifying the provisions of
Section 1.3, the transactions contemplated by the Other Agreement shall occur
simultaneously with the

                                       18
<PAGE>

Closing and the proceeds of the Other Agreement Owners Loan shall have been
disbursed in accordance with the terms of the Other Agreement.

        The conditions set forth in this Section 7.2.1 are solely for the
benefit of Cedar and may be waived only by Cedar. Cedar shall at all times have
the right to waive any condition. Such waiver or waivers shall be in writing.
The waiver by Cedar of any condition shall not relieve the Owners of any
liability or obligation as respects any representation, warranty or covenant of
the Owners unless Cedar shall so agree in writing. Neither the Owners nor Cedar
shall act or fail to act for the purpose of permitting or causing any condition
to fail (except to the extent Cedar, in its own discretion, exercises its right
to disapprove or not to waive any such items or matters). The occurrence of the
Closing shall constitute approval by Cedar of all matters to which Cedar has a
right of approval under this Agreement and a waiver of all conditions precedent
under this Agreement.

                7.2.2   Conditions Precedent to the Owners' Obligations. The
Closing and the Owners' obligations with respect to the transaction contemplated
by this Agreement are subject to the satisfaction of the following conditions
and the obligations of the parties with respect to such conditions are as
follows:

                A.      Cedar's Deliveries. Cedar shall have delivered the items
described in Section 7.4 below.

                B.      Covenants of Cedar. Cedar shall have duly performed each
and every agreement to be performed by Cedar under this Agreement.

                C.      The Other Agreement. Without modifying the provisions of
Section 1.3, the transactions contemplated by the Other Agreement shall occur
simultaneously with the Closing and the proceeds of the Other Agreement Owners
Loan shall have been disbursed in accordance with the terms thereof.

        The conditions set forth in this Section 7.2.2 are solely for the
benefit of the Owners and may be waived only by the Owners. The Owners shall at
all times have the right to waive any condition. Such waiver or waivers shall be
in writing. The waiver by the Owners of any condition shall not relieve Cedar of
any liability or obligation as respects any covenant of Cedar unless the Owners
shall so agree in writing. Neither the Owners nor Cedar shall act or fail to act
for the purpose of permitting or causing any condition under this Section 7.2.2
to fail (except to the extent the Owners, in its own discretion, exercise its
right not to waive any such items or matters). The occurrence of the Closing
shall constitute approval by the Owners of all matters to which the Owners has a
right of approval under this Agreement and a waiver of all conditions precedent
under this Agreement.

        7.3     At the Closing, the Owners shall deliver or cause to be
delivered each of the following items to Cedar:

                A.      A special warranty deed, duly executed by the Owners and
acknowledged by a notary public, conveying to the Partnership good and
marketable fee simple title to the Property in form suitable for recording.

                                       19
<PAGE>

                B.      A counterpart of the Agreement of Limited Partnership
(the "Partnership Agreement"), in the form annexed hereto as EXHIBIT P, duly
executed by the Owners, it being understood that any remaining blanks and
bracketed provisions in the Partnership Agreement shall be accurately completed.

                C.      Affidavits executed by each of the Owners in accordance
with the provisions of Section 1445 of the Internal Revenue Code of 1986, as
amended, if required.

                D.      A Certificate of Good Standing of each of the Owners
issued by the Secretary of State of the state of organization for each such
entity, dated not more than thirty (30) days prior to the Closing, and
Certificates of Good Standing of the Owners issued by the Secretaries of State
of the State in which the Property is located and of the state that each of the
Owners is organized, dated not more than thirty (30) days prior to the Closing
("Good Standing Certificates"). Notwithstanding the foregoing, provided the
Owners shall have diligently attempted to obtain Good Standing Certificates, if
same shall not have been timely issued by the Secretary of State, in lieu of the
Good Standing Certificates, Owners shall deliver affidavits or certifications
with respect to each entity (collectively "Service Company Affidavits") from a
reputable legal information services company (i) stating that it has received
oral confirmation from the Secretary of State that such entities are in good
standing, and (ii) agreeing to promptly forward to Cedar the Good Standing
Certificates when same are received.

                E.      Requisite affidavits and consents that each of the
Owners is authorized to complete the transaction contemplated by this Agreement,
become a member of the Partnership owning the Preferred Interest and take all
other action contemplated by this Agreement, including, without limitation, an
incumbency certificate for each of the individuals executing a document on
behalf of each of the Owners, and resolutions of the board of directors for each
of the Owners.

                F.      The Landlord Consent.

                G.      The Tenant Estoppel Certificates.

                H.      The Landlord Estoppel.

                I.      The Manager Termination.

                J.      The Release.

                K.      The Parking Lease Memoranda, provided the Owners shall
have obtained same from Interstate pursuant to the provisions of Section 4.4
hereto.

                L.      The Title Policy in the form required by Section 7.2.1
(A) hereof, together with all customary affidavits required by the Title Company
in connection with the issuance of the policy.

                M.      The Owners shall execute and deliver to Cedar the
documents evidencing and securing the Owners Loan, including, without
limitation, a note, a pledge agreement and

                                       20
<PAGE>

UCC-1 financing statements (the "Owners Loan Documents") in accordance with the
documents attached hereto as EXHIBIT Q.

                N.      The shareholders of each of the Owners shall deliver a
consent to the Owners Loan Documents.

                O.      Bart Blatstein shall deliver a "bad boy" guaranty to
Cedar in the form of EXHIBIT R annexed hereto.

                P.      A license agreement (the "Tower License Agreement"),
executed by Tower Investments, Inc., between the Partnership, as landlord and
Tower Investments Inc., as tenant, for the space at the Premises presently
occupied by Tower Investments, Inc., substantially in the form of EXHIBIT S
annexed hereto.

                Q.      A fee agreement (the "Administrative Services
Agreement"), in form reasonably satisfactory to the Owners and Cedar, which
shall provide for an annual fee, in the amount of Eight Thousand Seven Hundred
Fifty ($8,750.00) Dollars per year, to be made by the Owners to the Cedar GP, on
account of administrative services rendered by the Cedar GP, duly executed by
the Owners.

                R.      A certificate of the Owners, dated as of the Closing
Date, certifying that all of the representations and warranties of the Owners
set forth in Section 4.1 hereof are true and correct in all material respects as
of the Closing Date.

                S.      A counterpart duly executed by Owners of an assignment
and assumption agreement, in form reasonably acceptable to the Owners and Cedar,
pursuant to which the Leasehold Documents shall be assigned by the Owners to the
Partnership and the Partnership shall, from and after the Closing, be bound by
all of the terms of the Leasehold Documents and shall perform all of the
obligations of lessee under the Leasehold Documents arising or accruing from and
after the Closing Date (the "Leasehold Assignment").

                T.      A counterpart duly executed by Owners of an assignment
and assumption agreement, in form reasonably acceptable to the Owners and Cedar
(the "Assignment of Leases"), pursuant to which the Leases and security deposits
thereunder shall be assigned by the Owners to the Partnership and the
Partnership shall, from and after the Closing, be bound by all of the terms of
the Leases and shall perform all of the obligations of landlord under the Leases
arising or accruing from and after the Closing Date.

                U.      A counterpart duly executed by Owners of a bill of sale
and general assignment, in form reasonably satisfactory to the Owners and Cedar,
which conveys to the Partnership, all of the Owners rights, if any, in and for
all Personal Property and, to the extent assignable, the Permits.

                V.      In the event any Service Contract or Operating Agreement
is entered into after the date hereof (and approved by Cedar pursuant to Section
4.3 hereof), a counterpart duly executed by Owners of an assignment of such
agreements, in form reasonably acceptable to the Owners and Cedar (the "Omnibus
Assignment"), pursuant to which such Service Contracts and/or Operating
Agreements shall be assigned by the Owners to the Partnership and the

                                       21
<PAGE>

Partnership shall, from and after the Closing, be bound by all of the terms
thereof and shall perform all of the obligations of owner thereunder arising or
accruing from and after the Closing Date.

                W.      All applicable transfer tax forms, if any, duly executed
by the Owners.

                X.      Such further instruments as may be necessary to record
the Deed.

                Y.      Notices to each of the Tenants (the "Tenant Notices"),
in form reasonably satisfactory to the Owners and Cedar, duly executed by the
Owners, advising the Tenants of the conveyance of the Property to the
Partnership and directing the Tenants to make all payments under the Leases to
Cedar, or as Cedar may direct.

                Z.      The Records and Plans, in the possession or control of
the Owners.

                AA.     Original counterparts of the Leases, any Service
Contract or Operating Agreement entered into after the date hereof (and approved
by Cedar pursuant to Section 4.3 hereof), the Permits that shall be in the
Owners' possession or control (other than those Permits that must remain at the
Premises), and original counterparts of all other documents and materials in the
Owners' possession or control relating to the Property, including, without
limitation, all leasing and property files and keys.

                BB.     A certificate from the City of Philadelphia confirming
that there are no outstanding violations and that the present uses of the
Property are in conformity with applicable zoning requirements.

                CC.     A mutual easement agreement (the "Easement"), in
substantially in the form of Exhibit U annexed hereto, between the Partnership
and the fee owner of the four (4) story warehouse building located adjacent to
the Property, duly executed by such fee owner and in form suitable for
recording.

                DD.     An Right of First Refusal Agreement (the "Right of First
Refusal", is substantially the form of Exhibit V annexed hereto, between the
Owners and the Partnership, duly executed by the Owners and in form suitable for
recording.

                EE.     All documents and moneys required pursuant to the terms
of the Other Agreement to be delivered by the Other Agreement Owners at the
Other Agreement Closing.

                FF.     All sums required to be paid by the Owners under this
Agreement.

        7.4     At the Closing, Cedar shall deliver or cause to be delivered
each of the following items:

                A.      The Balance of the Owners Loan Amount and all other sums
required to be paid by Cedar under this Agreement (including the payment of the
Prepayment Fee).

                                       22
<PAGE>

                B.      Requisite affidavits and consents that Cedar is
authorized to complete the transaction, become a member of the Partnership
owning the Interests and take all other action contemplated by this Agreement.

                C.      A counterpart of the Partnership Agreement, in the form
annexed hereto as EXHIBIT P, duly executed by Cedar, it being understood that
any remaining blanks and bracketed provisions in the Partnership Agreement shall
be accurately completed.

                D.      The management agreement with respect to the management
of the Property, substantially in the form annexed hereto as EXHIBIT T, duly
executed by Cedar, or its affiliate, on behalf of the Partnership and on behalf
of the property manager.

                E.      The Administrative Services Agreement, duly executed by
Cedar GP.

                F.      A certificate of Cedar, dated as of the Closing Date,
certifying that all of the representations and warranties of Cedar set forth in
Section 4.2 hereof are true and correct in all material respects as of the
Closing Date.

                G.      A counterpart duly executed by the Partnership of the
Leasehold Assignment.

                H.      A counterpart duly executed by the Partnership of the
Assignment of Leases.

                I.      If applicable, a counterpart duly executed by the
Partnership of the Omnibus Assignment.

                J.      The Tenant Notices, duly executed by the Partnership.

                K.      All applicable transfer tax forms, if any, duly executed
by the Partnership.

                L.      A counterpart duly executed by the Partnership of the
Tower Lease.

                M.      The Easement, duly executed by the Partnership and in
form suitable for recording.

                N.      The Right of First Refusal Agreement, duly executed by
the Partnership and in form suitable for recording.

                O.      Such further instruments as may be necessary to record
the Deed.

                P.      All documents and moneys required pursuant to the terms
of the Other Agreement to be delivered by Other Agreement Buyers at the Other
Agreement Closing.

                7.5     Casualty and Condemnation. If, prior to the Closing,
either any portion of the Property is taken pursuant to eminent domain
proceedings or condemnation or any of the improvements on the Property are
damaged or destroyed by fire or other casualty, such that the casualty or taking
affects in excess of ten (10%) percent of the rentable square feet of the

                                       23
<PAGE>

Property or materially adversely affects ingress to or egress from the Property
(if either of such events occurs, the affect or result is a "Material Loss"),
Cedar may elect in its sole discretion to (x) terminate this Agreement by notice
to the Owners, or (y) proceed with the Closing. In the event of a termination of
this Agreement pursuant to clause (x) of this Section 7.5, the Owners and Cedar
shall promptly so notify the Escrow Agent and make written request that the
Downpayment be returned to Cedar, and this Agreement, upon such return, shall be
of no further force and effect, except for those provisions which expressly
survive the termination of this Agreement. If (i) Cedar does not elect to
terminate this Agreement pursuant to clause (x) of this Section 7.5 or (ii) a
casualty or condemnation occurs which does not result in a Material Loss, any
net awards or net proceeds received by the Owners in connection with a
condemnation, or the net proceeds of any insurance collected by the Owners in
connection with a casualty and not previously applied to restoration, shall be
paid at the Closing by the Owners to the Partnership (and the Owners shall not
receive any capital account credit on account thereof) and shall be applied only
towards the cost or repairs or rebuilding required by such condemnation or
casualty.

                                  ARTICLE VIII
                           Prorations and Adjustments

        8.1     Prior to Closing, the Owners and Cedar shall prepare a schedule
of (i) those expenses that shall have been paid by the Owners prior to the
Closing Date but are attributable to a period from and after the Closing Date
(the "Prepaid Expenses"), and (ii) those revenues that shall have been received
by the Owners prior to the Closing Date but are attributable to a period from
and after the Closing Date (the "Prepaid Revenues").

        8.2     To the extent that the Prepaid Expenses shall exceed the Prepaid
Revenues (such excess, the "Prepaid Expense Excess"), (i) at Closing Cedar shall
pay to the Owners an amount equal to the Prepaid Expense Excess, and (ii) Cedar
shall be deemed to have made a capital contribution to the Partnership (the
"Closing Adjustment Capital Contribution") equal to the amount of the Prepaid
Expense Excess.

        8.3     To the extent that the Prepaid Revenues shall exceed the Prepaid
Expenses, such excess shall be contributed by the Owners to the Partnership, and
the Owners shall not receive capital account credit on account thereof.

        8.4     The following prorations and adjustments shall be made between
the parties as of 11:59 p.m. on the day preceding the Closing Date (the
"Proration Date") on the basis of the actual number of days elapsed over the
applicable period:

                A.      (i)     All fixed rents under Leases which are collected
on or prior to the Proration Date in respect of the month (or other applicable
collection period) in which the Closing occurs (the "Current Month"), shall be
adjusted on a per diem basis based upon the number of days in the Current Month
prior to the Proration Date and the number of days in the Current Month on and
after the Proration Date. Any such rents that are allocable to the period from
and after the Proration Date shall be deemed to be Prepaid Revenues.

                        (ii)    If, on the Proration Date, any fixed rents are
past due by any Tenant, and provided the Owners have delivered to Cedar, in
reasonable detail, a breakdown of

                                       24
<PAGE>

all such past due amounts as of the Proration Date, Cedar agrees that the first
moneys received by the Partnership from each such Tenant shall be disbursed as
follows:

                                (1)     first, such moneys shall be applied to
fixed rents in respect of the Current Month, it being agreed that one hundred
percent (100%) of the fixed rent that is attributable to the portion of the
Current Month prior to the Proration Date shall be paid to the Owners and the
balance shall be retained by the Partnership;

                                (2)     second, to the Partnership until all
fixed rents owing by all such Tenants for any period after the Current Month
through the month in which payment is received have been paid in full;

                                (3)     third, to the Owners until all fixed
rents owing by all such Tenants for periods prior to the Current Month have
been paid in full; and

                                (4)     fourth, the balance, if any, shall be
paid to the Partnership.

        Each party agrees to remit reasonably promptly to the other the amount
of such rents to which such party is so entitled and to account to the other
party monthly in respect of same. The fixed rents received by the Partnership
after the Proration Date shall be apportioned and remitted, if applicable, as
hereinabove provided.

                        (iii)   If the Proration Date shall occur prior to the
time when any rental payments for fuel pass-alongs, so-called escalation rent or
charges based upon real estate taxes, operating expenses, labor costs, cost of
living increases, electrical charges, water and sewer charges or like items
(collectively, "Overage Rent") are payable, then such Overage Rent for the
applicable accounting period in which the Proration Date occurs shall be
apportioned subsequent to the Closing, based upon the portion of such accounting
period which occurs prior to the Proration Date (to the extent not theretofore
collected by the Partnership, on account of such Overage Rent prior to the
Proration Date), it being agreed that one hundred percent (100%) of the Overage
Rent that is attributable to the portion of such accounting period that shall
occur prior to the Proration Date shall be paid to the Owners and the balance
shall be retained by the Partnership. In addition, the Partnership shall pay to
the Owners one hundred percent (100%) of all Overage Rent that is paid
subsequent to the Proration Date with respect to an accounting period which
expired prior to the Proration Date, within thirty (30) days after receipt
thereof by the Partnership. If, prior to the Closing, the Owners shall collect
any sums on account of Overage Rent or fixed rent for a year or other period, or
any portion of such year or other period, beginning prior to but ending on or
after the Proration Date, the portion of such sum allocable to the period from
and after the Proration Date shall be deemed to be a Prepaid Revenue.

                        (iv)    Overage Rent payable by Tenants based on an
estimated amount and subject to adjustment or reconciliation pursuant to the
related Leases subsequent to the Proration Date shall be apportioned as provided
in subsection (iii) above and shall be reapportioned as and when the applicable
Tenant's actual obligation for such Overage Rent is reconciled pursuant to the
applicable Lease.

                        (v)     One Hundred Fifty Thousand ($150,000) Dollars on
account of percentage rent owing by UA Theatres shall be deemed to be a Prepaid
Expense and the Owners

                                       25
<PAGE>

shall be entitled to a credit on account thereof at Closing, subject to
adjustment or reconciliation subsequent to the Proration Date when such Tenant's
actual obligation for such percentage rent is reconciled pursuant to the terms
of such Tenant's Lease.

                        (vi)    Without duplication of any adjustment made
pursuant to Section 8.4(A)(i) above, all prepaid fixed rent and Overage Rent
that shall be received by the Owners as of the Proration Date for periods on and
after the Proration Date shall be deemed to be Prepaid Revenues.

                B.      All real estate taxes, BID taxes, unmetered water and
sewer charges, elevator inspection fees, pest control charges and vault charges,
if any, and any and all other municipal or governmental assessments of any and
every nature levied or imposed upon the Property (collectively, "Taxes") in
respect of the current fiscal year of the applicable taxing authority in which
the Closing occurs (the "Current Tax Year") (other than real estate taxes, water
and sewer charges and any other municipal or governmental assessments payable by
any Tenant directly to the taxing authority under any Lease), shall be allocated
on a per diem basis based upon the number of days in the Current Tax Year prior
to the Proration Date and the number of days in the Current Tax Year on and
after the Proration Date. If, as of the Proration Date, Taxes for the Current
Tax Year shall not have been paid with respect to the period prior to the
Proration Date, the amount equal to the unpaid Taxes for the period prior to the
Proration Date shall be paid by the Owners to the Partnership at the Closing,
but the Owners shall not receive any capital account credit on account thereof.
If, as of the Proration Date, Taxes with respect to any period from and after
the Proration Date shall have been paid, the amount equal to the prepaid Taxes
shall be deemed to be a Prepaid Expense. If the Closing shall occur before the
tax rate for the Current Tax Year is fixed, the apportionment of Taxes shall be
upon the basis of the tax rate for the next preceding fiscal period applied to
the latest assessed valuation. Promptly after the new tax rate is fixed for the
fiscal period in which the Closing takes place, the apportionment of Taxes shall
be recomputed. In the event that any assessments levied or imposed upon the
Property are payable in installments, the installment for the Current Tax Year
shall be prorated in the manner set forth above.

                C.      All charges and fees due under contracts, that are not
being terminated at the Closing, for the supply to the Property of heat, steam,
electric power, gas and light and telephone (collectively, "Charges"), if any,
in respect of the billing period of the related service provider in which the
Closing occurs (the "Current Billing Period") shall be allocated on a per diem
basis based upon the number of days in the Current Billing Period prior to the
Proration Date and the number of days in the Current Billing Period on and after
the Proration Date and assuming that all charges are incurred uniformly during
the Current Billing Period. If, as of the Proration Date, Charges for the
Current Billing Period shall not have been paid with respect to the period prior
to the Proration Date, the amount equal to the unpaid Charges for the period
prior to the Proration Date shall be paid by the Owners to the Partnership at
the Closing, but the Owners shall not receive any capital account credit on
account thereof. If, as of the Proration Date, Charges with respect to any
period from and after the Proration Date shall have been paid, the amount of
such prepaid Charges shall be deemed to be a Prepaid Expense.

                D.      Any charges or fees for transferable licenses and
permits relating to the Property (but without duplication of items apportioned
pursuant to any other provision of this

                                       26
<PAGE>

Article VIII) (collectively, "Permit Charges") in respect of the Current Billing
Period shall be allocated on a per diem basis based upon the number of days in
the Current Billing Period prior to the Proration Date and the number of days in
the Current Billing Period on and after the Proration Date and assuming that all
charges are incurred uniformly during the Current Billing Period. If, as of the
Proration Date, Permit Charges for the Current Billing Period shall not have
been paid with respect to the period prior to the Proration Date, the unpaid
Permit Charges for the period prior to the Proration Date shall be paid by the
Owners to the Partnership at the Closing, but the Owners shall not receive any
capital account credit on account thereof. If on the Proration Date, Permit
Charges with respect to any period from and after the Proration Date shall have
been paid, the amount equal to such prepaid Permit Charges shall be deemed to be
a Prepaid Expense.

                E.      To the extent same are executed after the date hereof
and approved by Cedar pursuant to Section 4.3 hereof, any charges payable under
Service Contracts, Operating Agreements and other contracts relating to the
Property (but without duplication of items apportioned pursuant to any other
provision of this Article VIII) (collectively, "Service Contract Charges'), as
applicable (including, without limitation, salary, bonuses, vacation and sick
day allowances and pension or other benefit fund contributions), in respect of
the Current Billing Period shall be allocated on a per diem basis based upon the
number of days in the Current Billing Period prior to the Proration Date and the
number of days in the Current Billing Period on and after the Proration Date and
assuming that all charges are incurred uniformly during the Current Billing
Period. If, as of the Proration Date, Service Contract Charges for the Current
Billing Period shall not have been paid with respect to the period prior to the
Proration Date, an amount equal to the unpaid Service Contract Charges for the
period prior to the Proration Date shall be paid by the Owners to the
Partnership at the Closing, but the Owners shall not receive any capital account
credit on account thereof. If, as of the Proration Date, Service Contract
Charges with respect to any period from and after the Proration Date shall have
been paid, the amount equal to such prepaid Service Contract Charges shall be
deemed to be a Prepaid Expense.

                F.      If there is a fuel meter or meters on the Property
(other than meters measuring consumption costs which are the obligation of any
Tenants), the Owners shall endeavor to furnish a reading to a date not more than
thirty (30) days prior to the Proration Date, and the unfixed meter charges, if
any, based thereon for the intervening time shall be apportioned on the basis of
such last reading. If the Owners fail or are unable to obtain such reading, the
amount equal to the value of all fuel, if any, then stored at the Property shall
be calculated on the basis of the Owners' last costs therefor, including sales
tax, as evidenced by written statements of the fuel oil supplier(s) for the
Property, which statements shall be conclusive as to quantity and cost, absent
fraud. Any unpaid fuel charges attributable to the period prior to the Proration
Date shall be paid by the Owners to the Partnership at the Closing, but the
Owners shall not receive any capital account credit on account thereof, and the
value of any prepaid fuel stored on the property shall be deemed to be a Prepaid
Expense.

                G.      If there is a water meter or meters on the Property
(other than meters measuring consumption costs which are the obligation of any
Tenants), the Owners shall endeavor to furnish a reading to a date not more than
thirty (30) days prior to the Proration Date, and the unfixed meter charges and
the unfixed sewer rents, if any, based thereon for the

                                       27
<PAGE>

intervening time shall be apportioned on the basis of such last reading. If the
Owners fail or are unable to obtain such reading, the amount of the meter
charges and sewer rents shall be determined on the basis of the last readings
and bills received by the Owners, and the same shall be appropriately readjusted
after the Closing on the basis of the next subsequent bills. Any unpaid water or
sewer charges attributable to the period prior to the Proration Date shall be
paid by the Owners to the Partnership at the Closing, but the Owners shall not
receive any capital account credit on account thereof.

                H.      All brokerage commissions and expenses for work to be
done for tenant improvements in connection with any leases entered into on or
prior to the Proration Date which commissions and expenses were not paid prior
to the Proration Date shall be paid by the Owners to the Partnership at the
Closing, but the Owners shall not receive any capital account credit on account
thereof. The foregoing shall not apply to any commissions and expenses incurred
between the date of this Agreement and Closing, pursuant to Cedar's prior
written consent, in connection with new Lease executed (with the prior written
consent of Cedar) during the period between the date of this Agreement and the
Closing, for which Cedar shall be responsible and with respect to which Cedar
shall receive capital account credit.

                I.      All accrued fees pursuant to the Existing Property
Management Agreement shall be paid by the Owners at or prior to Closing, but the
Owners shall not receive any capital account credit on account thereof.

                J.      The Prepayment Fee and servicer cost associated
therewith shall be paid by Cedar and Cedar shall receive capital account credit
on account thereof.

                K.      All security deposits held by the Owners under the
Leases shall be paid by the Owners to the Partnership, but the Owners shall not
receive any capital account credit on account thereof.

                L.      The amount of deposits held at the time of the Closing
by the Mortgagee in connection with the Mortgage Loan, including reserves for
capital improvements, tenant improvements or otherwise, and/or impounds for
taxes and insurance (with respect to periods after the Closing), shall be deemed
to be a Prepaid Expense.

                M.      Any other items customarily apportioned in connection
with sales of similar property in the Commonwealth of Pennsylvania shall be so
apportioned.

        8.5     Post Closing Prorations.

                8.5.1   If any of the items described in this Article VIII
cannot be apportioned at the Closing because of the unavailability of
information as to the amounts which are to be apportioned or otherwise, or are
incorrectly apportioned at Closing or subsequent thereto, such items shall be
apportioned or reapportioned, as the case may be, as soon as practicable after
the Proration Date or the date such error is discovered, as applicable. The
parties shall make the appropriate adjusting payment between them within thirty
(30) days after presentment of the calculation. All books and records of the
Owners which relate to the Property, and particularly to any items to be
prorated or allocated under this Agreement in connection with the Closing, shall
be made available to both the Owners and Cedar and their respective Consultants.
Any

                                       28
<PAGE>

such inspection shall be at reasonable intervals, during business hours, upon
reasonable notice, and at the inspecting party's sole cost and expense.

                8.5.2   In the event that Owners shall owe money to Cedar on
account of post-closing adjustments, the Owners shall within thirty (30) days
after Cedar shall have delivered to the Owners a written demand indicating the
amount of money owed on account of such post-closing adjustments and containing
reasonable back-up documentation with respect thereto (an "Adjustment Demand"),
subject to the rights of the Owners to contest such obligation, as hereinafter
set forth, make such payments to Cedar. The Owners shall not receive capital
account credit on account of any payment by the Owners pursuant to this Section
8.5.2. Notwithstanding the foregoing, in the event that, within five (5)
Business Days after receipt of an Adjustment Demand, the Owners shall deliver
written notice to Cedar disputing the accuracy of the Adjustment Demand (which
notice shall contain a reasonably detailed basis for such dispute), then the
Owners and Cedar shall, in good faith, attempt to promptly resolve any such
dispute and, if such attempt is unsuccessful, each of the Owners and Cedar shall
have the right to submit such dispute to binding arbitration in accordance with
Section 10.3.3 hereof.

                8.5.3   In the event that Cedar shall owe money to the Owners on
account of post-closing adjustments, Cedar shall, within thirty days after the
Owners shall have delivered to Cedar an Adjustment Demand, make such payments to
the Owners. Cedar shall be entitled to capital account credit on account of any
payment made by Cedar pursuant to this Section 8.5.3 hereof. Notwithstanding the
foregoing, in the event that, within ten (10) Business Days after receipt of an
Adjustment Demand, Cedar shall deliver written notice to the Owners disputing
the accuracy of the Adjustment Demand (which notice shall contain a reasonably
detailed basis for such dispute), then the Owners and Cedar shall, in good
faith, attempt to promptly resolve any such dispute and, if such attempt is
unsuccessful, each of the Owners and Cedar shall have the right to submit such
dispute to binding arbitration in accordance with Section 10.3.3 hereof.

                8.5.4   The provisions of Section 8.5 shall survive the Closing
and shall remain in full force and effect for a period of twelve (12) months
after the date of the Closing, unless, within such twelve (12) month period, an
Adjustment Demand shall have been delivered, in which case, liability with
respect to the matters addressed in the Adjustment Demand shall survive until
resolution thereof.

        8.6     Closing Costs. Cedar shall pay the title insurance premium for
the Title Policy and the cost of all endorsements to the Title Policy including,
without limitation, the non-imputation endorsement. The Owners and Cedar shall
pay their respective legal, consulting and professional fees and expenses
incurred in connection with this Agreement and the transaction contemplated
hereby.

        8.7     Tax Certiorari Proceedings. The Owners shall not hereafter
institute any proceedings for the reduction of the assessed valuation of the
Property without the prior written consent of Cedar. The net refund of taxes
received in connection with any tax certiorari proceedings shall be apportioned
to provide that the net refund (as hereinafter defined) of taxes for a period
prior to the Proration Date shall be the property of the Owners and that any
refund for any period after the Proration Date shall be the property of the
Partnership. The "net refund" is the amount of the tax refund after deducting
therefrom any refunds due to tenants pursuant to

                                       29
<PAGE>

their leases, a pro rata share of all expenses, including counsel fees
necessarily incurred in obtaining such refund, the allocation of such expenses
to be based upon the total refund obtained in the proceeding and in any other
proceeding simultaneously involved in the trial or settlement. All of same shall
be apportioned as of the Proration Date and the apportionment made as herein set
forth.

        8.8     Transfer Tax. All transfer, stamp or other similar taxes
attributable to the Contribution shall be shared equally between the Owners and
Cedar and shall be paid contemporaneously with the Closing.

                                   ARTICLE IX
                                  Escrow Terms

        9.1     Depository. The Downpayment shall be held in escrow by Legal
Abstract Co. ("Escrow Agent"), in a special interest bearing commercial bank
account, designated as a "trust account" or an "escrow account", at Royal Bank
of Pennsylvania (or its successor) located at 732 Montgomery Avenue, Narberth,
PA 19072.

        9.2     Escrow Instructions. If the Closing takes place, then Escrow
Agent shall deliver the Downpayment to, or upon the instructions of, the Owners
at the Closing. If this Agreement is terminated in accordance with the terms
hereof, then, subject to Section 9.4 hereof, Escrow Agent shall pay the
Downpayment to, or upon the instructions of, the party entitled thereto in
accordance with the provisions of this Agreement. If the Closing does not occur
by reason of the failure of either party to comply with such party's obligations
hereunder, then, subject to Section 9.4 hereof, Escrow Agent shall pay the
Downpayment to, or upon the instructions of, the party entitled thereto in
accordance with the provisions of this Agreement.

        9.3     Scope of Duties. The duties of Escrow Agent shall be only as
herein specifically provided, and are purely ministerial in nature. Escrow Agent
shall incur no liability whatever except for willful misconduct or gross
negligence, as long as Escrow Agent has acted in good faith. The Owners and
Cedar acknowledge that Escrow Agent is serving without compensation and solely
as an accommodation to the parties hereto. Escrow Agent shall not be liable or
responsible for the funds being held in escrow or for the collection of the
proceeds of the check for the Downpayment or for the interest earned thereon. In
the performance of its duties hereunder, Escrow Agent shall be entitled to rely
upon the authenticity of any signature and the genuineness and validity of any
writing received by Escrow Agent pursuant to or otherwise relating to this
Agreement. Escrow Agent may assume that any Person purporting to give any notice
or instructions in accordance with the provisions hereof has been duly
authorized to do so. Escrow Agent shall not be bound by any modification,
cancellation or rescission of this Agreement unless (i) such modification,
cancellation or rescission is in writing and signed by the Owners and Cedar, and
(ii) a copy of such modification, cancellation or rescission is delivered to
Escrow Agent. Escrow Agent shall not be bound in any way by any other contract
or understanding between the parties hereto, whether or not Escrow Agent has
knowledge thereof or consents thereto, unless such consent is given in writing.

        9.4     Dispute. Escrow Agent is acting as a stakeholder only with
respect to the Downpayment and the interest earned thereon. If a party requests
disbursement of the

                                       30
<PAGE>

Downpayment for any reason other than the Closing having occurred, then Escrow
Agent shall give written notice to the other party of such request. Such other
party shall have the right to dispute the disbursement of the Downpayment to the
requesting party only by delivering notice thereof to Escrow Agent (a "Dispute
Notice") on or prior to the fifth (5th) day after the date when Escrow Agent
gives such notice. Cedar acknowledges and agrees that Cedar shall not deliver a
Dispute Notice unless (i) any of the conditions precedent to Cedar's obligation
to consummate the transactions contemplated by this Agreement (as set forth in
Section 7.2.1) or (ii) any of the conditions precedent to the Other Agreement
Buyer's obligation to consummate the transactions contemplated by the Other
Agreement (as set forth in Section 7.2.1 thereof), shall not have occurred or
been satisfied. Notwithstanding anything to the contrary contained herein,
Escrow Agent shall not disburse the Downpayment until the day immediately
following the last day of such ten (10) day period. If there is any dispute as
to whether Escrow Agent is obligated to deliver the Downpayment or as to whom
said Downpayment is to be delivered, then Escrow Agent shall not make any
delivery, but in such event Escrow Agent shall hold the same until Escrow Agent
receives (a) notice from the objecting party withdrawing the objection, or (b) a
notice signed by both parties directing disposition of the Downpayment, or (c) a
non-appealable judgment or order of a court of competent jurisdiction. If such
notice is not received, or proceedings for such determination are not begun,
within thirty (30) calendar days after the date set forth herein for the Closing
(as the same may have been changed by agreement of the parties) and diligently
continued, then Escrow Agent shall have the right to (w) hold and retain all or
any part of the Downpayment until such dispute is settled or finally determined
by litigation, arbitration or otherwise, or (x) deposit the Downpayment,
together with the interest earned thereon, in an appropriate court of law,
following which Escrow Agent shall thereby and thereafter be relieved and
released from any liability or obligation under this Agreement, or (y) institute
an action in interpleader or other similar action permitted by stakeholders in
the Commonwealth of Pennsylvania, or (z) interplead any of the parties in any
action or proceeding which may be brought to determine the rights of the parties
to all or any part of the Downpayment.

        9.5     Indemnity. The Owners and Cedar hereby agree to, jointly and
severally, indemnify, defend and hold Escrow Agent harmless from and against any
liabilities, damages, losses, costs or expenses incurred by, or claims or
charges made against, Escrow Agent (including reasonable counsel fees and court
costs) by reason of Escrow Agent's acting or failing to act in connection with
any of the matters contemplated by this Agreement or in carrying out the terms
of this Agreement, except as a result of Escrow Agent's bad faith, gross
negligence or willful misconduct. This Section 9.5 shall not limit the right of
Cedar and the Owners to assert claims against each other with respect to said
indemnity.

        9.6     Release from Liability. Upon the disbursement of the
Downpayment, together with the interest earned thereon, in accordance with this
Agreement, Escrow Agent shall be relieved and released from any liability
hereunder.

        9.7     Resignation. Escrow Agent may resign at anytime upon at least
ten (10) days prior written notice to the parties hereto. If, prior to the
effective date of such resignation, the parties hereto shall all have approved,
in writing, a successor escrow agent, then upon the resignation of Escrow Agent,
Escrow Agent shall deliver the Downpayment, together with the interest earned
thereon, to such successor escrow agent. From and after such resignation and the

                                       31
<PAGE>

delivery of the Downpayment, together with the interest earned thereon, to such
successor escrow agent, Escrow Agent shall be fully relieved of all of its
duties, responsibilities and obligations under this Agreement, all of which
duties, responsibilities and obligations shall be performed by the appointed
successor escrow agent. If for any reason the parties hereto shall not approve a
successor escrow agent within such period, Escrow Agent may bring any
appropriate action or proceeding for leave to deposit the Downpayment, together
with the interest earned thereon, with a court of competent jurisdiction,
pending the approval of a successor escrow agent, and upon such deposit Escrow
Agent shall be fully relieved of all of its duties, responsibilities and
obligations under this Agreement.

        9.8     Execution of Agreement by Escrow Agent. Escrow Agent has
executed this Agreement solely to confirm that Escrow Agent has received a check
(subject to collection) or a wire transfer for the Downpayment and shall hold
the Downpayment in escrow, pursuant to the provisions of this Agreement.

        9.9     Loss of Downpayment. Escrow Agent shall not have any liability
or obligation for loss of all or any portion of the Downpayment by reason of the
insolvency or failure of the institution of depository with whom the escrow
account is maintained.

        9.10    Taxpayer Identification Numbers. Each the Owners and Cedar
represents that its respective taxpayer identification number is as set forth on
EXHIBIT W annexed hereto.

                                    ARTICLE X
                                    Remedies

        10.1    If Cedar shall default in the payment of the Balance of the
Initial Funding Amount, the Owners may terminate this Agreement and retain the
Downpayment. Cedar acknowledges that, if Cedar shall default under this
Agreement as aforesaid, the Owners will suffer substantial adverse financial
consequences as a result thereof. Accordingly, the Owners' sole and exclusive
remedy against Cedar shall be the right to retain the Downpayment, as and for
its sole and full and complete liquidated damages, it being agreed that the
Owners' damages are difficult, if not impossible, to ascertain, and Cedar and
the Owners shall have no further rights or obligations under this Agreement,
except those expressly provided herein to survive the termination of this
Agreement.

        10.2    If the Owners shall fail to satisfy one or more of the
conditions precedent to Cedar's obligation to consummate the transactions
contemplated by this Agreement (as set forth in Section 7.2.1) or if the Other
Agreement Owners shall fail to satisfy one of the conditions precedent to the
Other Agreement Buyer's obligations to consummate the transactions contemplated
by the other Agreement (as set forth in Section 7.2.1 thereof), Cedar may elect,
as its sole and exclusive remedy, to either (x) prosecute an action for specific
performance of this Agreement, or (y) terminate this Agreement, in which event,
Cedar shall be entitled to receive from the Escrow Agent, a return of the
Downpayment, and thereupon neither party shall have any further rights or
obligations under this Agreement, except with respect to those provisions
provided herein to survive the termination of this Agreement. It is acknowledged
and agreed that each of Cedar and the Other Agreement Buyer shall both be
obligated to elect the same option as its remedy.

                                       32
<PAGE>

        10.3    Surviving Representations.

                10.3.1  In the event after the Closing, Cedar (subject to the
survival periods provided in Article IV) alleges that the Owners breached a
representation made in Article IV hereof that survives the Closing (a "Surviving
Representation"), as indicated in a written notice delivered by Cedar to the
Owners, which notice shall indicate the amount of loss, cost, expense or damage
suffered by Cedar, Owners shall, subject to their rights pursuant to Section
10.3.3, promptly pay to Cedar (without any capital account credit on account
thereof), the amount of the loss, cost, expense or damage (other than
consequential, incidental, exemplary, or punitive damage) suffered as a result
of such breach by the Owners.

                10.3.2  In the event after the Closing, the Owners (subject to
the survival periods provided in Article IV) allege that Cedar shall have
breached a Surviving Representation, as indicated in a written notice delivered
by the Owners to Cedar, which notice shall indicate the amount of loss, cost,
expense or damage suffered by the Owners as a result thereof, then, in such
case, Cedar shall, subject to its rights pursuant to Section 10.3.3, promptly
pay to the Owners (without any capital account credit to Cedar on account
thereof), the amount of the loss, cost, expense or damage (other than
consequential, incidental, exemplary, or punitive damage) suffered as a result
of such breach by Cedar.

                10.3.3  In the event that, within ten (10) Business Days after
receipt of notice pursuant to Sections 10.3.1 or 10.3.2 hereof, the party in
receipt of such notice (the "Recipient Party") shall dispute whether such
Recipient Party shall have breached a Surviving Representation, or the amount of
the damage suffered by the party delivering such notice (the "Delivering Party")
as a result thereof, then either the Recipient Party or the Delivering Party
shall have the right to submit such dispute to binding arbitration under the
Expedited Procedures provisions (Rules E-1 through E-10 in the current edition)
of the Commercial Arbitration Rules of the American Arbitration Association
("AAA"). In cases where the parties utilize such arbitration: (i) the dispute
shall be heard by three (rather than one) arbitrators in Philadelphia,
Pennsylvania, (ii) all of the arbitrators on the list submitted by the AAA shall
have reasonable expertise and experience with respect to the commercial real
estate market in the Philadelphia, Pennsylvania area, (iii) the parties will
have no right to object if the appointed arbitrators were on the list submitted
by the AAA and were not objected to in accordance with Rule E-5, (iv) the
arbitrators shall be selected within three (3) Business Days following
submission of such dispute to arbitration, (v) the arbitrators shall render
their final decision not later than three (3) Business Days after the last
hearing, (vi) the first hearing shall be held within five (5) Business Days
after the completion of discovery, and the last hearing shall be held within
fifteen (15) Business Days after the appointment of the arbitrators, (v) any
finding or determination of the arbitrators shall be deemed final and binding
(except that the arbitrators shall not have the power to add to, modify or
change any of the provisions of this Agreement), and (vi) the losing party in
such arbitration shall pay the arbitration costs charged by AAA and/or the
arbitrators.

                10.3.4  The provisions of this Section 10.3 shall survive the
Closing and remain in full force and effect for a period of four (4) months
after the date of the Closing, unless, within such four (4) month period, Cedar
shall have delivered notice to the Owners of the existence of a mechanics' lien
of the nature contemplated by this Section 10.3, in which case, the Owner's

                                       33
<PAGE>

liability with respect to such lien shall survive with respect to the matters
alleged in such claim until resolution thereof.

                                   ARTICLE XI
                                  Miscellaneous

        11.1    Survival. Except as expressly provided herein, all
representations, warranties, covenants and agreements of Cedar and the Owners
contained in this Agreement shall merge into the documents executed at Closing
and shall not survive the Closing.

        11.2    Notices. Any notice required or permitted to be delivered herein
shall be deemed to be delivered (a) when received by the addressee if delivered
by courier service, (b) if mailed, two days after deposit in the United States
Mail, postage prepaid, certified mail, return receipt requested, (c) if sent by
recognized overnight service (such as US Express Mail, Federal Express, UPS,
Airborne, etc.), then one day after delivery of same to an authorized
representative or agency of the said overnight service or (d) if sent by a
telecopier, when transmission is received by the addressee with electronic or
telephonic confirmation, in each such case addressed or telecopied to the Owners
or Cedar, as the case may be, at the address or telecopy number set forth
opposite the signature of such party hereto. Notifications are as follows:

TO OWNERS:             Firehouse Realty Corp.
                       River View Development Corp.
                       South River View Plaza, Inc.
                       Reed Development Associates, Inc.
                       Riverview Commons, Inc.
                       c/o Tower Investments, Inc.
                       One Reed Street
                       Philadelphia, Pennsylvania 19147
                       Attention: Mr. Bart Blatstein and Brian K. Friedman, Esq.
                       Telecopier: (215) 755-8666

with a copy to:        Mr. Robert C. Jacobs
                       1700 Walnut Street, Suite 200
                       Philadelphia, Pennsylvania 19103
                       Telecopier: (215) 545-1559

TO CEDAR:              CSC-Riverview LLC
                       44 South Bayles Avenue
                       Port Washington, New York 11050
                       Attention: Leo S. Ullman
                       Telecopier: (516) 767-6497

with a copy to:        Stroock & Stroock & Lavan LLP
                       180 Maiden Lane
                       New York, New York 10038
                       Attention: Mark A. Levy, Esq.
                       Telecopier: (212) 806-6006

                                       34
<PAGE>

TO ESCROW AGENT:       Legal Abstract Co.
                       2200 Walnut Street
                       Philadelphia, Pennsylvania 19103
                       Attention: Mr. Ellis Cook
                       Telecopier: (215) 985-1926

        11.3    Gender, Numbers. Words of any gender used in this Agreement
shall be held and construed to include any other gender, and words in the
singular number shall be held to include the plural and vice versa unless the
context requires otherwise.

        11.4    Headings. The captions used in connection with the articles and
sections of this Agreement are for convenience only and shall not be deemed to
construe or limit the meaning of the language of this Agreement.

        11.5    Days. Except where business days are expressly referred to,
references in this Agreement to days are to calendar days, not business days.
"Business Day" means any calendar day except a Saturday, Sunday or banking
holiday.

        11.6    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD
TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

        12.6.   Waiver of Trial by Jury. THE PARTIES HERETO HEREBY WAIVE TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER ARISING IN TORT OR
CONTRACT) BROUGHT BY ANY PARTY AGAINST ANOTHER ON ANY MATTER ARISING OUT OF OR
IN ANY WAY CONNECTED WITH THIS AGREEMENT.

        11.7    Holidays. If the final date of any period provided for herein
for the performance of an obligation or for the taking of any action falls on a
Saturday, Sunday or banking holiday, then the time of such period shall be
deemed extended to the next day which is not a Saturday, Sunday or banking
holiday.

        11.8    Interpretation. The parties acknowledge that each party and its
counsel have reviewed this Agreement and that the normal rule of construction to
the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the interpretation of this Agreement or any amendments
or exhibits hereto.

        11.9    Severability. If any provisions of this Agreement are held to be
illegal, invalid or unenforceable under present or future laws, such provision
shall be fully severable, and this Agreement shall be construed and enforced as
if such illegal, invalid or unenforceable provision had never comprised a part
of this Agreement, and the remaining provisions of this Agreement shall remain
in full force and effect and not be affected by the illegal, invalid or
unenforceable provision or by its severance from this Agreement, provided that
both parties may still effectively realize the complete benefit of the
transaction contemplated hereby.

                                       35
<PAGE>

        11.10   Amendments. No modification or amendment of this Agreement shall
be effective unless made in writing and executed by both the Owners and Cedar.
In the event any approval or consent is required pursuant to any provision of
this Agreement, such approval or consent shall be deemed given only if it is in
writing, executed by the party whose approval or consent is required.

        11.11   Confidentiality. Neither the Owners nor Cedar shall, without the
prior consent of the other party, take out any advertisement to publicize the
transaction contemplated by this Agreement. Both prior to and following the
Closing, each party shall keep the terms and conditions of this Agreement
confidential. The foregoing shall not be interpreted as intending to prevent
Cedar from disclosing the terms and conditions of this Agreement to its
attorneys, prospective lenders, or accountants or from making such other
disclosures as may be required by law or by the rules and regulations of any
regulatory body having jurisdiction with respect to Cedar, the Partnership, or
the Property or from describing the transactions contemplated by this Agreement
in any registration statement submitted by any affiliate of Cedar or from filing
this Agreement as an exhibit to such registration statement. The provisions of
this Section shall survive the Closing or earlier termination of this Agreement.

        11.12   Entire Agreement. This Agreement embodies the entire agreement
between the parties and cannot be varied except by the written agreement of the
parties. The Owners make no representations, warranties or agreements with
respect to Property, except as set forth in this Agreement.

        11.13   Further Assurances. In addition to the acts and deeds recited
herein and contemplated to be performed, executed and/or delivered by the Owners
to Cedar at Closing, the Owners agree to perform, execute and/or deliver or
cause to be delivered, executed and/or delivered, but without any obligation to
incur any additional liability or expense, on or after the Closing any and all
further acts, deeds and assurances as may be reasonably necessary to consummate
the transactions contemplated hereby.

        11.14   Joint and Several. The liability of the Owners under this
Agreement shall be joint and several.

                                   ARTICLE XII
                             Assignment of Contract

        12.1    Assignment. Cedar may assign Cedar's rights or delegate Cedar's
duties under this Agreement but only to one or more entities which are majority
owned and controlled by Cedar Shopping Centers, Inc. The said assignee shall
assume all obligations of Cedar under this Agreement by a written instrument
approved in form and substance by the Owners which approval shall not be
unreasonably withheld or delayed. Except as hereinbefore set forth, this
Agreement may not be assigned by Cedar.

                            [Signature Page Follows]

                                       36
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Agreement as of the date first above written.

                                FIREHOUSE REALTY CORP.

                                     By:  /s/ Bart Blatstein
                                          --------------------------------------
                                          Name:    BART BLATSTEIN
                                          Title:   PRESIDENT


                                RIVER VIEW DEVELOPMENT CORP.

                                     By:  /s/ Bart Blatstein
                                          --------------------------------------
                                          Name:    BART BLATSTEIN
                                          Title:   PRESIDENT


                                SOUTH RIVER VIEW PLAZA, INC.

                                     By:  /s/ Bart Blatstein
                                          --------------------------------------
                                          Name:    BART BLATSTEIN
                                          Title:   PRESIDENT


                                REED DEVELOPMENT ASSOCIATES, INC.

                                     By:  /s/ Bart Blatstein
                                          --------------------------------------
                                          Name:    BART BLATSTEIN
                                          Title:   PRESIDENT


                                RIVERVIEW COMMONS, INC.

                                     By:  /s/ Bart Blatstein
                                          --------------------------------------
                                          Name:    BART BLATSTEIN
                                          Title:   PRESIDENT

<PAGE>

                     CSC-RIVEWVIEW LLC

                     By:  CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., ITS MEMBER

                          By:  CEDAR SHOPPING CENTERS, INC., ITS GENERAL PARTNER

                               By:  /s/ Leo S. Ullman
                                    --------------------------------------------
                                    Name:    Leo S. Ullman
                                    Title:   President


                     ESCROW AGENT (and to acknowledge agreement with
                     Article IX)
                     LEGAL ABSTRACT CO.

                               By:  /s/ Ellis Cook
                                    --------------------------------------------
                                    Name:    Ellis Cook
                                    Title:   V.P.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>24
<FILENAME>ex10-08b.txt
<DESCRIPTION>EX10-08B.TXT
<TEXT>
<PAGE>

                       AMENDMENT TO CONTRIBUTION AGREEMENT

        AMENDMENT TO CONTRIBUTION AGREEMENT (this "Agreement") made as of this
3rd day of November, 2003 by and among FIREHOUSE REALTY CORP., a Pennsylvania
corporation ("Firehouse"), REED DEVELOPMENT ASSOCIATES, INC., a Pennsylvania
corporation ("Reed"), SOUTH RIVER VIEW PLAZA, INC., a Pennsylvania corporation
("South"), RIVER VIEW DEVELOPMENT CORP., a Pennsylvania corporation
("Development"), RIVERVIEW COMMONS, INC., a Pennsylvania corporation ("Commons";
and together with Firehouse, Reed, South and Development, the "Owners", or each
individually, an "Owner") and CSC-RIVERVIEW LLC ("Cedar").

                               W I T N E S S E T H

        WHEREAS, the Owners and Cedar are parties to that certain Contribution
Agreement, dated as of October 2, 2003, between Owners and Cedar;

        WHEREAS, the Owners and Cedar desire to modify the Contribution
Agreement as hereinafter set forth.

        NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto covenant and
agree as follows:

        1.      Capitalized terms used and not otherwise defined herein shall
have the meaning set forth in the Contribution Agreement.

        2.      Section 1.3 of the Contribution Agreement is hereby omitted in
its entirety.

        3.      The Owner's Loan shall be made by Cedar Lender LLC, an affiliate
of Cedar, rather than by Cedar.

        4.      Except as expressly modified hereby, the Contribution Agreement
remains in full force and effect.

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Agreement as of the date first above written.

                                     FIREHOUSE REALTY CORP.

                                     By:   /s/ Bart Blatstein
                                           -------------------------------------
                                           Name:    Bart Blatstein
                                           Title:   President

                                     RIVER VIEW DEVELOPMENT CORP.

                                     By:   /s/ Bart Blatstein
                                           -------------------------------------
                                           Name:    Bart Blatstein
                                           Title:   President

                                     SOUTH RIVER VIEW PLAZA, INC.

                                     By:   /s/ Bart Blatstein
                                           -------------------------------------
                                           Name:    Bart Blatstein
                                           Title:   President

                                     REED DEVELOPMENT ASSOCIATES, INC.

                                     By:   /s/ Bart Blatstein
                                           -------------------------------------
                                           Name:    Bart Blatstein
                                           Title:   President

                                     RIVERVIEW COMMONS, INC.

                                     By:   /s/ Bart Blatstein
                                           -------------------------------------
                                           Name:    Bart Blatstein
                                           Title:   President

<PAGE>

                                     CSC-RIVERVIEW LLC

                                     By:   CEDAR SHOPPING CENTERS
                                           PARTNERSHIP, L.P., ITS MEMBER

                                           By:   CEDAR SHOPPING CENTERS, INC.,
                                                 ITS GENERAL PARTNER

                                           By:   /s/ Brenda J. Walker
                                                 -----------------------------
                                                 Name:  Brenda J. Walker
                                                 Title: Vice President
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>25
<FILENAME>ex10-08c.txt
<DESCRIPTION>EX10-08C.TXT
<TEXT>
<PAGE>

                                 PROMISSORY NOTE

$6,367,000.00                                                 December 9th, 2003
                                                      Philadelphia, Pennsylvania

        FOR VALUE RECEIVED, WELSH-SQUARE, INC., a Pennsylvania corporation
having an address c/o Tower Investments, Inc., One Reed Street, Philadelphia,
Pennsylvania 19147 ("WSI"), INDENTURE OF TRUST OF BART BLATSTEIN DATED AS OF
JUNE 9, 1998, a Pennsylvania trust having an address c/o Tower Investments,
Inc., One Reed Street, Philadelphia, Pennsylvania ("1998 Trust") and IRREVOCABLE
INDENTURE OF TRUST OF BARTON BLATSTEIN DATED JULY 13, 1999, a Pennsylvania trust
having an address c/o Tower Investments, Inc., One Reed Street, Philadelphia,
Pennsylvania ("1999 Trust"; WSI, 1998 Trust and 1999 Trust are collectively
referred to herein as "Borrower"), hereby unconditionally promise to pay to the
order of CEDAR LENDER LLC, a Delaware limited liability company having an
address at 44 South Bayles Avenue, Port Washington, New York 11050 ("Lender"),
or at such other place as the holder hereof may from time to time designate in
writing, the principal sum of Six Million Three Hundred Sixty Seven Thousand and
00/100 Dollars ($6,367,000.00), constituting the principal amount of the Loan
made to Borrower pursuant to the Loan Agreement, of even date herewith between
Borrower and Lender (as the same may be amended from time to time, the "Loan
Agreement"). Any undefined capitalized terms used herein shall have the meanings
ascribed to them in the Loan Agreement.

1.      PAYMENT TERMS

        Borrower agrees to pay the principal sum of this Note and interest on
the unpaid principal sum of this Note from time to time outstanding at the rates
and at the times specified in the Loan Agreement, and in any event with a final
maturity, at which time all amounts remaining outstanding under this Note shall
be repaid in full, on the Maturity Date.

2.      DEFAULT AND ACCELERATION

        (i) The whole of the principal sum of this Note, (ii) interest, default
interest and other sums, as provided in this Note, (iii) all other monies or
costs agreed or provided to be paid by Borrower in this Note or in the other
Loan Documents (the sums referred to in (i) through (iii) above shall
collectively be referred to as the "Debt") shall become immediately due and
payable at the option of Lender upon the happening of any Event of Default.

3.      LOAN DOCUMENTS

        This Note is secured by the Security Agreement. All of the terms,
covenants and conditions contained in the Security Agreement and the other Loan
Documents are hereby made a part of this Note to the same extent and with the
same force as if they were fully set forth herein. In the event of a conflict or
inconsistency between the terms of this Note and the Loan Agreement, the terms
and provisions of the Loan Agreement shall govern.

<PAGE>

4.      SAVINGS CLAUSE

        This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance due
hereunder at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the maximum interest rate which
Borrower is permitted by applicable law to contract or agree to pay. If by the
terms of this Note, Borrower is at any time required or obligated to pay
interest on the principal balance due hereunder at a rate in excess of such
maximum rate, the Interest Rate or the Default Rate, as the case may be, shall
be deemed to be immediately reduced to such maximum rate and all previous
payments in excess of the maximum rate shall be deemed to have been payments in
reduction of principal and not on account of the interest due hereunder. All
sums paid or agreed to be paid to Lender for the use, forbearance, or detention
of the Debt, shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full stated term of the Note
until payment in full so that the rate or amount of interest on account of the
Debt does not exceed the maximum lawful rate of interest from time to time in
effect and applicable to the Debt for so long as the Debt is outstanding.

5.      NO ORAL CHANGE

        This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

6.      WAIVERS

        Borrower and all others who may become liable for the payment of all or
any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, protest and notice of protest and non-payment and
all other notices of any kind. No extension of time for payment of this Note or
any installment hereof, and no alteration, amendment or waiver of any provision
of this Note made by agreement between Lender or any other person or party shall
release, modify, amend, waive, extend, change, discharge, terminate or affect
the liability of Borrower, and any other person or entity who may become liable
for the payment of all or any part of the Debt, under this Note. No notice to or
demand on Borrower shall be deemed to be a waiver of the obligation of Borrower
or of the right of Lender to take further action without further notice or
demand as provided for in this Note. If Borrower consists of one or more
partnerships, the agreements herein contained shall remain in force and
applicable, notwithstanding any changes in the individuals comprising the
partnership, and the term "Borrower," as used herein, shall include any
alternate or successor partnership, but any predecessor partnership and their
partners shall not thereby be released from any liability. If Borrower consists
of one or more limited liability companies, the agreements herein contained
shall remain in force and applicable, notwithstanding any changes in the
individuals comprising the limited liability company, and the term "Borrower,"
as used herein, shall include any alternate or successor limited liability
company, but any predecessor limited liability company and their members shall
not thereby be released from any liability. If Borrower consists of one or more
corporations, the agreements contained herein shall remain in full force and
applicable notwithstanding any changes in the shareholders comprising, or the
officers and directors

                                       -2-
<PAGE>

relating to, the corporation, and the term "Borrower" as used herein, shall
include any alternative or successor corporation, but any predecessor
corporation shall not be relieved of liability hereunder.

7.      WAIVER OF TRIAL BY JURY

        BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS NOTE OR ANY
ACTS OR OMISSIONS OF LENDER, ITS MEMBERS, PARTNERS, OFFICERS, EMPLOYEES,
DIRECTORS OR AGENTS IN CONNECTION THEREWITH.

8.      NOTICES

        All notices or other written communications hereunder shall be delivered
in accordance with the terms of the Loan Agreement.

9.      AUTHORITY

        Borrower (and the undersigned representative of Borrower, if any)
represents that Borrower has full power, authority and legal right to execute
and deliver this Note and that this Note constitutes valid and binding
obligations of Borrower.

10.     APPLICABLE LAW

        This Note shall be governed, construed, applied and enforced in
accordance with the laws of the Commonwealth of Pennsylvania and the applicable
laws of the United States of America.

11.     COUNSEL FEES

        In the event that it should become necessary to employ counsel to
collect the Debt, Borrower also agrees to pay all reasonable fees and expenses
of Lender, including, without limitation, reasonable attorney's fees for the
services of such counsel whether or not suit be brought.

12.     JOINT AND SEVERAL LIABILITY

        If Borrower consists of more than one person or party, the obligations
and liabilities of each person or party shall be joint and several.

13.     EXCULPATION

        Notwithstanding any other provision in this Note or the other Loan
Documents, the liability of Borrower under this Note and the other Loan
Documents shall be limited to the Pledged Collateral (as defined in the Security
Agreement), and Lender shall not seek any judgment against Borrower or its
direct or indirect partners, members, shareholders, principals, affiliates,
officers, directors, employees or agents, or any representatives of any of the
foregoing.

                                       -3-
<PAGE>

14.     MISCELLANEOUS

        (a) Wherever pursuant to this Note (i) Lender exercises any right given
to it to approve or disapprove, (ii) any arrangement or term is to be
satisfactory to Lender, or (iii) any other decision or determination is to be
made by Lender, the decision of Lender to approve or disapprove, all decisions
that arrangements or terms are satisfactory or not satisfactory and all other
decisions and determinations made by Lender, shall be in the sole and absolute
discretion of Lender and shall be final and conclusive, except as may be
otherwise expressly and specifically provided herein.

                            [Signature Page Follows]

                                       -4-
<PAGE>

        IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day
and year first above written.

                                      WELSH-SQUARE, INC.

                                         By: /s/  Bart Blatstein
                                             ---------------------------------
                                             Name:  Bart Blatstein
                                             Title: President

                                      INDENTURE OF TRUST OF BART BLATSTEIN DATED
                                      AS OF JUNE 9,1998

                                         By: /s/  Jil Blatstein
                                             ---------------------------------
                                             Name:  Jil Blatstein
                                             Title: Co-Trustee

                                         By: /s/  Brian K. Friedman
                                             ---------------------------------
                                             Name:  Brian K. Friedman
                                             Title: Co-Trustee

                                         By: /s/  Joseph W. Seidle
                                             ---------------------------------
                                             Name:  Joseph W. Seidle
                                             Title: Co-Trustee

                                      IRREVOCABLE INDENTURE OF TRUST OF BARTON
                                      BLATSTEIN DATED JULY 13, 1999

                                         By: /s/  Brian K. Friedman
                                             ---------------------------------
                                             Name:  Brian K. Friedman
                                             Title: Co-Trustee

                                         By: /s/  Joseph W. Seidle
                                             ---------------------------------
                                             Name:  Joseph W. Seidle
                                             Title: Co-Trustee

<PAGE>

COMMONWEALTH OF PENNSYLVANIA    )
                                )ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003 before me, the undersigned Notary
Public, personally appeared BART BLATSTEIN, who acknowledged himself to be the
President of WELSH-SQUARE, INC., a Pennsylvania corporation, and that he, as
such President, being authorized to do so, executed the foregoing instrument for
the purposes therein contained by signing the name of the corporation by himself
as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/  ------------------
Notary Public

My commission expires:

COMMONWEALTH OF PENNSYLVANIA    )
                                )ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003, before me, the undersigned Notary
Public, personally appeared JIL BLATSTEIN known to me (or satisfactorily proven)
to be the person whose name is subscribed to the within instrument, and
acknowledged that she executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/  ------------------
Notary Public

My commission expires:

<PAGE>

COMMONWEALTH OF PENNSYLVANIA    )
                                )ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003, before me, the undersigned Notary
Public, personally appeared BRIAN K. FRIEDMAN known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that he executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/  ------------------
Notary Public

My commission expires:

COMMONWEALTH OF PENNSYLVANIA    )
                                )ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003, before me, the undersigned Notary
Public, personally appeared JOSEPH W. SEIDLE known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that he executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/  ------------------
Notary Public

My commission expires:
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>26
<FILENAME>ex10-08d.txt
<DESCRIPTION>EX10-08D.TXT
<TEXT>
<PAGE>

                                 PROMISSORY NOTE

$26,743,000.00                                        November 3, 2003
                                                      Philadelphia, Pennsylvania

        FOR VALUE RECEIVED, FIREHOUSE REALTY CORP., a Pennsylvania corporation
("Firehouse"), REED DEVELOPMENT ASSOCIATES, INC., a Pennsylvania corporation
("Reed"), SOUTH RIVER VIEW PLAZA, INC., a Pennsylvania corporation ("South"),
RIVER VIEW DEVELOPMENT CORP., a Pennsylvania corporation ("Development"),
RIVERVIEW COMMONS, INC., a Pennsylvania corporation ("Commons"; and together
with Firehouse, Reed, South and Development, "Borrower"), each having an address
c/o Tower Investments, Inc., One Reed Street, Philadelphia, Pennsylvania 19147,
hereby unconditionally promise to pay to the order of CEDAR LENDER LLC, a
Delaware limited liability company having an address at 44 South Bayles Avenue,
Port Washington, New York 11050 ("Lender"), or at such other place as the holder
hereof may from time to time designate in writing, the principal sum of Twenty
Six Million Seven Hundred Forty-Three Thousand ($26,743,000.00) Dollars,
constituting the principal amount of the Loan made to Borrower pursuant to the
Loan Agreement, of even date herewith between Borrower and Lender (as the same
may be amended from time to time, the "Loan Agreement"). Any undefined
capitalized terms used herein shall have the meanings ascribed to them in the
Loan Agreement.

1.      PAYMENT TERMS

        Borrower agrees to pay the principal sum of this Note and interest on
the unpaid principal sum of this Note from time to time outstanding at the rates
and at the times specified in the Loan Agreement, and in any event with a final
maturity, at which time all amounts remaining outstanding under this Note shall
be repaid in full, on the Maturity Date.

2.      DEFAULT AND ACCELERATION

        (i) The whole of the principal sum of this Note, (ii) interest, default
interest and other sums, as provided in this Note, (iii) all other monies or
costs agreed or provided to be paid by Borrower in this Note or in the other
Loan Documents (the sums referred to in (i) through (iii) above shall
collectively be referred to as the "Debt") shall become immediately due and
payable at the option of Lender upon the happening of any Event of Default.

3.      LOAN DOCUMENTS

        This Note is secured by the Security Agreement. All of the terms,
covenants and conditions contained in the Security Agreement and the other Loan
Documents are hereby made a part of this Note to the same extent and with the
same force as if they were fully set forth herein. In the event of a conflict or
inconsistency between the terms of this Note and the Loan Agreement, the terms
and provisions of the Loan Agreement shall govern.

<PAGE>

4.      SAVINGS CLAUSE

        This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance due
hereunder at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the maximum interest rate which
Borrower is permitted by applicable law to contract or agree to pay. If by the
terms of this Note, Borrower is at any time required or obligated to pay
interest on the principal balance due hereunder at a rate in excess of such
maximum rate, the Interest Rate or the Default Rate, as the case may be, shall
be deemed to be immediately reduced to such maximum rate and all previous
payments in excess of the maximum rate shall be deemed to have been payments in
reduction of principal and not on account of the interest due hereunder. All
sums paid or agreed to be paid to Lender for the use, forbearance, or detention
of the Debt, shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full stated term of the Note
until payment in full so that the rate or amount of interest on account of the
Debt does not exceed the maximum lawful rate of interest from time to time in
effect and applicable to the Debt for so long as the Debt is outstanding.

5.      NO ORAL CHANGE

        This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

6.      WAIVERS

        Borrower and all others who may become liable for the payment of all or
any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, protest and notice of protest and non-payment and
all other notices of any kind. No extension of time for payment of this Note or
any installment hereof, and no alteration, amendment or waiver of any provision
of this Note made by agreement between Lender or any other person or party shall
release, modify, amend, waive, extend, change, discharge, terminate or affect
the liability of Borrower, and any other person or entity who may become liable
for the payment of all or any part of the Debt, under this Note. No notice to or
demand on Borrower shall be deemed to be a waiver of the obligation of Borrower
or of the right of Lender to take further action without further notice or
demand as provided for in this Note. If Borrower consists of one or more
partnerships, the agreements herein contained shall remain in force and
applicable, notwithstanding any changes in the individuals comprising the
partnership, and the term "Borrower," as used herein, shall include any
alternate or successor partnership, but any predecessor partnership and their
partners shall not thereby be released from any liability. If Borrower consists
of one or more limited liability companies, the agreements herein contained
shall remain in force and applicable, notwithstanding any changes in the
individuals comprising the limited liability company, and the term "Borrower,"
as used herein, shall include any alternate or successor limited liability
company, but any predecessor limited liability company and their members shall
not thereby be released from any liability. If Borrower consists of one or more
corporations, the agreements contained herein shall remain in full force and
applicable

                                        2
<PAGE>

notwithstanding any changes in the shareholders comprising, or the officers and
directors relating to, the corporation, and the term "Borrower" as used herein,
shall include any alternative or successor corporation, but any predecessor
corporation shall not be relieved of liability hereunder.

7.      WAIVER OF TRIAL BY JURY

        BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN
CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS NOTE OR ANY
ACTS OR OMISSIONS OF LENDER, ITS MEMBERS, PARTNERS, OFFICERS, EMPLOYEES,
DIRECTORS OR AGENTS IN CONNECTION THEREWITH.

8.      NOTICES

        All notices or other written communications hereunder shall be delivered
in accordance with the terms of the Loan Agreement.

9.      AUTHORITY

        Borrower (and the undersigned representative of Borrower, if any)
represents that Borrower has full power, authority and legal right to execute
and deliver this Note and that this Note constitutes valid and binding
obligations of Borrower.

10.     APPLICABLE LAW

        This Note shall be governed, construed, applied and enforced in
accordance with the laws of the Commonwealth of Pennsylvania and the applicable
laws of the United States of America.

11.     COUNSEL FEES

        In the event that it should become necessary to employ counsel to
collect the Debt, Borrower also agrees to pay all reasonable fees and expenses
of Lender, including, without limitation, reasonable attorney's fees for the
services of such counsel whether or not suit be brought.

12.     JOINT AND SEVERAL LIABILITY

        If Borrower consists of more than one person or party, the obligations
and liabilities of each person or party shall be joint and several.

13.     EXCULPATION

        Notwithstanding any other provision in this Note or the other Loan
Documents, the liability of Borrower under this Note and the other Loan
Documents shall be limited to the Pledged Collateral (as defined in the Security
Agreement), and Lender shall not seek any

                                        3
<PAGE>

judgment against Borrower or its direct or indirect partners, members,
shareholders, principals, affiliates, officers, directors, employees or agents,
or any representatives of any of the foregoing.

14.     MISCELLANEOUS

        (a)     Wherever pursuant to this Note (i) Lender exercises any right
given to it to approve or disapprove, (ii) any arrangement or term is to be
satisfactory to Lender, or (iii) any other decision or determination is to be
made by Lender, the decision of Lender to approve or disapprove, all decisions
that arrangements or terms are satisfactory or not satisfactory and all other
decisions and determinations made by Lender, shall be in the sole and absolute
discretion of Lender and shall be final and conclusive, except as may be
otherwise expressly and specifically provided herein.

                            [Signature Page Follows]

                                        4
<PAGE>

        IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day
and year first above written.

                                        FIREHOUSE REALTY CORP.

                                           By:   /s/  Bart Blatstein
                                                 -------------------------------
                                                 Name:   Bart Blatstein
                                                 Title:  President

                                        RIVER VIEW DEVELOPMENT CORP.

                                           By:   /s/  Bart Blatstein
                                                 -------------------------------
                                                 Name:   Bart Blatstein
                                                 Title:  President

                                        SOUTH RIVER VIEW PLAZA, INC.

                                           By:   /s/  Bart Blatstein
                                                 -------------------------------
                                                 Name:   Bart Blatstein
                                                 Title:  President

                                        REED DEVELOPMENT ASSOCIATES, INC.

                                           By:   /s/  Bart Blatstein
                                                 -------------------------------
                                                 Name:   Bart Blatstein
                                                 Title:  President

                                        5
<PAGE>

COMMONWEALTH OF PENNSYLVANIA    )
                                )ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 31st day of October, 2003 before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
President of FIREHOUSE REALTY CORP., a Pennsylvania corporation, and that he, as
such President being authorized to do so, executed the foregoing instrument for
the purposes therein contained by signing the name of the corporation by himself
as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
--------------------------------
                   Notary Public

My commission expires:

COMMONWEALTH OF PENNSYLVANIA    )
                                )ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 31st day of October, 2003 before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
President of RIVER VIEW DEVELOPMENT CORP., a Pennsylvania corporation, and that
he, as such President being authorized to do so, executed the foregoing
instrument for the purposes therein contained by signing the name of the
corporation by himself as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
--------------------------------
                   Notary Public

My commission expires:

<PAGE>

COMMONWEALTH OF PENNSYLVANIA    )
                                )ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 31st day of October, 2003 before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
President of SOUTH RIVER VIEW PLAZA, INC., a Pennsylvania corporation, and that
he, as such President being authorized to do so, executed the foregoing
instrument for the purposes therein contained by signing the name of the
corporation by himself as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
--------------------------------
                   Notary Public
My commission expires:

COMMONWEALTH OF PENNSYLVANIA    )
                                )ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 31st day of October, 2003 before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
President of REED DEVELOPMENT ASSOCIATES, INC., a Pennsylvania corporation, and
that he, as such President being authorized to do so, executed the foregoing
instrument for the purposes therein contained by signing the name of the
corporation by himself as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
--------------------------------
                   Notary Public

My commission expires:

<PAGE>

COMMONWEALTH OF PENNSYLVANIA    )
                                )ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 31st day of October, 2003 before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
President of RIVERVIEW COMMONS, INC., a Pennsylvania corporation, and that he,
as such President being authorized to do so, executed the foregoing instrument
for the purposes therein contained by signing the name of the corporation by
himself as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
--------------------------------
                   Notary Public

My commission expires:
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>27
<FILENAME>ex10-08e.txt
<DESCRIPTION>EX10-08E.TXT
<TEXT>
<PAGE>

                          PLEDGE AND SECURITY AGREEMENT

        THIS PLEDGE AND SECURITY AGREEMENT (this "Agreement"), dated as of
November 3, 2003, made by FIREHOUSE REALTY CORP., a Pennsylvania corporation
("Firehouse"), REED DEVELOPMENT ASSOCIATES, INC., a Pennsylvania corporation
("Reed"), SOUTH RIVER VIEW PLAZA, INC., a Pennsylvania corporation ("South"),
RIVER VIEW DEVELOPMENT CORP., a Pennsylvania corporation ("Development"),
RIVERVIEW COMMONS, INC., a Pennsylvania corporation ("Commons"; and together
with Firehouse, Reed, South and Development, "Pledgor"), each having an address
c/o Tower Investments, Inc., One Reed Street, Philadelphia, Pennsylvania 19147,
in favor of CEDAR LENDER LLC, a Delaware limited liability company having an
address at 44 South Bayles Avenue, Port Washington, New York 11050 ("Pledgee").

                              W I T N E S S E T H :

        WHEREAS, pursuant to that certain Agreement of Limited Partnership of
Cedar Riverview LP, dated as of the date hereof (as the same may be amended from
time to time, the "Partnership Agreement"), Pledgor is the holder of preferred
limited partnership interests in Cedar-Riverview LP (the "Partnership") in an
amount equal to $26,993,000 (such interests being known as the "Partnership
Interests");

        WHEREAS, pursuant to that certain Loan Agreement, dated as of the date
hereof, between Pledgee and Pledgor (the "Loan Agreement"), Pledgee has made or
is about to make a loan to Pledgor (the "Loan") in the original principal sum of
Twenty Six Million Seven Hundred Forty-Three Thousand ($26,743,000.00) Dollars,
which Loan is evidenced by that certain Promissory Note, dated as of the date
hereof, made by Pledgor to the order of Pledgee, in the principal amount of
Twenty Six Million Seven Hundred Forty-Three Thousand ($26,743,000.00) Dollars
(as the same may be amended from time to time, the "Note"); and

        WHEREAS, as a condition of making the Loan to Pledgor and to secure the
obligations of Pledgor under the Note, Pledgor agrees to pledge and grant to
Pledgee, subject to the terms and conditions of this Agreement, a security
interest in and to (i) the Partnership Interests and (ii) distributions to
Pledgor under the Partnership Agreement (each, a "Pledged Interest" and,
collectively, the "Pledged Interests").

        NOW THEREFORE, in consideration of the premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency whereof being hereby acknowledged, the parties hereto hereby
covenant and agree as follows:

     SECTION 1.     Pledge.

        (a)     Pledgor hereby pledges, assigns, hypothecates, delivers, sets
over and grants to Pledgee a lien on and security interest in and to (x) all
right, title and interest of Pledgor in (i) the Pledged Interests, (ii) any
certificates, instruments or documents representing the Pledged Interests, (iii)
all options and other rights, contractual or otherwise, in respect of the
Pledged Interests (including, without limitation, any registration rights) and
(iv) all dividends, distributions, liquidation proceeds, cash, instruments and
other property (including, without limitation, additional stock or securities
distributed in respect of any Pledged Interest by way of

<PAGE>

stock splits, spin-offs, reclassification, combination, consolidation, merger or
similar arrangement) to which Pledgor is entitled with respect to the Pledged
Interests, whether or not received by or otherwise distributed to Pledgor,
whether such dividends, distributions, liquidation proceeds, cash, instruments
and other property are paid or distributed by the Partnership in respect of
operating profits, sales, exchanges, refinancing, condemnations or insured
losses of the assets of the Partnership, the liquidation of such, the
Partnership's assets and affairs, management fees, guaranteed payments,
repayment of loans, reimbursement of expenses or otherwise (the items set forth
in this clause (x) collectively referred to herein as the "Distributions"), and
(y) subject to the provisions of Section 4 below, Pledgor's rights, remedies,
powers and benefits under the Partnership Agreement or under law, including,
without limitation (i) all rights of Pledgor to vote on any matter specified
therein or under law, (ii) all rights of Pledgor to cause an assignee to be
substituted as a partner in the Partnership in the place and stead of Pledgor,
(iii) all rights, remedies, powers, privileges, security interests, liens, and
claims of Pledgor for damages arising out of or for breach of or default under
the Partnership Agreement, (iv) all present and future claims, if any, of
Pledgor against the Partnership under or arising out of the Partnership
Agreement for monies loaned or advanced, for services rendered or otherwise, (v)
all rights of Pledgor to access to the books and records of the Partnership and
to other information concerning or affecting the Partnership, (vi) all rights of
Pledgor to terminate the Partnership Agreement, to perform thereunder, to compel
performance and otherwise to exercise all remedies thereunder, and (vii) all
rights of Pledgor to acquire the rights or interests of any other partner in the
Partnership and all increases and profits of any of the foregoing and all
proceeds thereof. The security interests, rights, remedies and benefits of
Pledgee granted by this Section 1(a) and all proceeds thereof are hereinafter
collectively referred to as the "Pledged Collateral". Pledgor irrevocably and
unconditionally waives all rights, if any, which may exist in its favor to
purchase or acquire any of the Pledged Collateral from and after the date on
which Pledgee or any assignee thereof or successful bidder at a foreclosure sale
of the Pledged Collateral acquires the Pledged Collateral pursuant to the rights
and remedies afforded Pledgee hereunder or any exercise thereof.

        (b)     Concurrently herewith, Pledgor shall cause the Partnership to
execute and deliver to Pledgee an "Agreement and Acknowledgment of Pledge"
substantially in the form of EXHIBIT A annexed hereto and made a part hereof.

     SECTION 2.     Security for Obligations. This Agreement secures (a) the
prompt payment when due, whether at stated maturity, by acceleration or
otherwise, of all obligations and any other amounts due or to become due under
the Note, whether for principal, interest, fees, expenses or otherwise, (b) the
due and punctual performance or satisfaction of all obligations of Pledgor under
the Note, (c) any and all obligations of Pledgor now or hereafter existing under
this Agreement, and (d) any and all other obligations of Pledgor to Pledgee now
or hereafter existing (all such obligations being hereinafter collectively
referred to as the "Obligations").

     SECTION 3.     Delivery of Pledged Collateral and Related Evidence. (a) On
the date hereof, Pledgor shall deliver to Pledgee (i) evidence satisfactory to
Pledgee in its sole discretion that (x) Pledgor is the legal and beneficial
owner of the Partnership Interests and (y) the pledges created hereby have been
duly reflected upon the books of the Partnership as provided in the Agreement
and Acknowledgment of Pledge executed by the Partnership, (ii) such Uniform
Commercial Code financing statements (the "UCCs"), in a form ready for filing,
as may

                                       -2-
<PAGE>

be necessary or desirable to perfect and/or evidence the security interests in
the Pledged Collateral granted to Pledgee pursuant to this Agreement, and (iii)
satisfactory evidence to Pledgee in its sole discretion that all other filings,
recordings, registrations and other actions Pledgee deems necessary or desirable
to establish, preserve and perfect the security interests and other rights
granted to Pledgee pursuant to this Agreement, and Pledgee's priority with
respect to same, shall have been made.

        (b)     Pledgee shall have the right to appoint one or more agents for
the purpose of retaining physical possession of any of the Pledged Collateral,
which may be held (in the discretion of Pledgee) in the name of Pledgor, or
endorsed or assigned in blank or in favor of Pledgee or any nominee or nominees
of Pledgee or any agent appointed by Pledgee in accordance herewith.

     SECTION 4.     Voting Power, Etc. Notwithstanding anything to the contrary
contained in Section 1 hereof, provided that no Event of Default (as that term
is defined in the Loan Agreement) shall have occurred and be continuing, but
subject in all respects to the terms, conditions, prohibitions or limitations on
the following actions of Pledgor as a partner of the Partnership provided in the
Partnership Agreement, the Agreement and Acknowledgment of Pledge annexed
hereto, the Loan Agreement or the Note, Pledgor shall be entitled to exercise
all voting, consensual and other powers of ownership pertaining to the Pledged
Collateral (including, without limitation, to receive distributions from the
Partnership, to make determinations, to exercise any election (including,
without limitation, election of remedies) or option, and to give or receive any
notice, consent, amendment, waiver, approval or other rights described in
Section 1 hereof), provided that no ratification shall be given, nor any power
pertaining to the Pledged Collateral exercised, nor any other action taken,
which would violate or be inconsistent with the terms of this Agreement, the
Loan Agreement or the Note, or which would have the effect of impairing the
position or interests of Pledgee, or, in each case, in such a manner as would
reasonably be expected to have a material adverse effect on the ability of
Pledgor to perform its obligations hereunder. From and after the occurrence of
an Event of Default and for so long as such Event of Default is continuing,
Pledgee shall have the right to exercise all voting, consensual and other powers
of ownership pertaining to the Pledged Collateral.

     SECTION 5.     No Assumption. Notwithstanding anything contained herein to
the contrary, whether or not an Event of Default shall have occurred, and
whether or not Pledgee elects to foreclose or otherwise realize on its security
interests in the Pledged Collateral, or any part thereof, as set forth herein or
exercise any of its rights under this Agreement, the Loan Agreement or the Note
or otherwise, neither this Agreement, receipt by Pledgee of any Distributions,
the foreclosure or other realization by Pledgee of the security interests in the
Pledged Collateral nor any exercise by Pledgee of any of its rights under this
Agreement, the Loan Agreement or the Note or otherwise, shall in any way be
deemed to obligate Pledgee to assume any of Pledgor's obligations, duties,
expenses or liabilities with respect to the Pledged Collateral or any agreement
relating thereto, and in the event of any such foreclosure, realization or other
exercise of rights, Pledgor shall remain bound and obligated to perform such
obligations and Pledgee shall not be deemed to have assumed any of such
obligations.

                                       -3-
<PAGE>

     SECTION 6.     Representations, Warranties and Covenants. Pledgor
represents and warrants to, and covenants and agrees with, Pledgee as follows:

        (a)     Each of Commons, Firehouse, Reed, South and Development is a
duly formed corporation under the laws of the Commonwealth of Pennsylvania,
validly existing and in good standing under the laws of the Commonwealth of
Pennsylvania, and has full power and authority to execute and deliver to Pledgee
this Agreement, to own its properties and to perform the obligations and carry
out the duties imposed upon it by this Agreement.

        (b)     Pledgor is, and at all times will be, the only record and
beneficial owner of the Pledged Collateral. The Pledged Interests and the
Pledged Collateral are and, at all times, will be, fully paid and
non-assessable, free and clear of any lien, security interest, option or other
charge or encumbrance, whether statutory, judicial, consensual or otherwise.
Pledgor will defend Pledgee's right, title and interest in and to the Pledged
Collateral pledged by it pursuant hereto against the claims and demands of any
third party at no cost or expense whatsoever to Pledgee.

        (c)     Pledgor's rights to Distributions, if any, under the Partnership
Agreement are not subject to any defense, offset, counterclaim or contingency
whatsoever. Giving effect to the aforesaid grants and pledges to Pledgee and the
deliveries required hereunder, and upon the filing of the UCCs in the public
records of the Office of the Secretary of State of the Commonwealth of
Pennsylvania, Pledgee has, as of the date of this Agreement, and, as to any
Pledged Collateral acquired from time to time after such date, shall have, a
valid, perfected and continuing lien upon and security interest in the Pledged
Collateral; provided, however, that no representation or warranty is made with
respect to the perfected status of the security interests of Pledgee in the
proceeds of the Pledged Collateral consisting of "cash proceeds" or "non-cash
proceeds" as defined in the Uniform Commercial Code in effect in the
Commonwealth of Pennsylvania (the "Code") except if, and to the extent, the
provisions of Section 9-315 of the Code shall be complied with.

        (d)     Pledgor shall pay, and save Pledgee harmless from, any and all
liabilities with respect to, or resulting from any delay in paying, any and all
stamp, excise, sales or other taxes which may be payable or determined to be
payable with respect to any of the Pledged Collateral or in connection with any
of the transactions contemplated by this Agreement or the exercise by Pledgee of
any right or remedy granted to it hereunder or under the Loan Documents.

        (e)     Pledgor shall not transfer any of the Pledged Collateral until
payment or satisfaction in full of the Obligations.

        (f)     This Agreement, and each provision herein, has been duly
authorized, executed and delivered by Pledgor and constitutes the legal, valid
and binding obligation of Pledgor, enforceable against Pledgor in accordance
with its terms.

        (g)     Pledgor will not change its state of organization unless it
shall provide Pledgee with at least thirty (30) days' prior written notice
thereof and there shall have been taken such action, satisfactory to Pledgee, as
may be necessary to maintain the security interest of Pledgee hereunder at all
times fully perfected and in full force and effect. Pledgor shall not change its
name unless it shall have given Pledgee at least thirty (30) days' prior written
notice

                                       -4-
<PAGE>

of any such proposed change and shall have taken such action, satisfactory to
Pledgee, as may be necessary to maintain the security interest of Pledgee in the
Pledged Collateral at all times fully perfected and in full force and effect.

        (h)     Pledgor has delivered to Pledgee true, correct and complete, in
all material respect, copies of all of the organizational documents of each of
Commons, Firehouse, Reed, South and Development, and Pledgor shall not permit or
consent to any amendments thereto without the prior written consent of Pledgee.
The organizational documents of Commons, Firehouse, Reed, South and Development
have been duly executed and delivered by the partners, members, shareholders,
directors, incorporators, or organizers, as the case may be, of Commons,
Firehouse, Reed, South and Development, as applicable, and constitute the legal,
valid and binding obligations of such parties enforceable in accordance with
their respective terms. Pledgor is not in material default under or with respect
to, nor has Pledgor received any notice alleging any material default under or
with respect to, any of its obligations under the Partnership Agreement. Pledgor
has the full power and authority to own its property and to carry on its
business as now being conducted, and has the power and authority to execute and
deliver and to perform its Obligations hereunder and under the Loan Documents.

        (i)     None of the Pledged Collateral is, or will be, evidenced by any
instrument, note or chattel paper, except such as have been or will be endorsed,
assigned or pledged and delivered to Pledgee by Pledgor, simultaneously with the
creation thereof and in accordance with any and all applicable requirements of
the Code.

        (j)     Pledgor shall, at its sole cost and expense, keep, observe,
perform and discharge, duly and punctually all and singular the material
obligations, terms, covenants, conditions, representations and warranties of the
Partnership Agreement on the part of Pledgor to be kept, observed, performed and
discharged, and shall hold Pledgee harmless and indemnify it against any loss or
expense (other than consequential, incidental, exemplary, or punitive damage),
including reasonable attorneys' fees and disbursements, that Pledgee may incur
or sustain by reason of any failure to so perform and observe the Partnership
Agreement or to satisfy, perform and observe such conditions thereunder.

        (k)     There is no suit, action, proceeding, arbitration, investigation
or inquiry pending or, to the best of Pledgor's knowledge, threatened against
Pledgor with respect to this Agreement or the transactions contemplated by this
Agreement or which, if adversely determined, would have a material adverse
impact on the ability of Pledgor to consummate the transactions contemplated
hereby, and no consent of any Person (as hereinafter defined), license, permit
or approval, exemption by, notice or report to, or registration, filing or
declaration with, any governmental authority is required to be obtained by
Pledgor in connection with the execution, delivery or performance of this
Agreement. For purposes of this Agreement, the term "Person" shall mean any
individual, partnership, limited liability company, corporation, trust or other
entity.

        (l)     The Partnership Interests are not represented by any instrument
issued in bearer or registered form. None of the Partnership Interests
constitutes or will constitute certificated or uncertificated securities as
defined in Article 8 of the Code. None of the Partnership Interests is or will
be dealt in or traded on any securities exchanges or securities

                                       -5-
<PAGE>

markets or is or will be held in any securities account as defined in Article 8
of the Code. The Partnership Interests constitute general intangibles as defined
in Article 9 of the Code.

        The representations, warranties and covenants set forth in this Section
6 shall survive the execution and delivery of this Agreement and remain in full
force and effect until four (4) months after the Loan is repaid in full. Pledgor
shall have no liability to Pledgee in respect of said representations,
warranties and covenants unless Pledgee shall have delivered to Pledgor, within
such four (4) month period, a claim specifying the alleged breach of any one or
more of such representations, in which case Pledgee's liability shall survive
with respect to the matters alleged in such claim until resolution thereof. For
purposes of this Agreement the term "material" shall mean (unless the context
clearly indicates otherwise) any fact or condition, the presence or absence of
which, has or could have a significant adverse effect on the financial condition
or value of the Collateral or the Property or the continued use and enjoyment
thereof.

     SECTION 7.     [INTENTIONALLY OMITTED]

     SECTION 8.     Distributions.  (a)  Upon the occurrence and continuation of
an Event of Default:

                (i)     All rights of Pledgor to receive Distributions and any
and all proceeds from the sale or other disposition of the Pledged Collateral
(or any portion thereof) which Pledgor would otherwise be authorized to receive
and retain shall cease, and all such rights shall thereupon become vested in
Pledgee, who shall thereupon have the right to receive and hold as Pledged
Collateral such Distributions and proceeds.

                (ii)    All Distributions and proceeds which are received by
Pledgor contrary to the provisions of paragraph (a) of this Section 8 shall be
received in trust for the benefit of Pledgee, shall be segregated from other
funds of Pledgor and shall be forthwith paid over to Pledgee as Pledged
Collateral in the same form as so received (with any necessary endorsement).

                (iii)   All Distributions received by Pledgor in a partial or
total liquidation of the Partnership shall, in the event that any of the
Obligations remain outstanding at the time of such partial or total liquidation,
be paid to Pledgee and applied by Pledgee to such outstanding Obligations.

        (b)     Unless and until an Event of Default shall have occurred and be
continuing, but subject to the provisions of the Partnership Agreement, Pledgor
shall be entitled to receive and retain any and all Distributions.

     SECTION 9.     Transfers and Other Liens, Additional Interests. Pledgor
agrees, so long as any of the Obligations are outstanding, not to:

        (a)     sell or otherwise dispose of, or grant any option or similar
right with respect to, any of the Pledged Collateral; or

        (b)     create or permit to exist any lien (other than the Loan),
security interest or other charge or encumbrance upon or with respect to any of
the Pledged Collateral.

                                       -6-
<PAGE>

        The foregoing shall not be deemed to prohibit any shareholder or partner
of Pledgor from entering into any agreement pursuant to which such shareholder
or partner personally guaranties the obligations of a third party with respect
to a transaction other than the transaction contemplated by the Loan Documents.

     SECTION 10.    Appointment of Attorney-in-Fact. Pledgor hereby appoints
Pledgee the attorney-in-fact for Pledgor, with full authority in the place and
stead of Pledgor and in the name of Pledgor or otherwise, from time to time in
Pledgee's discretion to take any action and to execute any instrument which
Pledgee may deem necessary or advisable to accomplish the purposes of this
Agreement, including, without limitation, to receive, endorse and collect all
Distributions and any instruments made payable to Pledgor representing any
dividend, interest payment or other distribution in respect of the Pledged
Collateral or any part thereof and to give full discharge for the same. Pledgor
agrees that each of the foregoing powers constitutes a power coupled with an
interest which may not be revoked and which shall survive until all of the
Obligations shall have been indefeasibly paid in full and satisfied, provided
that except with respect to the execution and filing of the UCCs, the foregoing
shall not be effective until the occurrence of an Event of Default.

     SECTION 11.    Pledgee to Perform. If Pledgor fails to perform any
agreement contained herein, Pledgee may, following the occurrence of an Event of
Default, itself perform, or cause performance of, such agreement, and the
expenses of Pledgee incurred in connection therewith shall be payable by Pledgor
in accordance with Section 16 hereof.

     SECTION 12.    Remedies Upon Default. Upon the occurrence of any Event of
Default:

        (a)     Pledgee may, without any notice to Pledgor of the occurrence of
such Event of Default, except as otherwise expressly provided under the Loan
Documents, exercise in respect of the Pledged Collateral, in addition to the
other rights and remedies provided for herein or otherwise available to Pledgee,
all the rights and remedies of a secured party under the Code in effect at that
time, and Pledgee may also, without notice except as specified below, sell the
Pledged Collateral or any part thereof in one or more parcels at public or
private sale, at any exchange, broker's board or at any of Pledgee's offices or
elsewhere, for cash, on credit or for future delivery, and upon such other terms
as Pledgee may deem commercially reasonable. Pledgor agrees that at least
twenty-one (21) days notice to Pledgor of the time and place of any public sale
or the time after which any private sale is to be made shall constitute
reasonable notification. Pledgee shall not be obligated to make any sale of
Pledged Collateral regardless of notice of sale having been given. Pledgee may
adjourn any public or private sale from time to time to a date specified by
Pledgee, such date to be not less than five (5) Business Days after the date
upon which Pledgee notifies Pledgor of such adjourned sale date, and such sale
may, without further notice, be made at the time and place to which it was so
adjourned.

        (b)     Pledgee may, upon the exercise of its rights under Section 12(a)
hereof, transfer all or any part of the Pledged Collateral into Pledgee's name
or the name of its nominees.

                                       -7-
<PAGE>

        (c)     Pledgee may vote all or any part of the Pledged Collateral
(whether or not transferred into the name of Pledgee) and give all consents,
waivers and ratifications in respect of the Pledged Collateral and otherwise act
with respect thereto as though it were the outright owner thereof (Pledgor
hereby irrevocably constituting and appointing Pledgee the proxy and
attorney-in-fact of Pledgor, with full power of substitution to do so).

        (d)     Any Pledged Collateral or proceeds thereof held by Pledgee as
Pledged Collateral and all proceeds thereof received by Pledgee in respect of
any sale of, collection from or other realization upon all or any part of the
Pledged Collateral may, in the discretion of Pledgee, be held by Pledgee as
collateral for, and/or then or at any time thereafter, be applied (after payment
of any amounts payable to Pledgee pursuant to Section 16 hereof), in whole or in
part by Pledgee for the benefit of Pledgor, against all or any part of the
Obligations and in such order as Pledgee shall elect. Any surplus of such
Pledged Collateral or proceeds thereof held by Pledgee and remaining after
payment or satisfaction in full of all of the Obligations and the expenses
referred to in Section 16 hereof shall be delivered or paid over to Pledgor or
to whomsoever may be lawfully entitled to receive such surplus.

        (e)     Each right, power and remedy of Pledgee provided for in this
Agreement or the other Loan Documents or now or hereafter existing at law or in
equity or by statute shall be cumulative and concurrent and shall be in addition
to every other such right, power or remedy. The exercise or beginning of the
exercise by Pledgee of any one or more of the rights, powers or remedies
provided for in this Agreement or the other Loan Documents or now or hereafter
existing at law or in equity or by statute or otherwise shall not preclude the
simultaneous or later exercise by Pledgee of all such other rights, powers or
remedies, and no failure or delay on the part of Pledgee to exercise any such
right, power or remedy shall operate as a waiver thereof.

     SECTION 13.    ARBITRATION. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO
THIS AGREEMENT, THE LOAN AGREEMENT OR THE NOTE SHALL BE BROUGHT, AT PLEDGEE'S
OPTION, IN THE COURTS OF THE COMMONWEALTH OF PENNSYLVANIA, PHILADELPHIA COUNTY
OR OF THE UNITED STATES OF AMERICA FOR THE EASTERN DISTRICT OF PENNSYLVANIA.
PLEDGOR HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. PLEDGOR
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED
COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY
REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT ITS ADDRESS AS SET FORTH
ABOVE. PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR
PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT BROUGHT IN THE COURTS REFERRED TO ABOVE AND HEREBY FURTHER
IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY
SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF PLEDGEE
TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY

                                       -8-
<PAGE>

LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST PLEDGOR IN ANY
OTHER JURISDICTION.

     SECTION 14.    Jury Trial Waiver/Arbitration.

        (a)     PLEDGOR AND PLEDGEE HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY AND ALL RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY DISPUTE BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS AGREEMENT, THE LOAN AGREEMENT OR THE NOTE, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF PLEDGOR
OR PLEDGEE RELATING TO THE LOAN, AND THE LENDING RELATIONSHIP WHICH IS THE
SUBJECT OF THE NOTE. THIS PROVISION IS A MATERIAL INDUCEMENT FOR PLEDGEE
ENTERING INTO THIS AGREEMENT.

        (b)     In the event of a dispute under this Agreement; party shall have
the right to submit such dispute to binding arbitration under the Expedited
Procedures provisions (Rules E-1 through E-10 in the current edition) of the
Commercial Arbitration Rules of the American Arbitration Association ("AAA"). In
cases where the parties utilize such arbitration: (i) the dispute shall be heard
by three (rather than one) arbitrators in Philadelphia, Pennsylvania, (ii) all
of the arbitrators on the list submitted by the AAA shall have reasonable
expertise and experience with respect to the commercial real estate market in
the Philadelphia, Pennsylvania area, (iii) the parties will have no right to
object if the appointed arbitrators were on the list submitted by the AAA and
were not objected to in accordance with Rule E-5, (iv) the arbitrators shall be
selected within three (3) Business Days following submission of such dispute to
arbitration, (v) the arbitrators shall render their final decision not later
than three (3) Business Days after the last hearing, (vi) the first hearing
shall be held within five (5) Business Days after the completion of discovery,
and the last hearing shall be held within fifteen (15) Business Days after the
appointment of the arbitrators, (v) any finding or determination of the
arbitrators shall be deemed final and binding (except that the arbitrators shall
not have the power to add to, modify or change any of the provisions of this
Agreement), and (vi) the losing party in such arbitration shall pay the
arbitration costs charged by AAA and/or the arbitrators.

     SECTION 15.    Appointment of Agent for Service of Process. Pledgor hereby
irrevocably appoints Bart Blatstein, having an address of 1201 Rock Creek Road,
Gladwyn, Pennsylvania 19035 (the "Process Agent", which has consented thereto),
as process agent to receive for and on behalf of Pledgor service of process in
the Commonwealth of Pennsylvania relating to this Agreement. Service of process
in any action or proceeding against Pledgor may be made on Process Agent by
registered or certified mail, return receipt requested, or by any other method
of service provided for under applicable laws in effect in the Commonwealth of
Pennsylvania. Process Agent is hereby authorized and directed to accept such
service for and on behalf of Pledgor and to admit service with respect thereto.
Such service upon Process Agent shall be deemed effective personal service on
Pledgor sufficient for personal jurisdiction three (3) days after mailing, and
shall be legal and binding upon Pledgor for all purposes, notwithstanding any
failure of Process Agent to mail copies of such legal process to Pledgor, or any
failure on the part of Pledgor to receive the same. Pledgor confirms that it has
instructed the applicable Process Agent to mail to Pledgor, upon service of
process being made on the

                                       -9-
<PAGE>

applicable Process Agent pursuant hereto, a copy of the summons and complaint or
other legal process served upon them by registered mail, return receipt
requested, at Pledgor's address hereinabove set forth, or to such other address
as to which Pledgor may notify Process Agent in writing. Pledgor agrees that
Pledgor will at all times maintain a Process Agent to receive service of process
in the Commonwealth of Pennsylvania with respect to this Agreement. If for any
reason the Process Agent or any successor thereto shall no longer serve as such
Process Agent or shall have changed its address without notification thereof to
Pledgee, Pledgor, immediately after gaining knowledge thereof, irrevocably shall
appoint a substitute process agent acceptable to Pledgee in the Commonwealth of
Pennsylvania and advise Pledgee thereof.

     SECTION 16.    Expenses. Upon demand, Pledgor will pay to Pledgee the
amount of any and all expenses, including the reasonable fees and expenses of
Pledgee's counsel and of any experts and agents, which Pledgee may incur in
connection with (a) the sale of, collection from, or other realization upon, any
of the Pledged Collateral, (b) the exercise or enforcement of any of Pledgee's
rights hereunder, or (c) the failure by Pledgor to perform or observe any of the
provisions hereof.

     SECTION 17.    Amendments, Waivers, Etc. No amendment or waiver of any
provision of this Agreement, nor consent to any departure by Pledgor herefrom,
shall in any event be effective unless the same shall be in writing and signed
by Pledgee, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

     SECTION 18.    Notices. All notices or other written communications
hereunder shall be delivered in accordance with the terms of the Loan Agreement.

     SECTION 19.    Continuing Security Interest; Transfer. This Agreement shall
create a continuing security interest in the Pledged Collateral and shall (a)
remain in full force and effect until the indefeasible payment or satisfaction
in full of the Obligations, (b) be binding upon Pledgor, its respective
permitted transferees, representatives, successors and assigns, and (c) inure,
together with the rights and remedies of Pledgee hereunder, to the benefit of
Pledgee and its permitted transferees, representatives, successors and assigns.
Without limiting the generality of the foregoing clause (c), Pledgee, but not
Pledgor, may assign or otherwise transfer this Agreement together with the
Pledged Collateral, the Note and any other Obligations to any other Persons, and
such other Persons shall thereupon become vested with all the benefits in
respect thereof granted to Pledgee herein or otherwise. Upon the indefeasible
payment or satisfaction in full of the Obligations, (i) Pledgor shall be
entitled to the return, upon its request and at its expense, of such portion of
the Pledged Collateral as shall not have been sold or otherwise applied or
forfeited pursuant to the terms hereof, and (ii) this Agreement shall be of no
further force or effect.

     SECTION 20.    Severability. If for any reason any provision or provisions
hereof are determined to be invalid and contrary to any existing or future law,
such invalidity shall not impair the operation of or affect those portions of
this Agreement which are valid.

     SECTION 21.    Governina Law, Terms. This Agreement shall be governed by,
and construed in accordance with, the internal laws of the Commonwealth of
Pennsylvania

                                      -10-
<PAGE>

(without giving effect to principles of conflicts of law). Unless otherwise
defined herein, (a) terms defined in Article 9 of the Code are used herein as
therein defined, and (b) terms defined in the Loan Agreement are used herein as
therein defined.

     SECTION 22.    Recitals. The Recitals at the beginning of this Agreement
are hereby incorporated into the substantive provisions of this Agreement.

     SECTION 23.    Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall constitute an original, and all of which
together shall constitute one and the same agreement. The failure of any party
to execute this Agreement, or any counterpart hereof, shall not relieve the
other signatories from their obligations hereunder.

     SECTION 24.    Certificated Securities. Pledgor has not and Pledgor will
not request the Partnership to issue or consent to the Partnership's issuance of
a certificate representing Pledgor's partnership interest in the Partnership.

                            [Signature Page Follows]

                                      -11-
<PAGE>

        IN WITNESS WHEREOF, Pledgor has caused this Agreement to be executed and
delivered by its duly authorized representative as of the date first set forth
above.

                                          FIREHOUSE REALTY CORP.

                                            By: /s/  Bart Blatstein
                                                --------------------------------
                                                Name:   Bart Blatstein
                                                Title:  President

                                          RIVER VIEW DEVELOPMENT CORP.

                                            By: /s/  Bart Blatstein
                                                --------------------------------
                                                Name:   Bart Blatstein
                                                Title:  President

                                          SOUTH RIVER VIEW PLAZA, INC.

                                            By: /s/  Bart Blatstein
                                                --------------------------------
                                                Name:   Bart Blatstein
                                                Title:  President

                                          REED DEVELOPMENT ASSOCIATES, INC.

                                            By: /s/  Bart Blatstein
                                                --------------------------------
                                                Name:   Bart Blatstein
                                                Title:  President

                                          RIVERVIEW COMMONS, INC.

                                            By: /s/  Bart Blatstein
                                                --------------------------------
                                                Name:   Bart Blatstein
                                                Title:  President

<PAGE>

                                            ACCEPTED AND AGREED TO:

                                            CEDAR LENDER LLC

                                            By:  CEDAR SHOPPING CENTERS
                                                 PARTNERSHIP, L.P.,
                                                 ITS MEMBER

                                                 By:    CEDAR SHOPPING CENTERS,
                                                        INC.
                                                        ITS GENERAL PARTNER

                                                   By: /s/  Brenda J. Walker
                                                       -------------------------
                                                       Name:  Brenda J. Walker
                                                       Title: Vice President

<PAGE>

                                 ACKNOWLEDGMENTS

COMMONWEALTH OF PENNSYLVANIA     )
                                 )
COUNTY OF PHILADELPHIA           )

AND NOW, this 31st day of October, 2003 before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
President of FIREHOUSE REALTY CORP., a Pennsylvania corporation, and that he, as
such President, being authorized to do so, executed the foregoing instrument for
the purposes therein contained by signing the name of the corporation by himself
as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
---------------------------------
                    Notary Public

My commission expires:

COMMONWEALTH OF PENNSYLVANIA     )
                                 )
COUNTY OF PHILADELPHIA           )

AND NOW, this 31st day of October, 2003, before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
President of RIVER VIEW DEVELOPMENT CORP., a Pennsylvania corporation, and that
he, as such President, being authorized to do so, executed the foregoing
instrument for the purposes therein contained by signing the name of the
corporation by himself as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
---------------------------------
                    Notary Public

My commission expires:

<PAGE>

COMMONWEALTH OF PENNSYLVANIA     )
                                 )
COUNTY OF PHILADELPHIA           )

AND NOW, this 31st day of October, 2003, before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
President of SOUTH RIVER VIEW PLAZA, INC., a Pennsylvania corporation, and that
he, as such President being authorized to do so, executed the foregoing
instrument for the purposes therein contained by signing the name of the
corporation by himself as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
---------------------------------
                    Notary Public

My commission expires:

COMMONWEALTH OF PENNSYLVANIA     )
                                 )
COUNTY OF PHILADELPHIA           )

AND NOW, this 31st day of October, 2003, before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
President of REED DEVELOPMENT ASSOCIATES, INC., a Pennsylvania corporation, and
that he, as such President, being authorized to do so, executed the foregoing
instrument for the purposes therein contained by signing the name of the
corporation by himself as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
---------------------------------
                    Notary Public

My commission expires:

<PAGE>

COMMONWEALTH OF PENNSYLVANIA     )
                                 )
COUNTY OF PHILADELPHIA           )

AND NOW, this 31st day of October, 2003, before me, the undersigned Notary
Public, personally appeared Bart Blatstein, who acknowledged himself to be the
Vice President of the RIVERVIEW COMMONS, INC., a Pennsylvania corporation, and
that he, as such Vice President, being authorized to do so, executed the
foregoing instrument for the purposes therein contained by signing the name of
the corporation by herself as Vice President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
---------------------------------
                    Notary Public

My commission expires:
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>28
<FILENAME>ex10-08f.txt
<DESCRIPTION>EX10-08F.TXT
<TEXT>
<PAGE>



                                                                November 3, 2003

                               GUARANTY OF PAYMENT

                  This Guaranty ("Guaranty") is made by Bart Blatstein, an
individual, having an address of 1201 Rock Creek Road, Gladwyn, Pennsylvania
19035 ("Guarantor") in favor of Cedar-Riverview LLC ("Cedar GP"), CSC-Riverview
LLC ("Cedar LP") and Cedar Lender LLC ("Cedar Lender") (Cedar GP, Cedar LP and
Cedar Lender, collectively, the "Cedar Group").

                                    RECITALS

                  A. Firehouse Realty Corp. ("Firehouse"), Reed Development
Associates, Inc. ("Reed"), South River View Plaza, Inc. ("South"), River View
Development Corp. ("Development"), Riverview Commons, Inc. ("Commons"; and
together with Firehouse, Reed, South and Development, collectively, the
"Existing Owners") and Cedar LP are parties to that certain Contribution
Agreement dated as of October 2, 2003 (the "Agreement"). Capitalized terms used
herein and not specifically defined herein shall have the respective meanings
ascribed to those terms in the Agreement.

                  B. Pursuant to the terms of the Agreement, it is a condition
to the Closing that this Guaranty be executed and delivered by Guarantor, and,
in order to induce the Cedar LP to enter into the Agreement, which Cedar LP
would not do but for the execution and delivery of this Guaranty, Guarantor has
agreed to indemnify the Cedar Group in accordance with the terms of this
Agreement.

                  C. Guarantor has a direct financial interest in the
consummation of the transactions contemplated by the Agreement.

                                   AGREEMENTS

                  NOW, THEREFORE, intending to be legally bound, Guarantor, in
consideration of the matters described in the foregoing Recitals, which Recitals
are incorporated herein and made a part hereof, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, hereby
covenants and agrees for the benefit of the Cedar Group as follows:

                  1. Terms of Guaranty

                  (a) Guarantor absolutely, unconditionally and irrevocably
guarantees to the Cedar Group the prompt and unconditional payment of any and
all liabilities, obligations, debts, damages, losses, costs, expenses, fines,
penalties, charges, fees, judgments of whatever kind or nature (including but
not limited to reasonable attorneys' fees and other costs of defense) arising or
resulting directly or indirectly from (i) the Partnership's inability to redeem
the Preferred Interest in accordance with the provisions of the [Amended]
Partnership Agreement, or (ii) the failure by the Existing Owners to make
required payments of interest and/or principal under the Owners Loan, in either
case due to:
<PAGE>

                  (i) a petition or application to any tribunal by either or
both of the Existing Owners for the appointment of a trustee or receiver of the
business, estate or assets or of any substantial portion of the business, estate
or assets of either or both of the Existing Owners;

                  (ii) the commencement of any proceedings by either or both of
the Existing Owners under any bankruptcy, reorganization, arrangement,
insolvency, readjustment of debt, dissolution or liquidation law of any
jurisdiction, whether now or hereafter in effect;

                  (iii) the filing of any petition or application described in
clause (i) above;

                  (iv) an involuntary bankruptcy or insolvency proceeding
relating to either or both of the Existing Owners (A) which is commenced by any
party directly or indirectly controlling, controlled by or under common control
with either or both of the Existing Owners (which shall include, but not be
limited to, any creditor or claimant acting in concert with either or both of
the Existing Owners) or (B) in which any party directly or indirectly
controlling, controlled by or under common control with either or both of the
Existing Owners (which shall include, but not be limited to, any creditor or
claimant acting in concert with either or both of the Existing Owners) objects
to a motion by the Cedar Group, or any member thereof, for relief from any stay
or injunction from any remedial action permitted under law or equity;
<PAGE>

                  (v) the entering of any order appointing any trustee or
receiver described in clause (i) above, or declaring either or both of the
Existing Owners bankrupt or insolvent, or approving the petition in any such
proceedings; or

                  (vi) an assignment for the benefit of creditors by either or
both of the Existing Owners;

         (the obligations set forth in this Section 1(a) are collectively
referred to herein as the "Obligations").

         (b) The obligations, covenants, agreements and duties of Guarantor
under this Guaranty shall in no way be affected or impaired by reason of the
occurrence, from time to time, of any of the following with respect to the
Agreement, the [Amended] Partnership Agreement, this Guaranty or any other
documents entered into in connection with the transactions contemplated by the
Agreement (collectively, the "Documents"), even though notice with regard to the
following may not have been given to, or received by, Guarantor, or the further
consent of Guarantor with regard to the following may not have been obtained:

                  (i) The waiver of the performance or observance by either or
both of the Existing Owners or Guarantor of any agreement, covenant, term or
condition to be performed or observed by it;

                  (ii) The extension of the time for the payment of any sums
owing or payable under the Documents or the time for the performance of any
other obligation under or arising out of or on account of the Documents;


<PAGE>

                  (iii) The supplementing, modification or amendment (whether
material or otherwise) of any of the Documents or any of the obligations of
either or both of the Existing Owners or Guarantor, as applicable, set forth in
any of the Documents;

                  (iv) Any failure, omission, delay or lack on the part of the
Cedar Group, or any member thereof, to enforce, assert or exercise any right,
power or remedy conferred on such person in or by virtue of any of the
Documents, or any action on the part of any of the Cedar Group granting
indulgence or extension in any form;

                  (v) Any payment made on the Obligations, whether made by
either or both of the Existing Owners, Guarantor or any other person, which is
required to be refunded pursuant to any bankruptcy or insolvency law; it being
understood that no payment so refunded shall be considered as a payment of any
portion of the Obligations, nor shall it have the effect of reducing the
liability of Guarantor hereunder;

                  (vi) The death of Guarantor; or

                  (vii) The release of either or both of the Existing Owners
from the performance or observance of any of the agreements, covenants, terms or
conditions contained in any of the Documents by operation of law or otherwise.

         (c) Guarantor hereby waives diligence and all demands, protests,
presentments and notices of every kind and nature, including, but not limited
to, notices of presentment, demand for payment or performance, protest, notice
of default or nonpayment, notice of dishonor, notice of protest and notice of
acceptance of this Guaranty and the creation, renewal, extension, modification
or accrual of any of the obligations Guarantor has hereby guaranteed.

         (d) Guarantor hereby waives any and all legal requirements that any of
the Cedar Group institute any action or proceeding, at law or in equity, against
the Existing Owners, or anyone else, or exhausts its remedies against the
Existing Owners, or anyone else, in respect of the Obligations or in respect of
any other security held by any of the Cedar Group as a condition precedent to
bringing an action or proceeding against Guarantor under this Guaranty. All
rights and remedies afforded to the Cedar Group by reason of this Guaranty are
separate and cumulative rights and remedies and it is agreed that no one of such
rights or remedies, whether exercised by any of the Cedar Group or not, shall be
deemed to be an exclusion of any of the other rights or remedies available to
the Cedar Group and shall not limit or prejudice any other legal or equitable
right or remedy which the Cedar Group may have.
<PAGE>

         (e) Guarantor understands that the exercise by the Cedar Group of
certain rights and remedies may affect or eliminate Guarantor's right of
subrogation against the Existing Owners and that Guarantor may therefore incur
partially or totally nonreimbursable liability hereunder. Nevertheless,
Guarantor hereby authorizes and empowers the Cedar Group, their respective
successors, endorsees and/or assigns, to exercise in its or their sole
discretion, any rights and remedies, or any combination thereof, which may then
be available, it being the purpose and intent of Guarantor that the obligations
hereunder shall be absolute, continuing, independent and unconditional under any
and all circumstances. In the event that Guarantor shall advance or become
obligated to pay any sums under this Guaranty or in the event that either or
both of the Existing Owners shall hereafter become indebted to Guarantor,
Guarantor agrees that Guarantor shall have no right of subrogation or
reimbursement against either or both of the Existing Owners, no right of
subrogation against any collateral or any security provided for in the
Documents, unless and until all amounts due under this Guaranty shall have been
paid in full and all of Guarantor's obligations under the Guaranty shall have
been fully performed. To the extent Guarantor's waiver of these rights of
subrogation or reimbursement as set forth in this Guaranty are found by a court
of competent jurisdiction to be void or voidable for any reason, Guarantor
agrees that its rights of subrogation and reimbursement against the Existing
Owners and the members thereof and Guarantor's rights of subrogation against any
collateral or security shall be junior and subordinate as to lien, time of
payment and in all other respects to the Cedar Group' rights against the
Existing Owners and the members thereof and to the Cedar Group' right, title and
interest in such collateral or security. Nothing herein contained is intended or
shall be construed to give Guarantor any right of subrogation in or under the
Documents or any right to participate in any way therein, notwithstanding any
payments made by Guarantor under this Guaranty, all such rights of subrogation
and participation being hereby expressly waived and released.

         (f) Guarantor unconditionally waives any defense to the enforcement of
this Guaranty, including, without limitation:

                  (i) the right to plead any and all statutes of limitations as
a defense to Guarantor's liability under this Guaranty; and

                  (ii) any defense based upon an election of remedies by any of
the Cedar Group, including, but not limited to, remedies relating to real
property or personal property security, which destroys or otherwise impairs the
subrogation rights of Guarantor to proceed against either or both of the
Existing Owners.

         2. Covenants, Representations and Warranties

         (a) Guarantor represents and warrants to each of the Cedar Group that
there is no action or proceeding either pending or threatened against Guarantor
before any court or administrative agency and no event has occurred which might
result in any material adverse change in the business or condition of Guarantor
or in the property of Guarantor which material and adverse change would
materially impair the ability of Guarantor to perform its obligations hereunder.

         (b) Guarantor represents and warrants to each of the Cedar Group that
neither the execution nor delivery of this Guaranty, nor fulfillment of nor
compliance with the terms and provisions hereof, will conflict with, or result
in a material breach of the terms, conditions or provisions of, or constitute a
material default under, or result in the creation of any lien, charge or
encumbrance upon any property or assets of Guarantor under any other material
agreement or material instrument to which Guarantor is now a party or by which
Guarantor may be bound.
<PAGE>

         (c) Guarantor agrees to submit to personal jurisdiction in the
Commonwealth of Pennsylvania in any action or proceeding arising out of this
Guaranty. This Guaranty shall be construed and interpreted in accordance with
the laws of the Commonwealth of Pennsylvania, without giving effect to
Pennsylvania's principles of conflicts of law.

         3. Miscellaneous

         (a) All guaranties, covenants and agreements contained in this Guaranty
shall bind the respective successors and assigns of Guarantor and shall inure to
the benefit of the Cedar Group, and their respective successors and assigns.

         (b) Any notice required or permitted to be delivered herein shall be
deemed to be delivered (a) when received by the addressee if delivered by
courier service, (b) if mailed, two days after deposit in the United States
Mail, postage prepaid, certified mail, return receipt requested, (c) if sent by
recognized overnight service (such as US Express Mail, Federal Express, UPS,
Airborne, etc.), then one day after delivery of same to an authorized
representative or agency of the said overnight service or (d) if sent by a
telecopier, when transmission is received by the addressee with electronic or
telephonic confirmation, in each such case addressed or telecopied to the Owners
or Cedar, as the case may be, at the address or telecopy number set forth
opposite the signature of such party hereto. Notifications are as follows:

To Guarantor:                      Mr. Bart Blatstein
                                   c/o Tower Investments, Inc.
                                   One Reed Street
                                   Philadelphia, Pennsylvania 19147
                                   Telecopier:  (215) 755-8666

with a copy to:                    Mr. Robert C. Jacobs
                                   1700 Walnut Street, Suite 200
                                   Philadelphia, Pennsylvania 19103
                                   Telecopier:  (215) 545-1559

To the Cedar Group:                44 South Bayles Avenue
                                   Port Washington, New York 11050
                                   Attention:  Leo S. Ullman
                                   Telecopier:  (516) 767-6497

with a copy to:                    Stroock & Stroock & Lavan LLP
                                   180 Maiden Lane
                                   New York, New York 10038
                                   Attention:  Mark A. Levy, Esq.
                                   Telecopier:  (212) 806-6006

         (c) Guarantor hereby waives the right of trial by jury in any
litigation arising hereunder and also waives the right, in such litigation, to
interpose counterclaims or setoffs of any kind or description.
<PAGE>

         (d) In the event that any of the Cedar Group shall receive any payments
on account of any of the obligations hereby guaranteed, whether directly or
indirectly, and it shall subsequently be determined that such payments were for
any reason improper, or a claim shall be made against any of the Cedar Group
that the same were improper, and any of the Cedar Group either voluntarily or
pursuant to court order shall return the same, Guarantor shall be liable, with
the same effect as if the said payments had never been paid to or received by
any of the Cedar Group, for the amount of such repaid or returned payments,
notwithstanding the fact that payments may theretofore have been credited on
account of the obligations hereby guaranteed.

         (e) No delay on the part of any of the Cedar Group in exercising any
power or right hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any power or right hereunder or the failure to exercise
same in any instance preclude other or further exercise thereof or the exercise
of any other power or right; nor shall any of the Cedar Group be liable for
exercising or failing to exercise any such power or right; the rights and
remedies hereunder expressly specified are cumulative and not exclusive of any
rights or remedies which any of the Cedar Group may or will otherwise have.

         (f) This instrument represents the entire agreement between the parties
and may not be modified or amended except by a writing duly executed by the
party to be charged.

         (g) In the event that any of the Cedar Group, for any reason
whatsoever, shall deem it necessary to refer this Guaranty to an attorney for
the enforcement thereof or of any rights hereunder, by suit or otherwise, there
shall be immediately due from Guarantor to such Other Partner(s), in addition to
the sums guaranteed by Guarantor under this Guaranty, reasonable attorneys' fees
and actual disbursements, together with all costs and expenses of such action,
which costs, expenses, fees and disbursement shall be deemed part of the
obligation hereunder.

         (h) In the event that any provision of this Guaranty or the application
thereof to Guarantor or any circumstance in the jurisdiction governing this
Guaranty shall, to any extent, be invalid or unenforceable under any applicable
statute, regulation, or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform to such statute, regulation or rule of law, and the
remainder of this Guaranty and the application of any such invalid or
unenforceable provision to parties, jurisdictions, or circumstances other than
to whom or to which it shall be held invalid or unenforceable, shall not be
affected thereby nor shall same affect the validity or enforceability of any
other provision of this Guaranty.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
                            SIGNATURES ON NEXT PAGE]


<PAGE>


                  IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty
as of the date first above set forth.



                                      /s/  Bart Blatstein
                                      ----------------------------
                                      Bart Blatstein




<PAGE>


COMMONWEALTH OF PA                               )
                                                 ) ss.:
COUNTY OF PHILADELPHIA                           )
         On the 31st day of October 2003, before me, the undersigned, personally
appeared Bart Blatstein, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed
to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their capacity(ies), and that by his/her/their signature(s) on
the instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.


                                      /s/
                                      ---------------------------------------
                                      Notary Public



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-9
<SEQUENCE>29
<FILENAME>ex10-08g.txt
<DESCRIPTION>EX10-08G.TXT
<TEXT>
<PAGE>

================================================================================

                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                               CEDAR-RIVERVIEW LP,
                       A PENNSYLVANIA LIMITED PARTNERSHIP


                          DATED: AS OF NOVEMBER 3, 2003

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                     PAGE NO.
                                                                                                     --------
<S>               <C>                                                                                      <C>
                                                          ARTICLE 1
                                                    FORMATION AND OFFICES

Section 1.1       Formation.................................................................................2
Section 1.2       Name......................................................................................2
Section 1.3       Purposes..................................................................................2
Section 1.4       Powers....................................................................................2
Section 1.5       Term......................................................................................2
Section 1.6       Principal Office..........................................................................3
Section 1.7       Agent for Service of Process..............................................................3
Section 1.8       Additional Covenants......................................................................3

                                                          ARTICLE 2
                                                         DEFINITIONS

Section 2.1       Definitions...............................................................................3

                                                          ARTICLE 3
                                                    CAPITAL CONTRIBUTIONS

Section 3.1       Capital Contributions....................................................................12
Section 3.2       Redemption of the Preferred Interests....................................................12
Section 3.3       Common Percentage Interests of Partners..................................................14
Section 3.4       Limitation on Liability of Limited Partners..............................................14
Section 3.5       No Withdrawal of Capital Contributions...................................................14
Section 3.6       Return of Capital Contributions..........................................................14
Section 3.7       Intentionally Omitted....................................................................15
Section 3.8       Termination of Affiliate Loans...........................................................15
Section 3.9       Intentionally Omitted....................................................................15
Section 3.10      Sums Paid Under Guarantees or Indemnities................................................15

                                                           ARTICLE 4
                                               ALLOCATIONS OF PROFITS AND LOSSES

Section 4.1       Allocation of Profits....................................................................15
Section 4.2       Allocation of Losses.....................................................................15
Section 4.3       Allocations to Reflect Priority Returns..................................................15
Section 4.4       Special Allocations......................................................................15
Section 4.5       Other Allocations........................................................................17
Section 4.6       Tax Allocations: Code Section 704(c).....................................................17
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>               <C>                                                                                      <C>
                                                            ARTICLE 5
                                                       CASH DISTRIBUTIONS

Section 5.1       Distribution of Available Net Cash Flow..................................................18
Section 5.2       Distribution of Capital Event Proceeds...................................................19
Section 5.3       Excess Reserves..........................................................................19
Section 5.4       Restrictions on Distributions............................................................20
Section 5.5       Pre-Closing Claims.......................................................................20
Section 5.6       Transfer Taxes...........................................................................20

                                                            ARTICLE 6
                                          RIGHTS, OBLIGATIONS AND POWERS OF THE MEMBERS

Section 6.1       Management by Cedar GP; Duties and Powers of the Partners................................21
Section 6.2       Restrictions on Powers of the Cedar GP...................................................22
Section 6.3       Refinancing..............................................................................22
Section 6.4       Exculpation..............................................................................22
Section 6.5       Employment of Agents, Affiliate Transactions.............................................23
Section 6.6       Compensation of Partner..................................................................23
Section 6.7       Other Activities.........................................................................23

                                                            ARTICLE 7
                                              TRANSFERABILITY OF MEMBERS' INTERESTS

Section 7.1       Prohibited Transfers of Preferred Holders................................................23
Section 7.2       Certain Transfers Prohibited.............................................................24
Section 7.3       Admission of a Substituted Partner.......................................................24
Section 7.4       Withdrawal of a Partner..................................................................25

                                                               ARTICLE 8
                                              DISSOLUTION AND LIQUIDATION OF THE COMPANY

Section 8.1       Events Causing Dissolution...............................................................25
Section 8.2       Liquidating Trustee......................................................................25
Section 8.3       Liquidation..............................................................................26
Section 8.4       Termination..............................................................................26

                                                             ARTICLE 9
                                       BOOKS AND RECORDS, ACCOUNTING, REPORTS, TAX ELECTIONS

Section 9.1       Books of Account; Records................................................................27
Section 9.2       Annual Financial Reports.................................................................27
Section 9.3       Tax Returns and Advances.................................................................27
Section 9.4       Tax Elections............................................................................27
Section 9.5       Bank Accounts............................................................................28
Section 9.6       Partnership Expenses.....................................................................28
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>               <C>                                                                                      <C>
                                                            ARTICLE 10
                                                     MISCELLANEOUS PROVISIONS

Section 10.1      Notices..................................................................................28
Section 10.2      Signatures; Amendments...................................................................29
Section 10.3      Binding Provisions.......................................................................29
Section 10.4      Applicable Law...........................................................................29
Section 10.5      Waiver of Trial by Jury..................................................................29
Section 10.6      Counterparts.............................................................................30
Section 10.7      Separability of Provisions...............................................................30
Section 10.8      Captions.................................................................................30
Section 10.9      Partnership Property; No Partition.......................................................30
Section 10.10     No Benefit to Third Parties..............................................................30
Section 10.11     Pronouns.................................................................................30
</TABLE>

EXHIBIT A, A-1 and A-2    Land and Lease Premises
EXHIBIT B                 SPE Provisions
EXHIBIT 6.4(c)            Property Management Agreement

                                       iii
<PAGE>

                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                               CEDAR-RIVERVIEW LP,
                       A PENNSYLVANIA LIMITED PARTNERSHIP

        THIS AGREEMENT OF LIMITED PARTNERSHIP (as the same may be amended from
time to time, this "Agreement") of CEDAR-RIVERVIEW LP, A PENNSYLVANIA LIMITED
PARTNERSHIP (the "Partnership") is made and entered into as of the ___ day of
November, 2003 by and among Cedar-Riverview LLC, a Delaware limited liability
company ("Cedar GP"), CSC-Riverview LLC, a Delaware limited liability company
("Cedar LP"), Firehouse Realty Corp. a Pennsylvania corporation ("Firehouse"),
Reed Development Associates, Inc., a Pennsylvania corporation ("Reed"), South
River View Plaza, Inc., a Pennsylvania corporation ("South"), River View
Development Corp., a Pennsylvania corporation ("Development"), and Riverview
Commons, Inc., a Pennsylvania corporation ("Commons"; and together with
Firehouse, Reed, South and Development are sometimes collectively referred to
herein as the "Preferred Holders").

                               W I T N E S S E T H

        WHEREAS, on October 30, 2003, the Partnership was formed as a limited
partnership pursuant to the Pennsylvania Revised Uniform Limited Partnership Act
(as it may be amended from time to time, or any successor statute, the "Act") by
the filing of the Certificate of Limited Partnership of the Partnership with the
Pennsylvania Secretary of State (the "Certificate");

        WHEREAS, the Preferred Owners (i) own in fee that certain real property
located at 1100, 1300 and 1400 South Christopher Columbus Boulevard,
Philadelphia, Pennsylvania and 1401 South Water Street, Philadelphia,
Pennsylvania (also collectively known as Riverview Shopping Center) all as more
particularly described on EXHIBIT A annexed hereto (the "Land"), together with
all improvements located thereon (the "Fee Property") and (b) have a leasehold
estate in (A) the premises particularly described on EXHIBIT A-1, pursuant to
the terms and conditions of that certain Lease dated October 16, 1991 by and
between Interstate Land Management Corporation ("Interstate") and Commons, as
amended by that certain First Amendment to Lease dated June 24, 1992, and (B)
the premises particularly described on EXHIBIT A-2 annexed hereto (the leased
property described on EXHIBIT A-1 and EXHIBIT A-2 together with all improvements
located thereon collectively, the "Leasehold Property"; the Fee Property and the
Leasehold Property collectively, the "Property"), pursuant to the terms and
conditions of that certain Lease dated June 24, 1992 by and between Interstate
and Commons, as amended by that certain First Amendment to Lease dated February
10, 1993;

        WHEREAS, Preferred Holders and Cedar LP are parties to that certain
Contribution Agreement (as that term is hereinafter defined);

        WHEREAS, contemporaneously with the execution of this Agreement,
Preferred Holders shall contribute the Property to the Partnership, and, in
exchange therefor, each of the Preferred Holders shall become limited partners
in the Partnership and acquire the Preferred Interests (as that term is
hereinafter defined);

<PAGE>

        WHEREAS, contemporaneously with the execution of this Agreement, Cedar
GP and Cedar LP shall make the capital contributions more particularly set forth
herein, and, in consideration of the foregoing, Cedar GP shall become the
managing general partner of the Partnership and acquire 1 % of the common
interests of the Partnership and Cedar LP shall become a limited partner of the
Partnership and acquire 99% of the common interests of the Partnership; and

        WHEREAS, the parties hereto desire to set forth the agreement of the
parties.

        NOW, THEREFORE, in consideration of the premises and the mutual
agreements contained herein, the parties agree as follows:

                                    ARTICLE 1
                              FORMATION AND OFFICES

     Section 1.1    Formation.

        (a)     The Partnership is being formed as a limited partnership under
the provisions of the Act, and the parties hereto agree to conduct the
Partnership under the Act on the terms and conditions set forth in this
Agreement.

        (b)     The Partnership shall from time to time hereafter, as may be
required by law, execute or cause to be executed all amendments of the
Certificate, and do all filing, recording and other acts as may be appropriate
under the Act and shall cause a copy of each such amendment to be distributed to
the Partners.

     Section 1.2    Name. All Partnership business shall be conducted in the
name of the Partnership as set forth above or such other name as the Partners
may select from time to time and which is in compliance with all applicable
laws.

     Section 1.3    Purposes.

        (a)     The Partnership's purpose shall be limited to owning, holding,
managing, operating, leasing, mortgaging, pledging, selling, assigning,
transferring and otherwise dealing with the Property. The Partnership shall
exercise all powers enumerated in the Act necessary or convenient to the
conduct, promotion or attainment of the business or purposes set forth herein.

        (b)     The Partnership shall not engage in any other business or
activity without the prior unanimous written consent of the Common Partners.

     Section 1.4    Powers. The Partnership shall have the power to do any and
all acts reasonably necessary, appropriate, proper, advisable, incidental or
convenient to or for the furtherance of the purposes and business described
herein and for the protection and benefit of the Partnership.

     Section 1.5    Term. The Partnership commenced on the date of the filing of
the Certificate and shall continue in existence until December 31, 2053 or such
earlier time as may be determined in accordance with the terms of this
Agreement.

                                        2
<PAGE>

     Section 1.6    Principal Office. The principal office of the Partnership
shall be located at 44 South Bayles Avenue, Port Washington, New York 11050 (it
being agreed, however, that Preferred Holders shall deliver to Cedar GP and
Cedar LP, in accordance with Section 10.1 hereof and promptly after receipt of
same, copies of all Notices related to the Property that are received at their
office), or at such other place as Cedar GP may determine from time to time, and
the Partnership shall maintain records there as required by the Act.

     Section 1.7    Agent for Service of Process. The Partnership shall maintain
a registered agent and office in the Commonwealth of Pennsylvania. The name and
address of the registered agent of the Partnership in the Commonwealth of
Pennsylvania upon whom process may be served, and the address of the registered
office of the Partnership in the Commonwealth of Pennsylvania, is c/o Cedar
Shopping Centers Partnership, L.P., 524 Camp Hill Mall, 32nd Street and Trindle
Road, Camp Hill, Pennsylvania 17011, Attention: T. Richey. At any time, the
Partnership may designate another registered agent and/or office.

     Section 1.8    Additional Covenants. The partnership shall comply with the
"separateness covenants" set forth on Exhibit B.

                                    ARTICLE 2
                                   DEFINITIONS

     Section 2.1    Definitions. Defined terms used in this Agreement shall,
unless the context otherwise requires, have the following meanings:

        "AAA"   shall have the meaning set forth in Section 3.7(d) hereof.

        "Acquisition Loan" shall have the meaning set forth in Section 3.2(c)
hereof.

        "Act"   shall have the meaning set forth in the recitals.

        "Additional Capital Contribution" shall mean any Capital Contribution
made by a Partner, other than the Cedar Group Initial Capital.

        "Adjusted Capital Account" shall mean, with respect to any Partner, the
balance, if any, in such Partner's Capital Account as of the end of the relevant
Fiscal Year, after giving effect to the following adjustments:

        (a)     Credit to such Capital Account any amounts which such Partner is
obligated to restore pursuant to the terms of this Agreement or is deemed to be
obligated to restore pursuant to Treasury Regulations Section
1.704-1(b)(2)(ii)(c) and the penultimate sentences of Treasury Regulations
Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

        (b)     Debit to such Capital Account the items described in paragraphs
(4), (5) and (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d).

        The foregoing definition of Adjusted Capital Account is intended to
comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury
Regulations to the extent relevant thereto and shall be interpreted consistently
therewith.

                                        3
<PAGE>

        "Adjusted Preferred Interests" shall mean the Preferred Interests,
reduced by (i) the aggregate amount of distributions to Preferred Holders
pursuant to Section 5.2(b)(1) hereof and (ii) distributions and other adjustment
pursuant to Section 3.2 hereof.

        "Adjustment Demand" shall have the meaning set forth in Section
5.5(b)(2).

        "Affiliate" shall mean, when used with reference to a specified Person,
(i) any Person directly or indirectly controlling, controlled by (as manager or
otherwise), or under common control with the specified Person, (ii) a Person
owning or controlling, directly or indirectly, ten percent (10%) or more of the
outstanding voting securities of such specified Person, (iii) any person related
by blood or by marriage (including relatives by adoption) to such Person, the
estate of such Person and such Person's heirs and descendants, (iv) any officer
or director of such specified Person and (v) if such other Person is an officer
or director, any company for which such Person acts in such capacity.

        "Agreement" shall mean this Agreement, as same may be amended from time
to time.

        "Available Net Cash Flow" shall have the meaning set forth in Section
5.1(a)

        "Bankruptcy" or "Bankrupt" as to any Person shall mean the filing of a
petition for relief as to any such Person as debtor or bankrupt under the
Bankruptcy Code of 1978 or like provision of law (except if such petition is
filed by a Person other than the Person that is the debtor or bankrupt, such
filing is contested by the Person that is the debtor or bankrupt, and such
petition has been dismissed within one hundred twenty (120) days); insolvency of
such Person as finally determined by a court proceeding (except if such
adjudication is stayed or dismissed within one hundred twenty (120) days);
filing by such Person of a petition or application to accomplish the same or for
the appointment of a receiver or a trustee for such Person or a substantial part
of such Person's assets; or commencement of any proceedings relating to such
Person under any other reorganization, arrangement, insolvency, adjustment of
debt or liquidation law of any jurisdiction, whether now in existence or
hereafter in effect, either by such Person or by another, provided that if such
proceeding is commenced by another, such Person indicates such Person's approval
of such proceeding, consents thereto or acquiesces therein, or such proceeding
is contested by such Person and has not been finally dismissed within one
hundred twenty (120) days.

        "Business Day" shall mean any day other than a Saturday, Sunday or any
other day on which banks in New York or Pennsylvania are required or permitted
to be closed.

        "Capital Account" shall mean, with respect to any Partner, the Capital
Account maintained for such Partner in accordance with the provisions of
Treasury Regulations Section 1.704-1(b)(2)(iv) and the following provisions:

        (a)     To each Partner's Capital Account there shall be credited such
Partner's Capital Contributions, such Partner's share of Profits, and any items
in the nature of income or gain that are specially allocated to such Partner
pursuant to Section 4.3 and Section 4.4 hereof,

                                        4
<PAGE>

and the amount of any Partnership liabilities that are assumed by such Partner
(other than liabilities that are secured by any Partnership property distributed
to such Partner).

        (b)     To each Partner's Capital Account there shall be debited the
amount of cash and the Gross Asset Value of any Partnership property distributed
to such Partner pursuant to any provision of this Agreement (net of liabilities
secured by such distributed property that such Partner is considered to assume
or take subject to under Code Section 752), such Partner's share of Losses, and
any items in the nature of expenses or losses that are specially allocated to
such Partner pursuant to Section 4.3 and Section 4.4 hereof, and the amount of
any liabilities of such Partner that are assumed by the Partnership (other than
liabilities that are secured by any property contributed by such Partner to the
Partnership).

        (c)     In the event any interest in the Partnership is transferred in
accordance with the terms of this Agreement, the transferee shall succeed to the
Capital Account of the transferor to the extent it relates to the transferred
interest. In the case of a sale or exchange of an interest in the Partnership at
a time when an election under Code Section 754 is in effect, the Capital Account
of the transferee Partner shall not be adjusted to reflect the adjustments to
the adjusted tax bases of Partnership property required under Code Sections 754
and 743, except as otherwise permitted by Treasury Regulations Section
1.704-1(b)(2)(iv)(m).

        (d)     In determining the amount of any liability for purposes of
clauses (a) and (b) of this definition of Capital Account, there shall be taken
into account Code Section 752(c) and the Treasury Regulations promulgated
thereunder, and any other applicable provisions of the Code and Regulations.

        (e)     In the event the Gross Asset Values of Partnership assets are
adjusted pursuant to clauses (b) and (d) of the definition of Gross Asset Value,
the Capital Accounts of all Partners shall be adjusted simultaneously to reflect
the manner in which unrealized income, gain, loss and deduction inherent in all
Partnership assets (that has not been previously reflected in the Capital
Accounts) would be allocated pursuant to Article 4 if there were a taxable
disposition of Partnership property at fair market value. Similarly, in the
event of a distribution of Partnership assets to a Partner (whether in
connection with a liquidation or otherwise), the Capital Accounts shall be
adjusted to reflect the manner in which unrealized income, gain, loss and
deduction inherent in such distributed assets (not previously reflected in
Capital Accounts) would be allocated pursuant to Article 4 if there were a
taxable disposition of such distributed assets at fair market value.

        (f)     The foregoing provisions and the other provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply
with Treasury Regulations Sections 1.704-1(b) and 1.704-2, and shall be
interpreted and applied in a manner consistent with such Regulations. In the
event that Cedar GP shall determine that it is prudent to modify the manner in
which the Capital Accounts, or any debits or credits thereto, are computed in
order to comply with such Regulations or to reflect the intention of the parties
hereto, Cedar GP may make such modification, provided that it is not likely to
have a material effect on the amounts distributable to any Partner upon the
dissolution of the Partnership.

                                        5
<PAGE>

        "Capital Contribution" shall mean, with respect to any Partner, the
amount of money and the initial Gross Asset Value of any property contributed or
deemed contributed by such Partner to the Partnership (net of any liabilities
secured by such property or to which such property is otherwise subject). Any
reference in this Agreement to the Capital Contribution of a Partner shall
include the Capital Contribution made by any predecessor of a Partner.

        "Capital Event Proceeds" shall have the meaning set forth in Section
5.2(a) hereof.

        "Cedar GP" shall have the meaning set forth in the preamble.

        "Cedar Group" shall mean Cedar GP and Cedar LP and any party that shall
acquire all or any portion of the Partnership Interests that were originally
owned by Cedar GP and Cedar LP; provided, however, if Preferred Holders or a
member of the Preferred Group shall acquire the Partnership Interest of a member
of the Cedar Group, Preferred Holders or such member of the Preferred Group
shall not become a member of the Cedar Group.

        "Cedar LP" shall have the meaning set forth in the preamble.

        "Cedar Group Initial Capital" shall mean $______________, said amount
representing the sum of all legal fees, title insurance premiums and other
closing costs and adjustments paid by Cedar Group in connection with the
Closing, and any other amount deemed to be added to, and part of, the Cedar
Group Initial Capital pursuant to Section 3.2 hereof.

        "Certificate" shall have the meaning set forth in the recitals.

        "Closing" shall have the meaning set forth in the Contribution
Agreement.

        "Code" shall mean the Internal Revenue Code of 1986, as amended, or any
corresponding provision or provisions of succeeding law.

        "Common Partners" shall mean, collectively, Cedar GP, Cedar LP and any
Person or Persons who, at the time of reference thereto, has been admitted as a
successor Common Partner or as an additional Common Partner and, in the case of
any of the foregoing, has not withdrawn from the Partnership, in each such
Person's capacity as a Common Partner. "Common Partner" shall mean any one of
the Common Partners.

        "Common Percentage Interest" shall mean the percentage of ownership
interest in the Partnership of each Partner, excluding the Preferred Interests.
The initial Common Percentage Interests are set forth in Section 3.3 hereof.

        "Commons" shall have the meaning set forth in the preamble.

        "Contribution Agreement" shall mean that certain agreement, dated as of
October 2, 2003 between Preferred Holders and Cedar LP.

        "Delivering Party" shall have the meaning set forth in Section 3.7(d)
hereof.

                                        6
<PAGE>

        "Depreciation" shall mean, for each Fiscal Year or other period, an
amount equal to the depreciation, amortization, or other cost recovery deduction
allowable with respect to an asset for such Fiscal Year or other period, except
that if the Gross Asset Value of an asset differs from its adjusted basis for
federal income tax purposes at the beginning of such Fiscal Year or other
period, Depreciation shall be an amount which bears the same ratio to such
beginning Gross Asset Value as the federal income tax depreciation,
amortization, or other cost recovery deduction for such Fiscal Year or other
period bears to such beginning adjusted tax basis.

        "Development" shall have the meaning set forth in the preamble.

        "Dissolution Event" shall have the meaning set forth in Section 8.1
hereof.

        "Distribution Sections" shall have the meaning set forth in Section
3.7(b) hereof.

        "Entity" shall mean any general partnership, limited partnership,
limited liability company, corporation, joint venture, trust, business trust,
cooperative or association.

        "Fee Property" shall have the meaning set forth in the Recitals.

        "Firehouse" shall have the meaning set forth in the preamble.

        "Fiscal Year" shall mean the calendar year, except that the last Fiscal
Year of the Partnership shall end on the date on which the Partnership shall
terminate and commence on the January 1 immediately preceding such date of
termination.

        "Governmental Entity" shall mean the United States, the Commonwealth of
Pennsylvania, any other state that shall have jurisdiction over the Partnership
and any Partner, any municipality, and political subdivision of any of the
foregoing, and any agency, authority, department, court, commission or other
legal entity of any of the foregoing.

        "Gross Asset Value" shall mean, with respect to any asset, the asset's
adjusted basis for federal income tax purposes, except as follows:

        (a)     The initial Gross Asset Value of any asset contributed by a
Partner to the Partnership shall be the gross fair market value of such asset,
as determined by the Partners;

        (b)     The Gross Asset Values of all Partnership assets shall be
adjusted to equal their respective gross fair market values, as reasonably
determined by Cedar GP, as of the following times: (i) the acquisition of an
interest or an additional interest in the Partnership by any new or existing
Partner in exchange for more than a de minimis Capital Contribution; (ii) the
distribution by the Partnership to a Partner of more than a de minimis amount of
property or money as consideration for an interest in the Partnership; and (iii)
the liquidation of the Partnership within the meaning of Treasury Regulations
Section 1.704-1(b)(2)(ii)(g); provided, however, that adjustments pursuant to
clauses (i) and (ii) above shall be made only if Cedar GP shall reasonably
determine that such adjustments are necessary or appropriate to reflect the
relative economic interests of the Partners;

                                        7
<PAGE>

        (c)     The Gross Asset Value of any Partnership asset distributed to a
Partner shall be adjusted to the gross fair market value of such asset on the
date of distribution, as determined under Section 5.4 hereof;

        (d)     The Gross Asset Values of Partnership assets shall be increased
(or decreased) to reflect any adjustments to the adjusted basis of such assets
pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent
that such adjustments are taken into account in determining Capital Accounts
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m); provided,
however, that Gross Asset Values shall not be adjusted pursuant to this clause
(d) to the extent Cedar GP determines that an adjustment pursuant to clause (b)
hereof is necessary or appropriate in connection with a transaction that would
otherwise result in an adjustment pursuant to this clause (d); and

        (e)     If the Gross Asset Value of an asset has been determined or
adjusted pursuant to clauses (a), (b), or (d), such Gross Asset Value shall
thereafter be adjusted by the Depreciation taken into account with respect to
such asset for purposes of computing Profits and Losses.

        "Group" shall mean the Preferred Group or the Cedar Group.

        "Indirect Interest" shall mean an ownership interest (whether direct or
indirect) in a Partner (as opposed to a Partner's ownership interest in the
Partnership).

        "Indirect Owner" shall mean a Person holding an Indirect Interest.

        "Leasehold Property" shall have the meaning set forth in the Recitals.

        "Lender" shall mean any unaffiliated lender that shall provide a loan to
the Partnership.

        "Liquidating Trustee" shall have the meaning set forth in Section 8.2
hereof.

        "Loan" shall mean any loan or loans made to the Partnership, evidenced
and/or contemplated by the Loan Documents.

        "Loan Documents" shall mean the note(s), mortgage(s), loan agreement(s)
and other documents delivered by the Partnership or a Guarantor to a Lender in
connection with a Loan.

        "Net Expenditures" shall mean the Partnership's total direct and
indirect expenditures incurred in connection with the transaction to purchase
the Redemption Property, including without limitation any down payments (until
such time as such payments are either refunded or applied), brokers fees,
transfer taxes, loan fees (to the extent not deducted from loan proceeds), legal
fees of the counsel designated by Preferred Holders and the reasonable legal
fees of the counsel designated by the Partnership to review the purchase
transaction, less any amounts funded by Preferred Holders and any proceeds from
any Acquisition Loans.

                                        8
<PAGE>

        "Nonrecourse Deductions" shall have the meaning set forth in Treasury
Regulations Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for a
Fiscal Year shall equal the excess, if any, of the net increase, if any, in the
amount of Partnership Minimum Gain during that Fiscal Year, over the aggregate
amount of any distributions during that Fiscal Year of proceeds of a Nonrecourse
Liability that are allocable to an increase in Partnership Minimum Gain,
determined according to the provisions of Treasury Regulations Section
1.704-2(c).

        "Nonrecourse Liability" shall have the meaning set forth in Treasury
Regulations Section 1.704-2(b)(3).

        "Notices" shall have the meaning set forth in Section 10.1 hereof.

        "Operating Documents" shall mean all contracts and agreements of all
kinds entered into by or on behalf of the Partnership in connection with the
business purposes thereof.

        "Outside Date" shall mean the tenth (10th) anniversary of the date of
this Agreement.

        "Partner Nonrecourse Debt" has the meaning set forth in Treasury
Regulations Section 1.704-2(b)(4).

        "Partner Nonrecourse Debt Minimum Gain" shall mean an amount, with
respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain
that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse
Liability, determined in accordance with Treasury Regulations Section
1.704-2(i)(2) and (3).

        "Partner Nonrecourse Deductions" shall have the meaning set forth in
Treasury Regulations Section 1.704-2(i)(2). For any Fiscal Year, the amount of
Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt equals
the excess, if any, of the net increase, if any, in the amount of the Partner
Nonrecourse Debt Minimum Gain over the aggregate amount of any distributions
during such Year to the Partner that bears the economic risk of loss for such
Partner Nonrecourse Debt to the extent such distributions are from proceeds of
such Partner Nonrecourse Debt and are allocable to an increase in Partner
Nonrecourse Debt Minimum Gain, determined according to the provisions of
Treasury Regulations Section 1.704-2(i)(2)

        "Partners" shall mean, collectively, Cedar GP, Cedar LP, the Preferred
Holders, and any Person or Persons who, at the time of reference thereto, has
been admitted as a successor Partner or as an additional Partner and, in the
case of any of the foregoing, has not withdrawn from the Partnership, in each
such Person's capacity as a Partner. "Partner" shall mean any one of the
Partners.

        "Partnership" shall mean Cedar-Riverview LP, a Pennsylvania limited
partnership, as the same may from time to time be constituted, and any successor
limited partnership.

                                        9
<PAGE>

        "Partnership Accountants" shall mean such accountants that shall be
selected by Cedar GP to be the accountants for the Partnership.

        "Partnership Interest" shall mean the entire ownership interest of a
Partner in the Partnership at any particular time, including the rights and
obligations of such Partner under this Agreement.

        "Partnership Minimum Gain" shall have the meaning set forth in Treasury
Regulations Section 1.704-2(d).

        "Person" shall mean any individual or Entity, and the heirs, executors,
administrators, legal representatives, successors and assigns of such Person
where the context so permits.

        "Pre-Closing Claims" shall have the meaning set forth in Section 5.5(a)
hereof.

        "Preferred Group" shall mean Preferred Holders and any party that shall
acquire all or any portion of the Partnership Interests that were originally
owned by Preferred Holders; provided, however, if Cedar GP, Cedar LP or a member
of the Cedar Group shall acquire the Partnership Interest of a member of the
Preferred Group, Cedar GP, Cedar LP or such member of the Cedar Group shall not
become a member of the Preferred Group.

        "Preferred Holders" shall have the meaning set forth in the preamble.

        "Preferred Interests" shall mean the preferred limited partnership
interests in the Partnership of the Preferred Holders in an amount equal to
Twenty Six Million Nine Hundred Ninety-Three Thousand ($26,993,000.00) Dollars.

        "Preferred Priority Return" shall mean an amount equal to 6.5% per
annum, cumulative, compounded annually (prorated for any partial year) of the
Adjusted Preferred Interests existing from time to time during the period to
which the Preferred Priority Return relates.

        "Profits" and "Losses" shall mean, for each Fiscal Year or other period,
an amount equal to the Partnership's taxable income or loss for such Fiscal Year
or period (for this purpose, all items of income, gain, loss or deduction
required to be stated separately pursuant to Code Section 703(a)(1) shall be
included in taxable income or loss and each item of income, gain, expense,
deduction and loss shall be allocable to the Partners in accordance herewith),
with the following adjustments for purposes of adjusting Capital Accounts and
maintaining the same in accordance with Treasury Regulations Section
1.704-1(b)(2)(iv):

        (a)     Any income of the Partnership that is exempt from federal income
tax (except for rental income accrued on the Partnership's financial statement
on a straight line basis for GAAP purposes) and not otherwise taken into account
in computing Profits or Losses pursuant to this definitional section shall be
added to such taxable income or loss;

        (b)     Any expenditures of the Partnership described in Code Section
705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to
Treasury

                                       10
<PAGE>

Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account
in computing Profits or Losses, shall be subtracted from such taxable income or
loss;

        (c)     In the event the Gross Asset Value of any Partnership asset is
adjusted pursuant to subsections (b), (c) or (d) of the definition of "Gross
Asset Value", the amount of such adjustment shall be taken into account as gain
or loss from the disposition of such asset for purposes of computing Profits or
Losses;

        (d)     Gain or loss resulting from any disposition of Partnership
property with respect to which gain or loss is recognized for federal income tax
purposes shall be computed by reference to the Gross Asset Value of the property
disposed of, notwithstanding that the adjusted tax basis of such property
differs from its Gross Asset Value;

        (e)     In lieu of the depreciation, amortization and other cost
recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation for such Fiscal Year or other
period, computed in accordance with the definition of Depreciation; and

        (f)     Notwithstanding any other provision of this definitional
section, any items which are specially allocated pursuant to Section 4.3 and
Section 4.4 hereof shall not be taken into account in computing Profits or
Losses.

        "Property" shall have the meaning set forth in the recitals.

        "Property Management Agreement" shall have the meaning set forth in
Section 6.5(c) hereof.

        "Recipient Party" shall have the meaning set forth in Section 3.7(d)
hereof.

        "Redemption Price" shall mean an amount equal to the balance of the
Preferred Interests, including any accrued and unpaid Preferred Priority Return,
immediately prior to the redemption of the Preferred Interests, less any Net
Expenditures incurred by the Partnership not yet debited against the balance of
the Preferred Interests.

        "Redemption Property" shall have the meaning set forth in Section 3.2(c)
hereof.

        "Repayment Capital Contribution" shall have the meaning set forth in
Section 3.2(b) hereof.

        "Reserves" shall mean amounts allocated to reserves maintained for
working capital or for contingencies of the Partnership.

        "Sale" shall mean a sale or other disposition of all or any portion of
the Property (other than pursuant to an involuntary conversion, foreclosure or
deed in lieu of foreclosure given to an unrelated third party or a tax-free
exchange that would not result in the recognition of gain by the Preferred
Holders).

        "SEC" shall have the meaning set forth in Section 9.2 hereof.

                                       11
<PAGE>

        "South" shall have the meaning set forth in the preamble.

        "Substituted Partner" shall mean a person who is admitted to the
Partnership as a Substituted Partner in accordance with Section 7.3 hereof.

        "Tax Matters Partner" shall have the meaning set forth in Section 9.4
hereof.

        "Transfer" shall have the meaning set forth in Section 7.1 (a) hereof.

                                    ARTICLE 3
                              CAPITAL CONTRIBUTIONS

     Section 3.1    Capital Contributions.

        (a)     Upon the execution of this Agreement, the Cedar Group shall be
deemed to have contributed to the capital of the Partnership the Cedar Group
Initial Capital.

        (b)     Following the payments set forth in Section 3.1(a):

                (1)     Cedar GP's Capital Account as of the date of this
Agreement shall be equal to $______________, said amount representing 1% of the
Cedar Group Initial Capital.

                (2)     Cedar LP's Capital Account as of the date of this
Agreement shall be equal to $______________, said amount representing 99% of the
Cedar Group Initial Capital.

                (3)     Preferred Holders' Capital Account as of the date of
this Agreement shall be equal to Twenty Six Million Nine Hundred Ninety-Three
Thousand ($26,993,000.00) Dollars.

        (c)     Except as set forth in this Agreement, no Partner shall be
required or obligated to contribute any capital to the Partnership or to lend
any funds to the Partnership. In no event shall Preferred Holders be required or
entitled to contribute any capital to the Partnership or to lend any funds to
the Partnership, and no event or action, other than pursuant to Section 3.2,
shall cause the reduction or diminution of the Preferred Interests.

        (d)     Additional Capital Contributions. If available cash and
available working capital are insufficient for the operation of the Partnership,
Cedar GP shall have the right to request Additional Capital Contributions from
the Common Partners, and the Common Partners agree that any such Additional
Capital Contributions that shall be required by the Company shall be made by the
Common Partners in proportion to their respective Common Percentage Interests.
Any Additional Capital Contributions made by a Common Partner pursuant to this
Section 3.1(d) shall not increase such Common Partner's Common Percentage
Interest.

     Section 3.2    Redemption of the Preferred Interests.

        (a)     The Partnership shall redeem the Preferred Interests for cash or
property (or a combination thereof), at Preferred Holders' election at any time
after the date of this Agreement, in an amount equal to the Redemption Price.
Preferred Holders may elect to have the

                                       12
<PAGE>

Preferred Interests redeemed in part, provided that (i) Preferred Holders may
elect a redemption of the Preferred Interests on no more than four (4) separate
occasions, (ii) Preferred Holders must elect to have the Preferred Interests
redeemed in full on the fourth (4th) election, if made, and (iii) the balance of
the Preferred Interests (including any accrued and unpaid Preferred Priority
Return) shall be decreased by (1) any cash paid by the Partnership in redemption
of the Preferred Interests, (2) the Net Expenditures paid by the Partnership in
connection with any property distributed by the Partnership in redemption of the
Preferred Interests, and (3) any other reduction required pursuant to this
Agreement. Any payments made pursuant to clause (iii) of this Section 3.2(a)
shall be applied first in reduction of the Preferred Interests and then in
reduction of the Preferred Priority Return.

        (b)     Upon Preferred Holders' election to redeem all or a portion of
the Preferred Interests (and Preferred Holders having obtained the consent of
the Cedar Group to the extent such consent is required pursuant to the terms of
this Agreement), each member of the Cedar Group shall be required to contribute
to the capital of the Partnership, pari passu in accordance with such member's
Common Interest Percentage, an amount equal to the Preferred Interests being
redeemed at such time (any such Capital Contribution, a "Repayment Capital
Contribution"). The Repayment Capital Contribution that shall be made by Cedar
Group shall be deemed to be added to, and be part of, the Cedar Group Initial
Capital.

        (c)     If Preferred Holders shall elect to receive property (the
"Redemption Property") in redemption of the Preferred Interests, the Partnership
shall be obligated to purchase the Redemption Property designated by Preferred
Holders and to borrow money in connection therewith, provided that (i) any loan
is arranged for, or provided, by Preferred Holders (the "Acquisition Loan"),
(ii) either (x) the Partnership has no obligations under the Acquisition Loan,
or (y) the Acquisition Loan is secured by the Redemption Property and is
nonrecourse to the Partnership, (iii) the Partnership shall not be obligated to
incur Net Expenditures in excess of the Redemption Price, unless Preferred
Holders fund the balance of any difference, (iv) Preferred Holders shall deliver
or cause to be delivered any and all guarantees or indemnities that may be
required in connection with such Acquisition Loan, (v) Preferred Holders shall
deliver an amount equal to the transfer, stamp or similar taxes payable in
connection with the purchase of the Redemption Property by the Partnership and
the subsequent distribution of the Redemption Property by the Partnership, and
(vi) the Lender consents to, or has preapproved in accordance with Section 6.3,
the acquisition by the Partnership of the Redemption Property. Preferred Holders
may fund any additional monies needed to purchase the Redemption Property in any
reasonable manner selected by Preferred Holders and reasonably approved by Cedar
GP (e.g., through a third party escrow arrangement). In connection with the
purchase of the Redemption Property, the Partnership shall help Preferred
Holders to create a separate legal entity through which to purchase the
Redemption Property, the Partnership shall retain counsel designated by
Preferred Holders and reasonably satisfactory to the Partnership, and the
Partners shall cooperate in obtaining from the Lender (in the event such
transaction was not preapproved in accordance with Section 6.3) its consent to
the acquisition by the Partnership of the Redemption Property.

        (d)     The Partnership shall not have (i) any unreimbursed liability
with respect to the Redemption Property or the transaction pursuant to which
such Redemption Property is acquired or attempted to be acquired if such
transaction does not close for any reason (other than Net Expenditures not in
excess of the Redemption Price), or (ii) any obligation to incur Net

                                       13
<PAGE>

Expenditures in excess of the Redemption Price. In the event the Redemption
Property is not purchased for any reason, the balance of the Preferred Interests
(including any accrued and unpaid Preferred Priority Return) shall be reduced by
the amount of the Net Expenditures incurred in connection with the transaction
to purchase such Redemption Property in lieu of any reimbursement pursuant to
this Section 3.2(d). Such Net Expenditures shall be applied first in reduction
of the Preferred Interests and then in reduction of the Preferred Priority
Return.

        (e)     The Partnership may redeem the Preferred Interests (including
any accrued but unpaid Preferred Priority Return) in full, but not in part, for
an amount of cash equal to the Redemption Price at any time from and after (i)
the Outside Date, or (ii) the date that Preferred Holders shall commence an
action against any of the other Partners with respect to the Partnership or its
assets, other than to enforce its rights under this Agreement.

     Section 3.3    Common Percentage Interests of Partners.

        (a)     Upon the execution of this Agreement:

                (1)     Cedar GP's Common Percentage Interest shall be 1.0%; and

                (2)     Cedar LP's Common Percentage Interest shall be 99.0%.

        (b)     The Common Percentage Interests of the Partners shall be
adjusted to account for admissions, transfers and conveyances pursuant to
Article 7 hereof.

     Section 3.4    Limitation on Liability of Limited Partners. The liability
of each Partner, other than Cedar GP or any successor general partner of the
Partnership, shall be limited to such Partner's Capital Contributions and
Additional Capital Contributions, and no Partner, other than Cedar GP or any
successor general partner of the Partnership, shall, subject to the provisions
of the Act, have any personal liability in respect of any liabilities or
obligations of the Partnership or the Partners, beyond the amount that it shall,
in accordance with this Agreement, contribute (or be required to contribute) to
the capital of the Partnership.

     Section 3.5    No Withdrawal of Capital Contributions. Except upon
dissolution and liquidation of the Partnership, no Partner shall have the right
to withdraw, reduce or demand the return of its Capital Contribution, or any
part thereof, or any distribution thereon. Except as otherwise provided herein,
no Partner shall have the right to receive property other than cash in
connection with a distribution or return of capital. Except as otherwise
provided in this Agreement, no Partner shall be entitled to receive interest on
such Partner's Capital Contributions to the Partnership.

     Section 3.6    Return of Capital Contributions.

        (a)     Except upon dissolution and liquidation of the Partnership or as
provided in Article 5 hereof, there is no agreement, nor time set, for the
return of any Capital Contribution or Additional Capital Contribution of any
Partner.

        (b)     None of the Partners, nor any of their respective Affiliates,
nor any officer, director, shareholder, employee or agent of any of the Partners
or their Affiliates, shall be

                                       14
<PAGE>

personally liable for the return or repayment of any Capital Contribution or
Additional Capital Contribution.

     Section 3.7    Intentionally Omitted.

     Section 3.8    Termination of Affiliate Loans. As of the date hereof,
Preferred Holders shall have caused any sums owed by the Partnership to any
Affiliate of Preferred Holders to be repaid in full such that no balance is
outstanding with respect to any such sums.

     Section 3.9    Intentionally Omitted.

     Section 3.10   Sums Paid Under Guarantees or Indemnities. If the Preferred
Owners or any Affiliate of the Preferred Owners shall make a payment under any
guaranty or indemnity on account of an event that occurred prior to the date of
this Agreement, the party making such payment shall not be entitled to any
reimbursement by any of the other Partners or the Partnership on account of such
payment, and such payment shall not increase the Capital Account of the
Preferred Owners, and such payment shall not be deemed to be a Capital
Contribution.

                                    ARTICLE 4
                        ALLOCATIONS OF PROFITS AND LOSSES

     Section 4.1    Allocation of Profits. After giving effect to the special
allocations set forth in Section 4.3 and Section 4.4 hereof, Profits for any
Fiscal Year shall be allocated to the Common Partners in proportion to their
respective Common Percentage Interests.

     Section 4.2    Allocation of Losses. After giving effect to the special
allocations set forth in Section 4.3 and Section 4.4 hereof, Losses for any
Fiscal Year shall be allocated to the Common Partners in proportion to their
respective Common Percentage Interests.

     Section 4.3    Allocations to Reflect Priority Returns. For each Fiscal
Year of the Partnership, before any allocations of Profits and Losses shall be
made to the Partners pursuant to Section 4.1 or Section 4.2, items of gross
income and gain of the Partnership shall be allocated to Preferred Holders in an
amount equal to the excess, if any, of (i) the accrued Preferred Priority Return
for the current Fiscal Year and all prior Fiscal Years, whether or not paid,
over (ii) the cumulative amount of items of gross income or gain allocated to
Preferred Holders pursuant to this Section 4.3 for the current Fiscal Year and
all prior Fiscal Years.

     Section 4.4    Special Allocations.

        (a)     Partnership Minimum Gain Chargeback. Notwithstanding any other
provision of this Article 4 and except as otherwise provided in Section
1.704-2(f) of the Treasury Regulations, if there is a net decrease in
Partnership Minimum Gain during any Fiscal Year of the Partnership, each Partner
shall be specially allocated items of Partnership income and gain for such year
(and, if necessary, subsequent years) in an amount equal to such Partner's share
of the net decrease in Partnership Minimum Gain, as determined under Treasury
Regulations Section 1.704-(2)(g). The items to be so allocated shall be
determined in accordance with Treasury Regulations Section 1.704-2(f). This
Section 4.4(a) is intended to comply with the

                                       15
<PAGE>

minimum gain chargeback requirement in such Section of the Treasury Regulations
and shall be interpreted consistently therewith.

        (b)     Partner Minimum Gain Chargeback. Notwithstanding any other
provision of this Article 4, if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain attributable to a Partner Nonrecourse Debt, then, except as
otherwise provided in Treasury Regulations Section 1.704-2(i), each Partner who
has a share of the Partner Nonrecourse Debt Minimum Gain attributable to such
Partner Nonrecourse Debt, determined in accordance with Treasury Regulations
Section 1.704-2(i), shall be specially allocated items of Partnership income and
gain for such year (and, if necessary, subsequent years) in an amount equal to
such Partner's share of the net decrease in Partner Nonrecourse Debt Minimum
Gain attributable to such Partner Nonrecourse Debt, determined in accordance
with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the
previous sentence shall be made in proportion to the respective amounts required
to be allocated to each Partner pursuant thereto. The items to be allocated
shall be determined in accordance with Treasury Regulations Section
1.704-2(i)(4) and (j)(2). This Section 4.4(b) is intended to comply with the
minimum gain chargeback requirement in Section 1.704-2(i)(4) of the Treasury
Regulations and shall be interpreted consistently therewith.

        (c)     Qualified Income Offset. In the event any Partner unexpectedly
receives any adjustments, allocations, or distributions described in Treasury
Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership
income and gain shall be specially allocated to such Partner in an amount and
manner sufficient to eliminate, to the extent required by the Treasury
Regulations, any deficit balance in such Partner's Adjusted Capital Account as
quickly as possible, provided that an allocation pursuant to this Section 4.4(c)
shall be made only if and to the extent that such Partner would have a deficit
balance in its Adjusted Capital Account after all other allocations provided for
in this Section have been tentatively made as if this Section 4.4(c) were not in
the Agreement.

        (d)     Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal
Year or portion thereof shall be allocated solely to the Cedar Group.

        (e)     Partner Nonrecourse Deductions. Any Partner Nonrecourse
Deductions for any Fiscal Year of the Company or portion thereof shall be
allocated to the Partner who bears the economic risk of loss with respect to the
nonrecourse debt to which such Partner Nonrecourse Deductions are attributable,
in accordance with Treasury Regulations Section 1.704-2(i)(1).

        (f)     Excess Non-Recourse Liabilities. The "excess non-recourse
liabilities" of the Partnership within the meaning of Treasury Regulations
Section 1.752-3(a)(3) shall be allocated to the Common Partners pro rata in
accordance with their respective Common Percentage Interests.

        (g)     Deficit Restoration Obligation. Cedar LP shall have the right to
provide the Partnership with an unconditional obligation to restore the deficit
balance, if any, in its Adjusted Capital Account. Cedar LP shall have the right
to satisfy such obligation by

                                       16
<PAGE>

contributing to the Partnership its right to receive any amounts owed to Cedar
LP by any other Partner.

        (h)     Loss Allocation Limitation. Notwithstanding the provisions of
Section 4.2 hereof, Losses (or items of loss) allocated pursuant to Section 4.2
hereof shall not exceed the maximum amount of Losses (or items of loss) that can
be so allocated without causing any Partner to have a deficit balance in its
Adjusted Capital Account at the end of any Fiscal Year. In the event some but
not all of the Partners would have deficit balances in their Adjusted Capital
Accounts as a result of an allocation of Losses (or items of loss) pursuant to
Section 4.2 hereof, the limitation set forth in this Section 4.4(h) shall be
applied on a Partner by Partner basis so as to allocate the maximum permissible
Losses (or items of loss) to each Partner under Treasury Regulations Section
1.704-1(b)(2)(ii)(d). All Losses (or items of loss) in excess of the limitation
set forth in this Section 4.4(h) shall be allocated to other Partners in
accordance with the provisions of Section 4.2, provided that no Losses (or items
of loss) shall be allocated to any Partners who are not permitted to be
allocated any Losses (or items of loss) under this Section 4.4(h).

     Section 4.5    Other Allocations.

        (a)     If the respective interests of the existing Partners in the
Partnership change or if a Partnership Interest is transferred to any other
Person, then, for the Fiscal Year of transfer, all income, gains, losses,
deductions, tax credits and other tax incidents resulting from the operations of
the Partnership shall be allocated between transferor and transferee, as
reasonably determined by Cedar GP using any method permissible under Section 706
of the Code. A transferee of an interest in the Partnership shall succeed to the
Capital Account of the transferor Partner to the extent it relates to the
transferred interest.

        (b)     For each Fiscal Year, items of Partnership income, gain, loss,
deduction and expenses shall be allocated for federal, state and local purposes
among the Partners in the same manner as the Profits and Losses or other gains
or losses to which such items relate were allocated pursuant to Section 4.1,
Section 4.2, Section 4.3 and Section 4.4 hereof.

     Section 4.6    Tax Allocations: Code Section 704(c).

        (a)     In accordance with Code Section 704(c) and the Treasury
Regulations thereunder, income, gain, loss, and deduction with respect to any
property contributed to the capital of the Partnership shall, solely for tax
purposes, be allocated among the Partners so as to take account of any variation
between the adjusted basis of such property to the Partnership for federal
income tax purposes and its initial Gross Asset Value.

        (b)     In the event the Gross Asset Value of any Partnership asset is
adjusted pursuant to any provision of this Agreement in accordance with the
definition of Gross Asset Value, subsequent allocations of income, gain, loss
and deduction with respect to such Partnership asset shall take into account any
variation between the adjusted basis of such Partnership asset for federal
income tax purposes and its Gross Asset Value in the same manner as under Code
Section 704(c) and the Treasury Regulations thereunder.

                                       17
<PAGE>

        (c)     Consistent with Section 4.6(b) hereof, immediately prior to the
execution of this Agreement the Gross Asset Value of the Property has been
adjusted to equal Forty Nine Million Three Hundred Eighty Three Thousand
($49,383,000) Dollars. For purposes of this Agreement, based on the Preferred
Holder's tax basis as of the date of this Agreement, the tax basis of the
Property is Thirteen Million Four Hundred Thousand $13,400,000 Dollars. The
Partners agree to account for the resulting variation between the Gross Asset
Value of the Property and its tax basis using "the traditional method with
curative allocations" contemplated by Treasury Regulations Section
1.704-3(c)(3)(iii)(B). Thus, notwithstanding anything to the contrary in this
Agreement, the Partners agree that upon a taxable disposition of the Property
(i) to the extent of Forty Nine Million Three Hundred Eighty Three Thousand
($49,383,000) Dollars of consideration, the Cedar Group shall not be allocated
taxable income or gain attributable to such disposition in an amount that
exceeds the total amount of tax depreciation deductions allocated to the Cedar
Group in the current Fiscal Year and all prior Fiscal Years from the Property
(not including for this purpose any tax depreciation attributable to
improvements made to the Property after the date this Agreement has been
executed), and (ii) taxable income or gain attributable to such disposition on
account of consideration in excess of Forty Nine Million Three Hundred Eighty
Three Thousand ($49,383,000) Dollars, if any, shall be allocated to the Cedar
Group.

        (d)     Any elections or other decisions relating to the allocations
required under this Section 4.6 shall be made by Cedar GP; provided, however,
that any such election or decision that is not otherwise contemplated by this
Agreement and which increases, other than to a de minimis extent, the tax
obligation of the Preferred Holders (as compared to what such obligations would
have been absent such election) shall require the consent of the Preferred
Holders (not to be unreasonably withheld, conditioned, or delayed). Allocations
pursuant to this Section 4.6 are solely for purposes of Federal, state, and
local taxes and shall not affect, or in any way be taken into account in
computing, any Partner's Capital Account or share of Profits and Losses, other
items, or distributions pursuant to any provision of this Agreement.

                                    ARTICLE 5
                               CASH DISTRIBUTIONS

     Section 5.1    Distribution of Available Net Cash Flow.

        (a)     As used in this Agreement, the term "Available Net Cash Flow"
means the gross cash proceeds from Partnership operations, including all
refinancings of all or any portion of the Property and/or any other property of
the Partnership and, in connection with a partial casualty or condemnation, the
proceeds of condemnation proceedings or settlement of any insurance claims
resulting in insurance proceeds not used in repair or restoration of the
Property that, in each instance, shall not be required to be paid to a Lender,
less (1) all costs incurred by the Partnership in connection with the
refinancing or restoration of the Property and (2) any portion thereof used to
establish Reserves, all as determined by Cedar GP, for certain expenses and
liabilities of the Partnership, including, without limitation, debt payments
(including interest and principal) on Loans, capital improvements, repairs,
replacements, contingencies, real estate taxes and leasing commissions, all as
determined in accordance with this Agreement. Available Net Cash Flow shall not
be reduced by depreciation, cost recovery deductions or similar

                                       18
<PAGE>

allowances. Available Net Cash Flow shall not be deemed to include any Capital
Event Proceeds or any expenses related thereto.

        (b)     Available Net Cash Flow, if any, shall be distributed or paid,
as applicable, at such times as Cedar GP may determine, in the following order
of priority:

                (1)     First, to Preferred Holders, until Preferred Holders
have received an aggregate amount of distributions under this Section 5.1(b)(1)
and Section 5.2(b)(2) below equal to the Preferred Priority Return (as adjusted
for distributions and other adjustments under Section 3.2 above);

                (2)     Second, pari passu to the Common Partners in proportion
to their respective Common Percentage Interests.

     Section 5.2    Distribution of Capital Event Proceeds.

        (a)     As used in this Agreement, the term "Capital Event Proceeds"
shall mean the net cash proceeds from all sales and other dispositions (other
than in the ordinary course of business) including, in connection with a total
casualty or condemnation in which no repair or restoration is contemplated, the
proceeds of condemnation proceedings or settlement of any insurance claims
resulting in insurance proceeds shall not be required to be paid to a Lender,
less, in each instance, (1) all costs incurred by the Partnership in connection
with the sale, refinancing or restoration of the Property and (2) any portion
thereof used to establish Reserves, all as determined by Cedar GP. Capital Event
Proceeds shall include all principal and interest payments with respect to any
note or other obligation received by the Partnership in connection with sales
and other dispositions (other than in the ordinary course of business) of
Partnership property.

        (b)     Any Capital Event Proceeds shall be distributed promptly after
the receipt thereof, in the following order of priority:

                (1)     First, to Preferred Holders until Preferred Holders have
received an amount of distributions under this Section 5.2(b)(1) equal to the
Adjusted Preferred Interests;

                (2)     Second, to Preferred Holders, until Preferred Holders
have received an aggregate amount of distributions under this Section 5.2(b)(2)
and Section 5.1(b)(1) above equal to the Preferred Priority Return (as adjusted
for distributions and other adjustments under Section 3.2 above);

                (3)     Third, pari passu to the Common Partners in proportion
to their respective Common Percentage Interests.

     Section 5.3    Excess Reserves. Any Reserves established by the
Partnership, which were established from Available Net Cash Flow, and which
Cedar GP determines shall no longer be required by the Partnership, shall be
distributed to the Partners pursuant to the provisions of Section 5.1(b) hereof,
and any Reserves established by the Partnership which were established from
Capital Event Proceeds, and which Cedar GP determines shall no longer be
required by the

                                       19
<PAGE>

Partnership, shall be distributed to the Partners pursuant to the provisions of
Section 5.2(b) hereof.

     Section 5.4    Restrictions on Distributions. A Partner shall have no right
to demand and receive any distribution from the Partnership in any form other
than cash. No Partner may be compelled to accept a distribution of an asset in
kind from the Partnership to the extent that the percentage of the asset
distributed to such Partner exceeds the percentage in which such Partner is then
entitled to share in distributions from the Partnership. Any in-kind
distributions of Partnership property shall be valued by an established,
reputable, independent and qualified appraiser.

     Section 5.5    Pre-Closing Claims. The Partnership may pursue (including
the commencement of a plenary action) or defend any claims relating to the
period prior to the date of this Agreement (collectively, the "Pre-Closing
Claims"). The Preferred Holders shall cooperate in the prosecution of any such
Pre-Closing Claims. Subject to Preferred Holder's rights to contest a
Pre-Closing Claim as hereinafter set forth, in the event that the Partnership
shall owe money on account of a Pre-Closing Claim and Cedar GP shall give notice
thereof on or before the date which is one (1) year after the date of this
Agreement, Preferred Holders shall make such payment within Ten (10) Business
days after receipt of notice from Cedar GP. Any payment by Preferred Holders
made pursuant to this Section 5.5(b)(1) shall not increase the Capital Account
of Preferred Holders, such payment shall not be deemed to be a Capital
Contribution, and any expense to which such payments relate shall be deemed to
be expenses of Preferred Holders. Upon prior notice to the Cedar GP (given
within Ten (10) business days after such notice from Cedar GP), the Preferred
Holders shall be entitled, at their sole cost and expense, to contest any such
Pre-Closing Claim, provided, however, that during the pendency of such
Pre-Closing Claim (A) neither the Property nor any portion thereof or interest
therein would be in imminent danger of being sold, forfeited or lost, and (B)
neither Property nor any interest therein would be subject to the imposition of
any lien as a result of the failure to comply with a requirement prior to and
while such contest is proceeding, unless Preferred Holders shall cause any such
lien, promptly after obtaining knowledge of the existence of the lien, to be
discharged of record by payment, deposit, bond or otherwise.

     Section 5.6    Transfer Taxes.

        (a)     To the extent Preferred Holders elect to receive Redemption
Property in redemption of their interests, all transfer, stamp or other similar
taxes in connection with the purchase and subsequent distribution of the
Redemption Property, if any, including any tax that is imposed on Transfers by
any Partner or by any Indirect Owner that is aggregated with the purchase and
distribution of the Redemption Property, shall be the obligation of Preferred
Holders, without regard to whether same is assessed against Preferred Holders,
the Partnership or any other Partner.

        (b)     Each Partner shall be solely liable for any real property and
controlling interest transfer taxes that result from a Transfer of such
Partner's interest in the Partnership (or of the interest of an Indirect Owner
of such Partner), including any tax that is imposed on Transfers that are
aggregated with such Transfers, without regard to whether same is assessed
against such Partner, the Partnership or any other Partner.

                                       20
<PAGE>

                                    ARTICLE 6
                  RIGHTS, OBLIGATIONS AND POWERS OF THE MEMBERS

     Section 6.1    Management by Cedar GP; Duties and Powers of the Partners.

        (a)     Subject to the provisions of this Article 6, Cedar GP shall have
the right and power to conduct the business and affairs of the Partnership and
to do all things necessary to carry on the business of the Partnership, and is
hereby authorized to take any action of any kind and to do anything and
everything Cedar GP deems necessary or appropriate in accordance with the
provisions of this Agreement and applicable law. Subject to the provisions of
this Article 6, Cedar GP will have full power and authority to execute and
deliver in the name of and on behalf of the Partnership such documents or
instruments as Cedar GP deems appropriate for the conduct of the Partnership's
business in accordance with this Agreement. No person, firm or corporation
dealing with the Partnership will be required to inquire into the authority of
Cedar GP to take any action or make any decision. Cedar GP shall be required to
devote to the conduct of the operations of the Partnership only such time and
attention as shall be necessary to accomplish the purposes, and to conduct
properly the operations, of the Partnership. In performing its obligations under
this Section 6.1, Cedar GP shall not be required at any time to expend funds
other than those of the Partnership.

        (b)     Without limiting the generality of the foregoing, but subject to
the specific limitations of this Agreement, Cedar GP is authorized on behalf of
the Partnership, without the consent of any Partner, to:

                (1)     expend the capital and revenues of the Partnership in
furtherance of the Partnership's operations and pay in accordance with the
provisions of this Agreement all debts and obligations of the Partnership, to
the extent that funds of the Partnership are available therefor;

                (2)     take such actions as shall be required for the
Partnership to comply with the Loan Documents;

                (3)     execute, deliver and thereafter amend the Loan
Documents;

                (4)     lease the Property (other than pursuant to a lease which
would constitute a taxable sale for federal income tax purposes);

                (5)     establish and maintain separate bank accounts in the
name of, and on behalf of, the Partnership;

                (6)     bring and defend, actions at law or in equity;

                (7)     make investments in United States treasury securities
and certificates of deposit in federally insured banks, pending disbursement of
the Partnership's funds or to provide a source from which to meet contingencies;

                                       21
<PAGE>

                (8)     enter into and/or terminate agreements and contracts
with third parties, and give receipts, releases and discharges with respect to
all of the foregoing and any matters incident thereto;

                (9)     maintain, at the expense of the Partnership, adequate
records and accounts of all operations and expenditures;

                (10)    purchase, at the expense of the Partnership, liability,
casualty and other insurance and bonds to protect the Partnership's properties,
operations, members and employees and to protect (to the extent required
thereby, and as customary and reasonable) Cedar GP and its respective control
persons, officers, directors and employees;

                (11)    execute and deliver any and all agreements, documents
and other instruments necessary or incidental to the conduct of the operations
of the Partnership and of the Property; and

                (12)    do and perform all such other things as may be in
furtherance of the Partnership's business purposes described in Section 1.3
hereof subject to the limitations set forth herein.

     Section 6.2    Restrictions on Powers of the Cedar GP. Notwithstanding
anything to the contrary contained in Section 6.1 above, the Partnership shall
not consummate a Sale prior to the Outside Date, without the consent of
Preferred Holders.

     Section 6.3    Refinancing. In connection with any financing of the
Property, Cedar Group shall undertake in good faith to obtain from the
prospective Lender its preapproval to the acquisition by the Partnership, or an
affiliate thereof, of Replacement Property in connection with a redemption of
the Preferred Interests. Preferred Holders, in cooperation with Cedar Group,
shall have the right to endeavor to obtain such preapproval from the such
prospective Lender; provided, however, if such prospective Lender shall not
grant such preapproval, the Partnership may, nevertheless, accept financing from
such prospective Lender.

     Section 6.4    Exculpation. No Partner or any of its Affiliates, nor any of
their respective officers, directors, partners, shareholders, members, employees
or agents, shall be liable, in damages or otherwise, to the Partnership or to
any of the other Partners, for any act or omission performed or omitted by such
Partner pursuant to the authority granted by this Agreement, except if such act
or omission results from (a) the negligence, misconduct or bad faith of a
Partner, its Affiliates or their respective officers, directors, partners,
shareholders, members, employees or agents or (b) a Partner acting beyond the
scope of authority granted by this Agreement. To the extent permitted by the
Act, the Partnership shall indemnify, defend and hold harmless each Partner, its
Affiliates and their respective officers, directors, partners, shareholders,
members, employees and agents, from and against any and all claims or
liabilities of any nature whatsoever, including reasonable attorneys' fees,
arising out of or in connection with any action taken or omitted by such Partner
pursuant to the authority granted by this Agreement, except where attributable
to (i) the negligence, misconduct or bad faith of such Partner, its Affiliates
or their respective officers, directors, partners, shareholders, members,
employees or agents or (ii) a Partner acting beyond the scope of authority
granted by this

                                       22
<PAGE>

Agreement. Each Partner shall be entitled to rely in good faith on the advice of
counsel, public accountants or other independent experts experienced in the
matter at issue, and any act or omission of a Partner pursuant to such advice
shall in no event subject the Partner to liability to the Partnership or any
Partner. Any indemnity provided under this Section 6.4 shall be paid out of and
to the extent of the assets of the Partnership only, and no Partner shall have
any personal obligation with respect thereto.

     Section 6.5    Employment of Agents, Affiliate Transactions.

        (a)     Cedar GP may employ or cause to be employed, on behalf of the
Partnership, such firms or corporations as it shall deem advisable for the
operation of the Partnership and on such terms and for such compensation as
Cedar GP shall determine, provided such terms and services are reasonably
necessary and customary.

        (b)     Except as expressly provided in this Agreement, no Partner or
any Affiliate of a Partner shall enter into any agreement or other arrangement
for the furnishing to or by the Partnership, of goods or services (including any
construction work) with any Person which is an Affiliate of such Partner or any
partner, shareholder or other owner of an equity interest in such Partner unless
such agreement or arrangement has been approved by Cedar GP after the nature of
the relationship or affiliation and the terms of such agreement or arrangement
have been disclosed in writing.

        (c)     The Partners hereby acknowledge and confirm that,
contemporaneously with the execution of this Agreement, Cedar Shopping Centers
Partnership, L.P., is entering into a property management and leasing agreement
with the Partnership, in substantially the form set forth in Exhibit 6.4(c)
attached hereto and made a part hereof (the "Property Management Agreement"),
with Cedar Shopping Centers Partnership, L.P., as the managing and leasing agent
for the Property.

     Section 6.6    Compensation of Partner. Except as otherwise expressly
provided herein, the Partners shall not be entitled to any salary or other
compensation from the Partnership except for their respective cash distributions
as set forth in the Distribution Sections.

     Section 6.7    Other Activities. Any Partner (including any Affiliate of
the Partners) may engage in or possess an interest in other business ventures of
any nature or description, independently or with others, whether presently
existing or hereafter created, including those in competition with the
operations of the Partnership, and neither the Partnership nor any Partner
(including any of the Partners or any Affiliate of the Partners) shall have any
rights in or to such independent ventures or the income or profits derived
therefrom.

                                    ARTICLE 7
                      TRANSFERABILITY OF MEMBERS' INTERESTS

     Section 7.1    Prohibited Transfers of Preferred Holders.

        (a)     Preferred Holders may not, directly or indirectly, sell, assign,
transfer or otherwise dispose of (collectively, "Transfer") all or any part of
its Partnership Interest, whether voluntarily or by foreclosure, assignment in
lieu thereof or other enforcement of a pledge,

                                       23
<PAGE>

hypothecation or collateral assignment, without the prior written consent of
Cedar GP, which consent can be withheld in Cedar GP's sole discretion. There
shall be no restriction on the ability of any member of the Cedar Group to,
directly or indirectly, Transfer all or any part of its Partnership Interest.

        (b)     Notwithstanding the foregoing or any other provisions of this
Article 7, Preferred Holders may not, directly or indirectly, pledge,
hypothecate or collaterally assign all or any portion of its Partnership
Interest, or the proceeds thereof or distributions on account thereof, without
the prior written consent of Cedar GP, which consent can be withheld in Cedar
GP's sole discretion. Subject to the terms of Section 7.2 below, there shall be
no restriction on the ability of any member of the Cedar Group to, directly or
indirectly, pledge, hypothecate or collaterally assign all or any portion of its
Partnership Interest, or the proceeds thereof or distributions on account
thereof, and a foreclosure resulting from any such pledge, hypothecation or
assignment shall be permitted under the terms of this Agreement. Notwithstanding
the foregoing, in no event shall any member of the Cedar Group, without the
consent of the Preferred Holders (which consent shall not be unreasonably
withheld, conditioned, or delayed), transfer its entire Partnership Interests,
if the assignee is not at least as qualified as the Cedar Group, both with
respect to its financial capabilities and its operational expertise.

        (c)     For purposes of this Agreement, any sale, assignment, transfer
or other disposition of the capital stock or other equity interest in any
Partner or the issuance of capital stock or additional partnership interests or
membership interests shall constitute a Transfer.

     Section 7.2    Certain Transfers Prohibited. Notwithstanding the provisions
of Section 7.1 hereof to the contrary, no Transfer by a Partner shall be
permitted which would result in (i) the violation of the terms of any Loan
Document or other agreement to which the Partnership is a party or by which its
assets are affected, including, without limitation, the Operating Documents, or
(ii) the termination of the Partnership as a limited partnership pursuant to the
terms of the Act or, unless otherwise agreed, within the meaning of Section 708
of the Code, or (iii) the violation of any applicable law.

     Section 7.3    Admission of a Substituted Partner.

        In the event that a Partner shall Transfer its Partnership Interest
pursuant to, and in accordance with, the terms of this Agreement, the transferee
thereof shall become a substituted partner ("Substituted Partner") only upon
receipt by the Partnership of all of the following (as determined by Cedar GP):

                (i)     the transferee's acceptance of, and agreement to pay all
costs of such Transfer and to be bound by, all of the terms and provisions of
this Agreement, in form and substance satisfactory to the Partnership;

                (ii)    evidence reasonably satisfactory to Cedar GP of the
authority of such Substituted Partner to become a Partner and to be bound by all
of the terms and conditions of this Agreement;

                                       24
<PAGE>

                (iii)   the written agreement of the Substituted Partner to
continue the business of the Partnership in accordance with the terms and
provisions of this Agreement;

                (iv)    such other documents or instruments as may reasonably be
required under the Act or otherwise in order to effect the admission of the
Substituted Partner as a Partner under this Agreement; and

                (v)     evidence reasonably satisfactory to Cedar GP that such
Transfer (A) would not violate (1) any Federal and state securities laws and
rules and regulations of the Securities and Exchange Commission, state
securities commissions, and any other Governmental Entity with jurisdiction over
such disposition, (2) any of the Operating Documents or (3) any Loan Documents,
(B) would not jeopardize the Partnership's classification for Federal income tax
purposes as a partnership, and (C) would not affect the Partnership's existence
as a limited partnership under the Act.

     Section 7.4    Withdrawal of a Partner. A Partner may not voluntarily
withdraw or resign from the Partnership, retire or dissolve, except pursuant to
a Transfer of all of such Partner's Partnership Interest as a Partner in
accordance with this Article 7. Resignation from the Partnership shall not
entitle a Partner to receive the fair value of his Partnership Interest or any
other distributions from the Partnership.

                                    ARTICLE 8
                   DISSOLUTION AND LIQUIDATION OF THE COMPANY

     Section 8.1    Events Causing Dissolution.

        The Partnership shall dissolve and its affairs wound up upon the
happening of any of the following events (each of the following being herein
reference to as a "Dissolution Event"):

        (a)     the sale or disposition of all or substantially all of the
Property (unless replacement property is acquired by the Partnership in
connection with a tax-free exchange);

        (b)     the dissolution of the Partnership by the unanimous written
agreement of the Partners;

        (c)     December 31, 2053;

        (d)     the entry of a decree of judicial dissolution under the Act;

        (e)     the happening of any event which makes it unlawful for the
Partnership business to be continued; and

        (f)     the occurrence of any event which requires dissolution of a
                limited partnership under the Act.

     Section 8.2    Liquidating Trustee.  Upon dissolution of the Partnership,
Cedar GP will act as the "Liquidating Trustee."

                                       25
<PAGE>

     Section 8.3    Liquidation.  As soon as possible after dissolution of the
Partnership, the Liquidating Trustee will wind up the Partnership's business and
affairs as follows:

        (a)     The Liquidating Trustee will prepare or cause to be prepared and
delivered to each Partner an accounting with respect to all Partnership accounts
and the Capital Account of each Partner and with respect to the Partnership's
assets and liabilities and its operations from the date of the last previous
audit of the Partnership delivered to the Partners to the date of dissolution.

        (b)     The Liquidating Trustee will liquidate all Partnership assets
which, in its sole discretion, it determines may be sold for such assets' fair
market value or where it determines such liquidation is otherwise in the best
interests of the Partners.

        (c)     In settling accounts after dissolution, the assets of the
Partnership shall be distributed as follows:

                (i)     to creditors, including, to the extent not prohibited by
law, Partners who are creditors, in satisfaction of liabilities of the
Partnership;

                (ii)    pay all expenses incurred in connection with the
termination, liquidation and dissolution of the Partnership and distribution of
its assets as herein provided;

                (iii)   to the establishment of Reserves for contingencies or
unforeseen liabilities and obligations of the Partnership, which Reserves shall
be paid over to a bank or other party chosen by the Partners, to be held in
escrow for payment of such contingent or unforeseen liabilities; and

                (iv)    to the Partners in accordance with the provisions of
Section 5.2(b ) hereof.

        At the expiration of such time period as the Partners shall deem
advisable, the remaining balance of any Reserve established in accordance with
clause (iii) shall be distributed in the manner set forth in clause (iv).

        (d)     If the Liquidating Trustee and all of the Partners shall
determine that it is in the best interest of the Partners to distribute certain
Partnership assets in kind, such assets will be distributed subject to such
liens, encumbrances, restrictions, contracts, obligations, commitments or
undertakings as existed with respect to such asset prior to the dissolution of
the Partnership and have not been discharged by payments made pursuant to
Section 8.3(c)(i) hereof.

     Section 8.4    Termination. Upon completion of the distribution of the
Partnership property as provided in this Article 8, the Partnership shall be
terminated, and Cedar GP or other agent appointed as set forth in Section 8.2
hereof in charge of winding-up the Partnership's business (or such other persons
as the Act may require) shall file articles of dissolution with the Secretary of
State of the Commonwealth of Pennsylvania, cancel any applications to do
business or similar filings made in foreign jurisdictions and take such other
actions as may be necessary to terminate the Partnership.

                                       26
<PAGE>

                                    ARTICLE 9
              BOOKS AND RECORDS, ACCOUNTING, REPORTS, TAX ELECTIONS

     Section 9.1    Books of Account; Records. At all times during the
continuance of the Partnership, Cedar GP shall keep, or cause to be kept, full
and true books of account in which shall be entered, fully and accurately, all
transactions of the Partnership. All of said books of account, together with a
certified copy of the Certificate, any amendments thereto, and an executed copy
of such other instruments as the Partners may execute to carry out and give
effect to the provisions of this Agreement shall at all times be maintained at
the principal office of the Partnership, or at such other office of the
Partnership as may be designated for such purpose by Cedar GP, and each Partner
may, at any time during reasonable business hours, at its own expense, inspect,
examine and make photocopies of the books and records of the Partnership or
cause them to be examined by its representative, or by an attorney and/or a
certified public accountant designated by such Partner.

     Section 9.2    Annual Financial Reports. Cedar GP shall cause to be
delivered to the Partners, (A) within one hundred twenty (120) days after the
expiration of each Fiscal Year of the Partnership, annual reports of the
Partnership, including (i) an annual balance sheet and profit and loss statement
and statement regarding sources and uses of funds, which statements shall be
audited by the Partnership Accountants if so required by the Loan Documents,
(ii) a statement showing the distributions to the Partners and the allocation
among the Capital Accounts of the Partners of taxable income, gains, losses,
deductions, credits and other relevant items of the Partnership for such Fiscal
Year, and (iii) a statement setting forth the amount of Available Net Cash Flow
and Capital Event Proceeds for the just completed Fiscal Year, which statement
shall be audited by the Partnership Accountants if so required by the Loan
Documents, and (B) such other financial statements as may be prepared by the
Partnership to fulfill Securities and Exchange Commission ("SEC") requirements
if, as and when such financial statements may be required by the SEC.

     Section 9.3    Tax Returns and Advances. Cedar GP shall cause all income
tax and information returns for the Partnership to be prepared by the
Partnership Accountants. Cedar GP shall cause such tax and information returns
to be timely filed with the appropriate authorities, shall use reasonable
efforts to provide such tax returns in a timely manner to the Partners with the
necessary information with respect to the operation of the Partnership
(including K-1 Information Returns for the respective Partners) to allow the
Partners to file their respective tax returns, and shall provide to the Partners
such other tax information as may be prepared by the Partnership to fulfill SEC
requirements if, as and when such tax information may be required by the SEC.
Copies of such tax and information returns (including K-1 Information Returns
for the respective Partners) shall also be kept at the principal office of the
Partnership where they shall be available for inspection by the Partners and
their representatives during normal business hours.

     Section 9.4    Tax Elections. Cedar GP shall make any and all elections for
Federal, state, and local tax purposes, including, without limitation, an
election under Section 754 of the Code upon a redemption of all or a portion of
the Preferred Interests; provided, however, in connection with any Transfer of a
Partnership Interest, Cedar GP shall cause the Partnership, at the written
request of the transferor or the transferee, on behalf of the Partnership and at
the time

                                       27
<PAGE>

and in the manner provided in Treasury Regulations Section 1.754-1(b), to make
an election to adjust the basis of the Partnership's property in the manner
provided in Sections 734(b) and 743(b) of the Code, and, provided further, that
any such election to be made by Cedar GP that is not otherwise contemplated by
this Agreement and which increases the tax obligation, other than to a de
minimis extent, of the Preferred Holders (as compared to what such obligation
would have been absent such election), shall require the consent of the
Preferred Holders (not to be unreasonably withheld, conditioned, or delayed).
Cedar GP is designated as the "Tax Matters Partner" (as defined in the Code) of
the Partnership and is authorized and required to represent the Partnership (at
the expense of the Partnership) in connection with all examinations of the
affairs of the Partnership by any Federal, state, or local tax authorities,
including any resulting administrative and judicial proceedings, and to expend
funds of the Partnership for professional services and costs associated
therewith.

     Section 9.5    Bank Accounts. The funds of the Partnership (other than
those deposited in non-interest bearing checking accounts to pay current
expenses of the Partnership) shall be invested or deposited in interest bearing
accounts in such banks as Cedar GP shall determine, which investments and
accounts shall be in the name of the Partnership, and withdrawals from such
accounts shall only be made by such persons as Cedar GP may designate.

     Section 9.6    Partnership Expenses.  The Partnership shall pay all usual
and customary expenses incurred in connection with the conduct of the
Partnership's business and the administration of its affairs.

                                   ARTICLE 10
                            MISCELLANEOUS PROVISIONS

     Section 10.1   Notices. All notices, demands, requests or other
communications (collectively, "Notices") which may be or are required to be
given, served, or sent by any party to any other party pursuant to this
Agreement shall be in writing and shall be hand delivered or mailed by
first-class, registered or certified mail, return receipt requested, postage
prepaid, or transmitted by facsimile (with the original to be sent the same day
by Federal Express or other recognized overnight delivery service) or by Federal
Express or other recognized overnight delivery service addressed to the
recipient at its address set forth below (or at such other address as the
recipient may theretofore have designated in writing). Each Notice which shall
be hand delivered or mailed in the manner described shall be deemed sufficiently
given, served, sent, received, or delivered for all purposes on the first
Business Day following the day the Notice is delivered to the addressee (with
the return receipt, the delivery receipt, or the affidavit of messenger being
deemed conclusive (but not exclusive) evidence of such delivery) or the first
Business Day following the day that delivery of the Notice is refused by the
addressee upon presentation. Each Notice which shall be faxed in the manner
described above shall be deemed sufficiently given, served, sent, received, or
delivered for all purposes on the first Business Day following the date of such
facsimile. Subject to the above, all Notices shall be addressed as follows:

TO THE PARTNERSHIP OR      c/o Cedar Bay Realty Advisors, Inc.
GENERAL PARTNER OR         44 South Bayles Avenue
LIMITED PARTNER:           Port Washington, New York 11050

                                       28
<PAGE>

                           Attention: Mr. Leo S. Ullman
                           Telecopier: (516) 767-6497

      with a copy to:      Stroock & Stroock & Lavan LLP
                           180 Maiden Lane
                           New York, New York 10038
                           Attention: Mark A. Levy, Esq.
                           Telecopier: (212) 806-6006

TO PREFERRED HOLDERS:      c/o Tower Investments, Inc.
                           One Reed Street
                           Philadelphia, Pennsylvania 19147
                           Attention: Mr. Bart Blatstein
                           and Brian K. Friedman, Esq.
                           Telecopier: (215) 755-8666

      with a copy to:      Mr. Robert C. Jacobs
                           1700 Walnut Street, Suite 200
                           Philadelphia, Pennsylvania 19103
                           Telecopier: (215) 545-1559

     Section 10.2   Signatures; Amendments. No amendment, change or alteration
of this Agreement will be binding unless it is in writing and signed by Cedar GP
and Cedar LP. Notwithstanding, no amendment, change or alteration of this
Agreement that would result in any negative tax or other financial consequence
to Preferred Holders (other than consequences of a de minimis nature) will be
binding upon Preferred Holders, unless it is in writing and signed by Cedar GP,
Cedar LP and Preferred Holders. Any amendment of this Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, but all
of which shall constitute one and the same document.

     Section 10.3   Binding Provisions. The covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, the heirs, executors,
administrators, personal representatives, and permitted successors and assigns
of the respective parties hereto.

     Section 10.4   Applicable Law. This Agreement shall be construed according
to and governed by the laws of the Commonwealth of Pennsylvania, excluding any
conflict of laws rules. To the extent permitted by applicable law, the
provisions of this Agreement shall override the provisions of the Act to the
extent of any inconsistency or contradiction between them. It is the intent of
the Partners upon execution hereof that this Agreement shall be deemed to have
been prepared by all of the parties to the end that no Partner shall be entitled
to the benefit of any favorable interpretation or construction of any term or
provision hereof under any rule or law.

     Section 10.5   Waiver of Trial by Jury. THE PARTNERS HEREBY WAIVE TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER ARISING IN TORT OR
CONTRACT) BROUGHT BY ANY PARTNER AGAINST ANOTHER ON ANY MATTER ARISING OUT OF OR
IN ANY WAY CONNECTED WITH THIS AGREEMENT.

                                       29
<PAGE>

     Section 10.6   Counterparts. This Agreement may be executed in several
counterparts, all of which together shall constitute one agreement binding on
all parties hereto, notwithstanding that all the parties have not signed the
same counterpart.

     Section 10.7   Separability of Provisions. Each provision of this Agreement
shall be considered separable and if, for any reason, any provision or
provisions hereof are determined to be invalid and contrary to any existing or
future law, such invalidity shall not impair the operation of or affect those
portions of this Agreement which are valid.

     Section 10.8   Captions. Article and Section titles and any table of
contents are for convenience of reference only and shall not control or alter
the meaning of this Agreement as set forth in this text.

     Section 10.9   Partnership Property; No Partition. No Partner or successor
in interest to any Partner may have any property of the Partnership partitioned,
or file a complaint or institute any proceeding at law or in equity to have the
property partitioned, and each Partner for itself, its successors,
representatives, and assigns, hereby waives any right to proceed under any
applicable law or otherwise to partition any Partnership property. Any creditor
of a Partner shall have recourse only against such Partner's interest in the
Partnership, but such creditor shall not have any recourse against the property
of the Partnership. A Partner's Partnership Interest shall be personal property
for all purposes.

     Section 10.10  No Benefit to Third Parties. It is the intention of the
Partners that no Person other than the Partners and the Partnership is or shall
be entitled to bring any action to enforce any provision of this Agreement
against any Partner or the Partnership and that the covenants, undertakings and
agreements set forth in this Agreement shall be solely for the benefit of, and
shall be enforceable only by, the Partners (or their respectively successors and
assigns as permitted hereunder) and the Partnership.

     Section 10.11  Pronouns. All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, and neuter, singular and plural, as
the identity of the party or parties may require.

                            [Signature Page Follows]

                                       30
<PAGE>

        IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written.

                                        CEDAR-RIVERVIEW LLC


                                        By:  CEDAR SHOPPING CENTERS
                                             PARTNERSHIP, L.P.,
                                             ITS MEMBER

                                        By:  CEDAR SHOPPING CENTERS, INC.,
                                             ITS GENERAL PARTNER


                                             By: /s/  Brenda J. Walker
                                                 -------------------------------
                                                 Name:  Brenda J. Walker
                                                 Title: Vice President


                                        CSC-RIVERVIEW LLC

                                        By:  CEDAR SHOPPING CENTERS
                                             PARTNERSHIP, L.P.,
                                             ITS MEMBER


                                             By: /s/  Brenda J. Walker
                                                 -------------------------------
                                                  Name:  Brenda J. Walker
                                                  Title: Vice President

                                       31
<PAGE>

                                        FIREHOUSE REALTY CORP.


                                        By:  /s/ Bart Blatstein
                                             -----------------------------------
                                             Name:  Bart Blatstein
                                             Title: President


                                        REED DEVELOPMENT ASSOCIATES, INC.


                                        By:  /s/ Bart Blatstein
                                             -----------------------------------
                                             Name:  Bart Blatstein
                                             Title: President


                                        SOUTH RIVER PLAZA, INC.


                                        By:  /s/ Bart Blatstein
                                             -----------------------------------
                                             Name:  Bart Blatstein
                                             Title: President


                                        RIVER VIEW DEVELOPMENT CORP.


                                        By:  /s/ Bart Blatstein
                                             -----------------------------------
                                             Name:  Bart Blatstein
                                             Title: President


                                        RIVER VIEW COMMONS, INC.


                                        By:  /s/ Bart Blatstein
                                             -----------------------------------
                                             Name:  Bart Blatstein
                                             Title: President

                                       32
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>30
<FILENAME>ex10-09a.txt
<DESCRIPTION>EX10-09A.TXT
<TEXT>
<PAGE>

                           RECAPITALIZATION AGREEMENT

        AGREEMENT (this "Agreement") made as of this 2nd day of October, 2003 by
and among DELAWARE 1851 ASSOCIATES, LP, a Pennsylvania limited partnership (the
"Partnership"), INDENTURE OF TRUST OF BART BLATSTEIN DATED AS OF JUNE 9, 1998, a
Pennsylvania trust ("1998 Trust"), IRREVOCABLE INDENTURE OF TRUST OF BARTON
BLATSTEIN DATED JULY 13, 1999, a Pennsylvania trust ("1999 Trust"; and together
with 1998 Trust, "Original LPs"), WELSH-SQUARE, INC., a Pennsylvania corporation
("Original GP"; Original LPs and Original GP are sometimes collectively referred
to herein as the "Owners", or each individually, an "Owner") and CSC-COLUMBUS
LLC ("Cedar").

                               W I T N E S S E T H

        WHEREAS, pursuant to that certain Limited Partners Agreement of the
Partnership, dated April 21, 1999, by and between Original GP and The Blatstein
Family Trust II; as amended and corrected by that certain Amendment to Limited
Partners Agreement of the Partnership dated as of December 19, 2000 and that
certain Limited Partners Agreement of the Partnership executed on December 19,
2000 to be effective as of April 21, 1999; as further amended by that certain
Assignment, Assumption and Modification Agreement dated as of December 19, 2000;
and as further amended by that certain Amendment to Limited Partnership of the
Partnership, dated June 24, 2002 (as so amended, the "Partnership Agreement");
Original GP is the general partner and Original LPs are limited partners in the
Partnership which owns the Property (as hereinafter defined);

        WHEREAS, the Owners desire to recapitalize their interests in and to the
Partnership; and

        WHEREAS, Cedar desires that the Partnership issue to Cedar interests in
and to the Partnership in exchange for the payments by Cedar (in the form of
capital contributions and loans, as more particularly set forth herein) of an
initial funding amount as determined and governed by the terms and provisions of
this Agreement (such recapitalization and issuance being herein referred to as
the "Recapitalization").

        NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, the parties hereto covenant and agree
as follows:

                                   ARTICLE I
                              Issuance of Interests

        1.1     Interests. The Owners hereby agree to cause the Partnership to
recapitalize the existing Partnership interests of the Owners and to issue
interests in and to the Partnership to Cedar (and to an affiliate of Cedar) so
that said recapitalization and issuance will result in:

                A.      Said affiliate of Cedar becoming the general partner of
the Partnership, owning one percent (1%) of the common interests in and to the
Partnership ("Cedar GP Interests");

<PAGE>

                B.      Cedar becoming a limited partner of the Partnership,
owning ninety-nine percent (99%) of the common interests in and to the
Partnership ("Cedar LP Interests" and, together with Cedar GP Interests, the
"Interests"); and

                C.      All of the Owners' interests in the Partnership being
recapitalized into a preferred interest (the "Preferred Interest").

        1.2     Permitted Exceptions. Upon the issuance of the Interests, the
Property shall be subject only to those matters set forth on EXHIBIT A annexed
hereto (collectively, the "Permitted Exceptions").

        1.3     Other Agreement.

        The parties acknowledge that, pursuant to the terms of that certain
Contribution Agreement (the "Other Agreement"), among Firehouse Realty Corp.
("Firehouse"), Reed Development Associates, Inc. ("Reed"), South River View
Plaza, Inc. ("South"), Riverview Development Corp. ("Development"), Riverview
Commons, Inc. ("Commons"; and together with Firehouse, Reed, South and
Development, the "Other Agreement Owners"), and CSC-Riverview LLC (the "Other
Agreement Buyer"), the Other Agreement Owners have agreed to consummate the
transaction more particularly described in the Other Agreement (the closing of
such other transaction, the "Other Agreement Closing"). Notwithstanding anything
to the contrary contained herein or in the Other Agreement, the Closing under
this Agreement is specifically contingent, as set forth in Sections 7.2.1(H) and
7.2.2(C) hereof, upon the Other Agreement Closing (which shall include, without
limitation, the making of the loan contemplated by the Other Agreement (the
"Other Agreement Owners Loan")). It is expressly understood and agreed that the
Closing and the Other Agreement Closing shall occur simultaneously and that, if
the Other Agreement is terminated in accordance with its terms, then this
Agreement shall similarly terminate and, in connection with any such
termination, if (i) the Other Agreement Owners are entitled to the downpayment
under the Other Agreement in connection with such termination, then, in such
case, the Owners shall be entitled to the Downpayment in connection with such a
termination under this Agreement, and (ii) the Other Agreement Buyer is entitled
to a refund of the downpayment under the Other Agreement in connection with such
termination, then, in such case, Cedar shall be entitled to a refund of the
Downpayment. A default by the Other Agreement Owners under the Other Agreement
shall be deemed to be a default by Owners under this Agreement and a default by
the Other Agreement Buyer under the Other Agreement shall be deemed to be a
default by Cedar under this Agreement.

                                   ARTICLE II
                             Initial Funding Amount

        2.1     Initial Funding Amount. In consideration for the issuance of the
Interests to Cedar, Cedar shall (i) loan to Owners an amount equal to Six
Million Three Hundred Sixty Seven Thousand ($6,367,000) Dollars (the "Owners
Loan"), on a nonrecourse basis, secured by the Preferred Interest, and (ii)
contribute to the Partnership an initial capital amount equal to the sum of all
legal fees, title insurance premiums and other closing costs to be paid by Cedar
in connection with the Closing (as hereinafter defined), as the same may be
adjusted pursuant to the

                                       -2-
<PAGE>

terms of this Agreement (the "Initial Capital Amount"). The Owners Loan and the
Initial Capital Amount are sometimes collectively referred to herein as the
"Initial Funding Amount".

        2.2     Method of Payment. The Initial Funding Amount shall be disbursed
as follows: (a) simultaneously with the execution and delivery of this
Agreement, Five Hundred Thousand and 00/100 Dollars ($500,000.00) (the
"Downpayment") by wire transfer of immediately available federal funds to the
account of Escrow Agent (as hereinafter defined) in accordance with the wire
instructions set forth on EXHIBIT B annexed hereto to be held in escrow pursuant
to the provisions of Article IX hereof; and (b) at the closing of the
transactions contemplated hereby (the "Closing"), the balance of the Owners Loan
in the sum of Five Million Eight Hundred Sixty Seven Thousand ($5,867,000)
Dollars, subject to a credit to Cedar for the interest earned on the Downpayment
and subject to other apportionments and other adjustments required to be made
pursuant to this Agreement (the "Balance of the Initial Funding Amount") by wire
transfer of immediately available federal funds to the bank account designated
in writing by the Owners prior to the Closing. Except as otherwise expressly
provided in this Agreement, the Downpayment is fully non-refundable.

        2.3     Downpayment. The party or parties hereunder that shall be
entitled to receive the Downpayment shall receive all interest that shall have
accrued thereon; provided, however, that if the Closing shall occur, the amount
of any interest earned on the Downpayment shall be credited in favor of Cedar
against the Balance of the Initial Funding Amount. The Downpayment, together
with all interest thereon, shall be held by Escrow Agent in accordance with
Article IX hereof.

                                   ARTICLE III
                                   Disclaimer

        3.1     Disclaimer of Warranties. Cedar is acquiring the Interests with
the Property being "AS IS" with all faults and defects. Except as specifically
stated in this Agreement, the Owners hereby specifically disclaim any
representation or warranty, oral or written, including, but not limited to,
those concerning (i) the nature and condition of the Property, (ii) the manner,
construction, condition and state of repair or lack of repair of any
improvements located on the Property, (iii) the compliance of the Property or
its operation with any laws, rules, ordinances, or regulations of any government
or other body, it being specifically understood that Cedar has had the full
opportunity to determine for itself the condition of the Property, and (iv) the
income and expenses of the Property. The issuance of the Interests as provided
for herein is made with the understanding that Cedar has inspected the Property,
is aware of the condition thereof, and has apprised itself of all information
with respect to the Property and that, except as otherwise provided herein, the
issuance is made with the Property in an "as is" condition. Cedar expressly
acknowledges that in consideration of the agreements of the Owners herein,
except as otherwise specified herein, THE OWNERS MAKE NO WARRANTY OR
REPRESENTATION, EXPRESS OR IMPLIED, OR ARISING BY DECLARATION OF LAW, INCLUDING,
BUT IN NO WAY LIMITED TO, ANY WARRANTY OF QUANTITY, QUALITY, CONDITION,
HABITABILITY, MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OF THE PROPERTY, THE INTERESTS, ANY IMPROVEMENTS, THE PERSONALTY OR SOIL
CONDITIONS. The Owners are not liable

                                       -3-
<PAGE>

or bound in any manner by expressed or implied warranties, guarantees, promises,
statements, representations or information pertaining to the Interests or the
Property made or furnished by any real estate broker, agent, employee, servant
or other Person (as hereinafter defined) representing or purporting to represent
the Owners unless such representations are expressly and specifically set forth
herein. For purposes of this Agreement, the term "Person" shall mean any
individual, partnership, corporation, limited liability company, trust or other
entity.

                                   ARTICLE IV
                    The Owners' Representations and Covenants

        4.1     The Owners jointly and severally represent as follows:

                A.      Original GP is a corporation duly organized and validly
existing under and by virtue of the laws of the Commonwealth of Pennsylvania and
is in good standing in the Commonwealth of Pennsylvania. Original GP has all
requisite power and authority to execute, deliver and perform this Agreement and
to consummate the transactions contemplated hereby. Annexed hereto as EXHIBIT C
is a true, correct and complete copy of the Certificate of Incorporation of
Original GP, which Certificate of Incorporation has not been amended or
modified, except as set forth on EXHIBIT C. True, correct and complete copies of
all minute books, stock books and stock transfer records of Original GP have
been delivered to Cedar. The sole asset of Original GP is Original GP's
partnership interest in the Partnership.

                B.      1998 Trust is a trust validly existing under and by
virtue of the laws of the Commonwealth of Pennsylvania. 1998 Trust has all
requisite power and authority to execute, deliver and perform this Agreement and
to consummate the transactions contemplated hereby. Annexed hereto as EXHIBIT D
is a true, correct and complete copy of the Indenture of Trust of 1998 Trust,
which Indenture of Trust has not been amended or modified. The trustees
presently serving are Jil Blatstein, Brian K. Friedman and Joseph W. Seidle. Jil
Blatstein, Brian K. Friedman and Joseph W. Seidle are duly authorized to execute
and deliver this Agreement on behalf of 1998 Trust.

                C.      1999 Trust is a trust validly existing under and by
virtue of the laws of the Commonwealth of Pennsylvania. 1999 Trust has all
requisite power and authority to execute, deliver and perform this Agreement and
to consummate the transactions contemplated hereby. Annexed hereto as EXHIBIT E
is a true, correct and complete copy of the Irrevocable Indenture of Trust of
1999 Trust, which Irrevocable Indenture of Trust has not been amended or
modified. The trustees presently serving are Brian K. Friedman and Joseph W.
Seidle. Brian K. Friedman and Joseph W. Seidle are duly authorized to execute
and deliver this Agreement on behalf of 1999 Trust.

                D.      The Partnership has been and continues to be treated as
a "partnership" for all federal, state and local income tax purposes.

                E.      The Partnership is the owner in fee of certain real
property located at 1851 South Christopher Columbus Boulevard, Philadelphia,
Pennsylvania 19148 (also known as Columbus Crossing Shopping Center) together
with all improvements located thereon (the "Fee Property"), more particularly
described in EXHIBIT F annexed hereto, subject only to the

                                       -4-
<PAGE>

Permitted Exceptions. The Fee Property, together with (a) the Personal Property
(as that term is hereinafter defined), (b) the Leases (as that term is
hereinafter defined), (c) all easements and rights appurtenant to the Fee
Property, if any, (d) to the extent assignable, the Permits, and (e) all Records
and Plans in the possession or control of the Owners or the Partnership, are
collectively referred to as the "Property").

                F.      The Partnership is duly organized and validly existing
under and by virtue of the laws of the Commonwealth of Pennsylvania and is in
good standing in the Commonwealth of Pennsylvania. A true, correct and complete
copy of the Certificate of Limited Partnership of the Partnership, which
Certificate of Limited Partnership has not been amended or modified, is annexed
hereto as EXHIBIT G. A true, correct and complete copy of the Partnership
Agreement, which Partnership Agreement has not been further amended or modified,
is annexed hereto as EXHIBIT G. The Owners are the legal and beneficial owners
of 100% of the partnership interests in the Partnership, Original GP is the sole
general partner of the Partnership, and Original LPs are the sole limited
partners of the Partnership. The Owners own their interests in the Partnership
free and clear of any liens other than as created pursuant to the Mortgage Loan.
No portion of such partnership interests is subject to any warrant to acquire,
option, call, put or other right issued or outstanding pursuant to which such
partnership interests may be purchased or additional partnership interests may
be issued, and no Person other than the Owners has any voting rights in respect
of the Partnership. The Partnership has the full power and authority to own the
Property. The sole assets of the Partnership are the Property and any cash,
certificates of deposit and other assets customarily held in connection with the
Partnership, or the use or management of the Property.

                G.      This Agreement (i) has been duly authorized, executed
and delivered by the Owners and no other proceedings on the part of the Owners
are necessary to authorize this Agreement or to consummate the transactions
contemplated hereby, and (ii) is the legal, valid and binding obligation of the
Owners enforceable against the Owners in accordance with its terms (subject to
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' rights generally).

                H.      The execution, delivery, observance and performance by
the Owners of this Agreement and the transactions contemplated hereby will not
(i) result in any violation of the organizational documents of any of the Owners
or the Partnership, (ii) violate any material contractual provision, law,
statute, ordinance, rule, regulation, judgment, decree or order applicable to
any of the Owners or the Partnership, (iii) conflict with, or cause a breach of,
or a default under, or result in a termination, modification, or acceleration
of, any material obligation of any of the Owners or the Partnership.

                I.      The Property is encumbered by a first mortgage (the
"Mortgage") securing a loan in the original principal amount of Seventeen
Million Five Hundred Thousand and 00/100 Dollars ($17,500,000.00) (the "Mortgage
Loan"), made by General Electric Capital Corporation ("Mortgagee") to the
Partnership on June 27, 2002. A true, correct and complete schedule of the
documents evidencing the Mortgage Loan (the "Mortgage Loan Documents") is
annexed hereto as EXHIBIT H. True, accurate and complete copies of the Mortgage
Loan Documents in all material respects have been delivered to Cedar. The
Mortgage Loan Documents are in full force

                                       -5-
<PAGE>

and effect and have not been amended. As of the date hereof, no default exists
under any of the Mortgage Loan Documents. The outstanding principal balance of
the Mortgage Loan as of the date of this Agreement is Seventeen Million Five
Hundred Thousand and 00/100 Dollars ($17,500,000.00). There is no prepayment
penalty or other fee payable in connection with a voluntary prepayment of the
Mortgage Loan other than an exit fee equal to 1% of the outstanding principal
balance of the Mortgage Loan.

                J.      The Property is not subject to any mortgages, liens or
encumbrances other than the Mortgage Loan and the other Permitted Exceptions
(upon Closing).

                K.      No consent, approval, waiver, license, authorization or
declaration of, or filing or registration with, any Person is or will be
required in connection with the execution, delivery and performance of this
Agreement by the Owners.

                L.      There are no material contracts or agreements, written
or oral, which affect any of the Owners, the Partnership or the Property, except
those described either in this Agreement or set forth in Exhibits to this
Agreement.

                M.      There are no takings, condemnations, betterments,
assessments, actions, suits, arbitrations, claims, attachments, assignments for
the benefit of creditors, insolvency, bankruptcy, reorganization or other
proceedings, actual or proposed, pending or, to the best of the Owners'
knowledge, threatened against the Property, the Owners or the Partnership except
for claims covered under applicable insurance policies.

                N.      No tax certiorari proceeds with respect to the Property
are presently pending or remain outstanding other than that certain Real Estate
Market Value Appeal for Tax Year 2004, dated September 24, 2003, filed on
September 24, 2003 based upon failure of tax abatement with respect to the
Property to be properly reflected in Board of Revision of Taxes Notice of
Proposed Changes in Market Value for Real Estate Taxes in 2004, dated August 1,
2003.

                O.      True, correct and complete copies (in all material
respects) of the leases, licenses or other occupancy agreements affecting the
Property (collectively, the "Leases") and subleases affecting the Property
(collectively, the "Subleases") have been delivered to Cedar. The information
set forth on EXHIBIT I annexed hereto (the "Schedule of Leases") is true,
complete and correct in all material respects, and the Leases and the Subleases
are in full force and effect and have not been amended, except as set forth in
the Schedule of Leases. None of the Leases require any security deposits to have
been made by any of the respective tenants under said Leases (the "Tenants").
The rent roll (the "Rent Roll") annexed hereto as EXHIBIT J is true, correct and
complete in all material respects based upon the current operation of the
Property and the rents set forth on the Rent Roll are the rents currently being
collected. All of the landlord's obligations under the Leases which the landlord
is obligated to perform in all material respects prior to the Closing have or
will have been performed.

                P.      Except as set forth on the Schedule of Leases:

                                       -6-
<PAGE>

                        (a)     there are no Leases or Subleases and no Person,
                                other than the Partnership and the Tenants and
                                subtenants under the Subleases (the
                                "Subtenants"), has any right of possession of
                                the Property;

                        (b)     there are no unsatisfied "Take-Over" space
                                obligations or "Take-Back" space obligations
                                ("Take-Over" space obligations mean rent
                                obligations of the Tenant in other buildings
                                assumed by the landlord, and "Take-Back" space
                                obligations mean obligations imposed upon the
                                landlord to sublet or otherwise be responsible
                                for the obligations of a Tenant under a Lease);

                        (c)     to the Owners' knowledge there are no disputes
                                with Tenants as to the amount of their rental
                                obligations;

                        (d)     the rents set forth on the Rent Roll were
                                actually collected for the month of September,
                                2003;

                        (e)     there are no arrearages under any of the Leases;

                        (f)     no Tenant or Subtenant has any option to
                                purchase the Property;

                        (g)     neither the Owners nor the Partnership have
                                received from any Tenant any written notice
                                claiming any material default by the landlord
                                under its Lease which has not been complied
                                with, and neither the Owners nor the Partnership
                                has delivered to Tenant any written notice
                                claiming a default by Tenant under a Lease which
                                has not been complied with, and, to the best
                                knowledge of the Owners, there are no
                                circumstances which, after notice and the
                                expiration of any applicable grace period, would
                                constitute a default by either the landlord or
                                any Tenant under the Leases in any material
                                respects;

                        (h)     no Tenant has any right of first offer, right of
                                first refusal, option or other preferential
                                right to expand its premises; and

                        (i)     no Tenant has asserted offsets or claims
                                against, or has any defense to, rental payable
                                or obligations under the Leases.

                Q.      No guarantor of any of the Leases has been released or
discharged voluntarily (or, to the best of the Owners' knowledge either
involuntarily or by operation of law) from any obligation related to the Lease.
All of the improvements to be constructed by the landlord, if any, contemplated
under the Leases or as required therein and in all collateral agreements and
plans and specifications respecting same have been completed as so required in
all material respects, and any fees, costs, allowances, advances or other
expenses to be paid by the landlord for tenant improvements or tenant finish
work have been paid in full. Neither the Partnership's interest in the Leases
nor any of the rentals due or to become due under the Leases

                                       -7-
<PAGE>

has been or will be, at the closing, assigned, encumbered or subject to any
liens, except pursuant to the Mortgage Loan Documents.

                R.      There are no management, service, supply, equipment
rental, and similar agreements affecting the Property, and there are no
month-to-month service arrangements on expired or automatic renewable contracts
(collectively, the "Service Contracts") which will bind the Property, the
Partnership, Cedar or the Owners after the Closing.

                S.      All federal, state and local tax returns required to be
filed by the Owners and the Partnership have been timely, duly and accurately
completed and filed, and all federal, state and local taxes required to be paid
by the Owners and the Partnership have been paid in full in connection with all
filed returns.

                T.      The Owners and the Partnership have no material
liabilities or obligations of any nature (whether known or unknown and whether
absolute, accrued, contingent or otherwise) except for the Mortgage Loan, and,
in the case of the Partnership only, current liabilities incurred in the
ordinary course of business in an amount not greater than Twenty Five Thousand
($25,000.00) Dollars. Except in connection with the Mortgage Loan, the interests
of the Owners in the Partnership and the Property have not been pledged or
transferred.

                U.      Other than as contemplated by this Agreement, there are
no outstanding options to purchase, rights of first offer, rights of first
refusal, warrants, calls, commitments, conversion rights, rights of exchange,
plans or other agreements of any character, absolute or contingent, to acquire
all, or any portion of, the Property or the Interests.

                V.      As of the date hereof, neither the Owners nor the
Partnership have entered into any brokerage agreements or lease commission
agreements. No leasing commission is now or will hereafter become due or owing
in connection with any of the Leases, including, without limitation, in
connection with any renewals or extensions of the term thereof.

                W.      The Personal Property has not been assigned or conveyed
to any other party (other than as security for the Mortgage Loan). For purposes
of this Agreement, the term "Personal Property" shall mean all equipment,
appliances, tools, machinery, supplies, building materials and other personal
property of every kind and character owned by the Owners or the Partnership and
attached to, appurtenant to, located in or used in connection with the operation
of the Property.

                X.      Neither the Owners, nor the Partnership, have received
any written notice of any violation or any alleged violation of any
Environmental Laws has been issued or given by any Governmental Authority (as
hereinafter defined) which remains uncured. For purposes of this Agreement, the
term "Hazardous Materials" shall mean (a) any toxic substance, hazardous waste,
hazardous substance or related hazardous material; (b) asbestos in any form
which is or could become friable, urea formaldehyde foam insulation,
transformers or other equipment which contain dielectric fluid containing levels
of polychlorinated biphenyls in excess of presently existing federal, state or
local safety guidelines, whichever are more stringent; and (c) any substance,
material or chemical which is defined as or included in the definition of
"hazardous substances", "toxic substances", "hazardous materials", "hazardous
wastes" or words

                                      -8-
<PAGE>

of similar import under any federal, state or local statute, law, code, or
ordinance or under the regulations adopted or guidelines promulgated pursuant
thereto, including, but not limited to, the Environmental Laws. For purposes of
this Agreement, the term "Environmental Laws" shall mean the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended, 42
U.S.C. Section 9061, et seq.; the Hazardous Materials Transportation Act, as
amended, 49 U.S.C. Section 1801, et seq.; the Resource Conservation and Recovery
Act, as amended, 42 U.S.C. Section 6901, et seq.; and the Federal Water
Pollution Control Act, as amended, 33 U.S.C. Section 1251, et seq., as any of
the foregoing may be amended from time to time, and any other federal, state and
local laws and regulations, codes, statutes, orders, decrees, guidance
documents, judgments or injunctions, now or hereafter issued, promulgated,
approved or entered thereunder, relating to pollution, contamination or
protection of the environment, including, without limitation, laws relating to
emissions, discharges, releases or threatened releases of pollutants,
contaminants, chemicals or industrial, toxic or hazardous substances or wastes
into the environment or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Materials. For purposes of this Agreement, the term "Governmental
Authority" shall mean the United States government, any state, regional, local
or any other political subdivision of any of the foregoing, and any agency,
department, commission, board, court bureau or instrumentality of any of them
having jurisdiction over the Property, any of the Owners or the Partnership.

                Y.      The Owners have delivered to Cedar a true, correct and
complete copy of that certain Phase I Environmental Site Assessment Report,
dated December 7, 2001, prepared by U.S. Inspect Commercial Real Estate
Services, as updated by that certain Phase I Environmental Site Assessment,
dated August 8, 2003, prepared by ConTech Services, Inc. directly for Cedar.

                Z.      [intentionally omitted]

                AA.     There are, and at the Closing there will be, no
employees and no employment contracts, operating agreements, management
contracts, listing agreements, consulting agreements, union contracts, labor
agreements, pension plans, profit sharing plans or employee benefit plans which
relate to any of the Owners, the Partnership or the Property (collectively,
"Operating Agreements").

                BB.     The Partnership maintains insurance with respect to the
Property as set forth on EXHIBIT K annexed hereto. True, correct, and complete
copies of these policies have been delivered to Cedar and are in full force and
effect. True, correct, and complete copies of all policies of liability
insurance held in connection with the Property during the Partnership's tenure
of ownership of the Property have been delivered by the Owners to Cedar. Neither
the Owners nor the Partnership has received any written notice from any
insurance company which has issued a policy with respect to the Property or from
Mortgagee requesting or requiring performance of any structural or other major
repair or alteration to the Property which has not been complied with.

                CC.     Neither the Partnership nor any of the Owners is a
"foreign person" defined pursuant to Section 1445 of the Internal Revenue Code
of 1986, as amended.

                                       -9-
<PAGE>

                DD.     All Records and Plans in the possession or control of
the Owners or the Partnership have been made available to Cedar. For purposes of
this Agreement the term "Records and Plans" shall mean all of the following
items which are in the possession of or under the control of the Owners or the
Partnership: (A) all accounting, tax, financial, and other books and records
(including tax returns) maintained in connection with the renovation,
construction, use, maintenance, repair, leasing and operation of the Property
and the formation, existence and operation of the Partnership, (B) all building
plans and specifications (including "as-built" drawings) with respect to the
improvements and (C) all structural reviews, architectural drawings and
engineering, soil, seismic, geologic and architectural reports, studies and
certificates and other documents pertaining to the Property. Records and Plans
also means such additional books, records, plans, specifications, reports,
studies and other documents maintained or prepared after the date of this
Agreement. Except as expressly provided herein, no representations are given
regarding the accuracy or completeness of the Records and Plans.

        The representations and warranties made in this Section 4.1 shall
survive the Closing shall survive the Closing and remain in full force and
effect for a period of four (4) months after the date of the Closing. The Owners
shall have no liability to Cedar in respect of said representations and
warranties unless Cedar shall have delivered to the Owners, within such four (4)
month period, a claim specifying the alleged breach of any one or more of such
representations, in which case the Owner's liability shall survive with respect
to the matters alleged in such claim until resolution thereof. For purposes of
this Agreement the term "material" shall mean (unless the context clearly
indicates otherwise) any fact or condition, the presence or absence of which,
has or could have a significant adverse effect on the financial condition or
value of the Property or the continued use and enjoyment thereof.

        4.2     Cedar represents as follows:

                A.      Cedar is a limited liability company duly organized and
validly existing under and by virtue of the laws of the State of Delaware and is
in good standing in the State of Delaware. Cedar has all requisite power and
authority to execute, deliver and perform this Agreement and to consummate the
transactions contemplated hereby.

                B.      This Agreement (i) has been duly authorized, executed
and delivered by Cedar and no other proceedings on the part of Cedar are
necessary to authorize this Agreement or to consummate the transactions
contemplated hereby, and (ii) is the legal, valid and binding obligation of
Cedar enforceable against Cedar in accordance with its terms (subject to
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' rights generally).

                C.      The execution, delivery, observance and performance by
Cedar of this Agreement and the transactions contemplated hereby will not (i)
result in any violation of the organizational documents of Cedar, (ii) violate
any contractual provision, law, statute, ordinance, rule, regulation, judgment,
decree or order applicable to Cedar, (iii) conflict with, or cause a breach of,
or a default under, or result in a termination, modification, or acceleration
of, any obligation of Cedar, or (iv) permit any other party to terminate or
modify any agreement or instrument to which Cedar is a party or by which any of
them is bound.

                                      -10-
<PAGE>

        4.3     The Owners hereby covenant and agree with Cedar as follows:

                A.      At all times up to the Closing Date, the Owners shall
maintain or cause to be maintained insurance upon the Property in the same
coverages and amounts as the insurance policies on the Property on the date
hereof.

                B.      At all times up to the Closing Date, the Owners shall,
and shall cause the Partnership to, operate and maintain the Property in
substantially the same manner as it is now operated and maintained, and the
Owners shall, and shall cause the Partnership to, use reasonable efforts to
maintain the physical condition of the Property in its current condition,
reasonable and ordinary wear and tear and damage by fire and casualty excepted.

                C.      The Owners shall neither transfer nor remove, and shall
not permit the Partnership to transfer or remove, any Personal Property or
fixtures from the Property subsequent to the date hereof, unless the same are no
longer needed for the maintenance and operation of the Property or except for
purposes of replacement thereof, in which case such replacements shall be
promptly installed prior to Closing and shall be comparable in quality to the
items being replaced.

                D.      The Owners shall not, and shall not permit the
Partnership, without the prior written consent of Cedar, which consent may be
granted or withheld in Cedar's sole discretion, to (i) enter into any Lease nor
modify, renew, extend, replace, terminate or otherwise change any of the terms,
conditions or covenants of any existing Lease, or (ii) consent to any Sublease
or any modification, renewal, replacement, termination or other change of any of
the terms, conditions or covenants of any existing Sublease.

                E.      The Owners shall not, and shall not permit the
Partnership to, enter into any new Service Contract after the date hereof
without the prior written consent of Cedar, which consent may be granted or
withheld in Cedar's sole discretion.

                F.      The Owners shall not enter into any Operating Agreement
after the date hereof without the prior written consent of Cedar, which consent
may be granted or withheld in Cedar's sole discretion.

                G.      The Owners shall not, and shall not permit the
Partnership to, amend or modify any Permits with respect to the Property, and
shall cause the Partnership to, keep in full force and effect and/or renew all
Permits. For purposes of this Agreement, the term "Permits" shall mean all
approvals, consents, registrations, franchises, permits, licenses, variances,
certificates of occupancy and other authorizations with regard to zoning,
landmark, ecological, environmental, air quality, subdivision, planning,
building or land use required by any Governmental Authority for the
construction, lawful occupancy and operation of the Improvements and the actual
use thereof.

                H.      The Owners shall, and shall cause the Partnership to,
timely comply with all Legal Requirements in all material respects. For purposes
of this Agreement, the term "Legal Requirements" shall mean any law, statute,
ordinance, order, rule, regulation, decree or other requirement of a
Governmental Authority, and all conditions of any Permit.

                                      -11-
<PAGE>

                I.      The Owners shall, and shall cause the Partnership to,
pay all obligations and trade creditors in the normal course of business and not
defer any expenses or costs which would be paid or incurred in the normal course
of business.

                J.      The Owners shall not, and shall not permit the
Partnership to, without the written consent of Cedar, convey any interest,
directly or indirectly, in the Interests or the Property.

                K.      The Owners shall not, and shall not permit the
Partnership to, withdraw, settle or otherwise compromise any protest or
reduction proceeding affecting real estate taxes assessed against the Property
for any fiscal period in which the Closing is to occur or any subsequent fiscal
period without the consent of Cedar, which consent may be granted or withheld in
Cedar's sole discretion.

                L.      The Owners shall not, and shall not permit the
Partnership to, create, assume, incur or suffer to exist any lien (other than
the Permitted Exceptions).

                M.      The Owners shall, and shall cause the Partnership to,
use good faith efforts to obtain the Tenant Estoppel Certificates. Additionally,
if Cedar shall elect not to prepay the Mortgage Loan in connection with the
Closing, the Owners shall, and shall cause the Partnership to, use good faith
efforts to obtain (provided the Owners shall not be obligated to obtain as a
condition of Closing): (i) an estoppel certificate ("Mortgagee Estoppel") duly
executed by Mortgagee to be dated not more than thirty (30) days prior to the
Closing Date, certifying as to the outstanding principal balance of the loan,
the date through which interest on the loan has been paid and that the Mortgagee
(A) has not delivered any notice of default under the Mortgage Loan Documents
that remains uncured, and (B) does not have knowledge of any default under the
Mortgage Loan Documents, and (ii) a consent duly executed by Mortgagee (the
"Mortgagee Consent"), to be dated not more than thirty (30) days prior to the
Closing Date, authorizing the issuance by the Partnership of the Interests to
Cedar and all other action required to be taken by the Owners and the
Partnership at the Closing. The Owners shall deliver the original executed
Mortgagee Estoppel and the Mortgagee Consent to Cedar if and when the same is
received by the Owners. Cedar shall, at its own cost and expense, cooperate with
the Owners by providing Mortgagee information and documents required by
Mortgagee in connection with the Mortgagee Consent and Mortgagee Estoppel.

                N.      The Owners shall not, and shall not permit the
Partnership to, bring (or permit to be brought) any Hazardous Materials in,
upon, under, over or from the Property in violation of Environmental Laws.

                O.      The Owners shall not, and shall not permit the
Partnership to, remove or dispose of (or permit to be removed or disposed of)
any Hazardous Materials in, upon, under, over or from the Property in violation
of Environmental Laws.

                P.      The Owners shall not, and shall not permit the
Partnership to, hereafter engage any new employees for any of the Owners, the
Partnership or the Property.

                                      -12-
<PAGE>

                Q.      The Owners shall, and shall cause the Partnership to,
make all interest payments as required by the Mortgage Loan, but, shall not,
without Purchaser's prior written consent, cause any prepayments of principal to
occur prior to the Closing Date.

                R.      The Owners shall, at Cedar's sole cost and expense,
cooperate with Cedar with regard to any financing that is arranged for by Cedar
in connection with the transactions contemplated by this Agreement, and the
Owners will execute all documents reasonably required pursuant to such
financing, provided same do not impose cost or liability on the Owners.

                S.      The Owners shall not, and shall not permit the
Partnership to, collect any rent under any Lease more than one (1) month in
advance.

                T.      The Owners shall not, and shall not permit the
Partnership to, make any material alterations to the Property.

                                    ARTICLE V
                                    Brokerage

        5.1     The parties agree that Michael Salove Company (the "Broker") is
the broker in connection with this transaction. The Owners agree to pay any
commission payable to the Broker in connection with this transaction by separate
agreement. Provided the Closing occurs, Cedar shall, at the Closing, reimburse
the Owners for a portion of the fee paid to the Broker in the amount of Two
Hundred Fifty Thousand ($250,000.00) Dollars.

        5.2     Cedar hereby agrees to indemnify, defend and hold the Owners
harmless from and against any and all claims, losses, liability, costs and
expenses (including reasonable attorneys' fees) resulting from any claim that
may be made against the Owners by any broker (other than the Broker), or any
other person claiming a commission fee or other compensation by reason of this
transaction, if the same shall arise by, through or on account of any alleged
act of Cedar or Cedar's representatives.

        5.3     The Owners hereby agree to jointly and severally indemnify,
defend and hold Cedar harmless from and against any and all claims, losses,
liability, costs and expenses (including reasonable attorneys' fees) resulting
from any claim that may be made against Cedar by any broker (including the
Broker), or any other person, claiming a commission fee or other compensation by
reason of this transaction, if the same shall arise by, through or on account of
any alleged act of the Owners or the Owners' representatives.

        5.4     The obligations under this Article V shall survive the Closing
or a termination of this Agreement.

                                      -13-
<PAGE>

                                   ARTICLE VI
                             Title and Due Diligence

        6.1     Title.

                6.1.1.  Title Commitment; Title Objections. The Owners have
ordered and have caused to be delivered to Cedar, a title insurance report and
commitment (the "Commitment") for the Title Policy (as hereinafter defined) from
Legal Abstract Co., 2200 Walnut Street, Philadelphia, Pennsylvania 19103 (the
"Title Company"). Upon receipt of any updates or revisions to the Commitment,
Cedar shall furnish copies thereof to the Owners' attorneys. The parties
acknowledge and agree that the Commitment contains certain objections to title
which are not Permitted Exceptions (the "Title Objections"). If any supplement,
amendment or modification of the Commitment contains any additional Title
Objections not contained in the original Commitment, Cedar shall give notice to
the Owners, within ten (10) days of its receipt of such supplement, amendment or
modification, setting forth such additional Title Objections contained therein.
In the event Cedar fails to give notice within such ten (10) days following its
receipt of such supplement, amendment or modification, Cedar shall be deemed to
have waived its right to object thereto.

                6.1.2.  Encumbrances to Eliminate. The Owners shall be required
to eliminate (a) all mortgages (other than the Mortgage, in the event Cedar
shall elect to assume the Mortgage Loan in connection with the Closing), (b)
unpaid water charges and assessments, (c) any other Title Objections which are
in a liquidated amount and which may be satisfied by the payment of money, and
(d) any other Title Objections that were contained in the original Commitment.

                6.1.3.  Other Exceptions. Except as set forth in Section 6.1.2
above, the Owners shall not be required to bring any action or institute any
proceeding, or to otherwise incur any costs or expenses in order to attempt to
eliminate any Title Objections. If the Owners fail to eliminate any and all
Title Objections (other than those encumbrances set forth in Section 6.1.2 above
which the Owners shall be obligated to remove), then, Cedar may elect, as its
sole right and remedy, to either (i) proceed with the transactions contemplated
hereby subject to such exceptions, and Cedar shall close hereunder, without
reduction of the Initial Capital Amount, notwithstanding the existence of same,
and the Owners shall have no obligations whatsoever after the Closing Date with
respect to the Owners' failure to eliminate such exceptions, or (ii) terminate
this Agreement by notice given to Owners, in which event Cedar shall be entitled
to a return of, and Escrow Agent shall promptly deliver, the Downpayment to
Cedar. Upon such return and delivery, this Agreement shall terminate and neither
party hereto shall have any further obligations hereunder other than pursuant to
those provisions that expressly survive a termination of this Agreement.

        6.2     Liens, Judgments and Encumbrances. If, at the Closing, the
Property is subject to any mortgage or mortgages (other than the Mortgage),
unpaid taxes, water charges and assessments, or any other liens, judgments and
monetary encumbrances, the existence thereof shall not constitute a Title
Objection provided that such mortgage(s), unpaid taxes, water charges and
assessments, or any other liens, judgments and encumbrances are paid by the
Owners to the Title Company and the Title Company shall omit the same from the
Title Policy.

                                      -14-
<PAGE>

        6.3     Affidavits. If the Commitment, or any supplement, amendment or
modification thereof, discloses judgments, bankruptcies or other returns against
other persons having names the same as, or similar to, that of any of the Owners
or the Partnership, the Owners shall, or shall cause the Partnership to, deliver
to the Title Company affidavits showing that such judgments, bankruptcies or
other returns are not against the Owners or the Partnership in order to induce
the Title Company to omit exceptions with respect to such judgments,
bankruptcies or other returns. In addition, the Owners shall deliver to the
Title Company an affidavit required to cause the Title Company to issue a
non-imputation endorsement to the Title Policy and all other affidavits
customarily required of sellers of property similar to the Property.

        6.4     Violations. Notwithstanding anything to the contrary contained
herein, Owners shall cure and eliminate (and pay all related fines and penalties
and any accrued interest thereon), at Owners' cost and expense, any violations
assessed against the Property as of the Closing Date.

        6.5     [intentionally omitted]

        6.6     [intentionally omitted]

        6.7     Ongoing Site Visits. Cedar and its employees, agents,
contractors, consultants and representatives ("Consultants") shall have
reasonable access to the Property on at least one (1) Business Day's (as that
term is hereinafter defined) prior notice to Owners (which notice may be
delivered by telephone to Brian Friedman of Tower Investments, Inc. at (215)
467-4600), during reasonable times as mutually agreed upon by Owners and Cedar
solely for the purpose of (i) inspecting the physical and structural condition
of the Property and conducting non-intrusive physical inspections and tests
(non-intrusive physical inspections and tests shall include, for example, taking
de minimis samples of building materials), and (ii) monitoring the ongoing
operations of the Property (including, without limitation, the performance by
Tenants of their respective obligations under the Leases). If Cedar desires to
conduct any intrusive physical inspections and tests, including a Phase II
environmental inspection of the Property, Cedar shall identify in writing the
procedures Cedar desires to perform and request Owner's consent. If Owners
object to the inspections and tests requested by Cedar, Owners shall describe
the basis for their objection to Cedar and propose to Cedar a reasonable
alternative for resolving the issue giving rise to Cedar's request for intrusive
physical inspections or tests. If Owners consent to the inspections and tests
requested by Cedar, Cedar and Consultants shall, in performing intrusive
physical inspections or tests, (a) comply with any and all statutes, laws,
ordinances, rules and regulations applicable to the Property, and (b) restore
the Property to the condition, in all material respects, in which the same was
found before inspection or testing was undertaken, but in no event later than
two (2) Business Days after such inspection or testing occurs.

        6.8     Interviews. Cedar may communicate or conduct interviews with any
Tenant without the requirement of having received the prior consent of Owners;
provided, however, that with respect to any interview to be conducted at the
Property, Cedar shall notify Owners (which notice may be delivered by telephone
to Brian Friedman of Tower Investments, Inc. at (215) 467-4600) at least one (1)
Business Day in advance of any such interview. With respect to interviews
conducted at the Property, any such interview shall not unreasonably disrupt or
disturb (i) the on-going operation of the Property, or (ii) the quiet possession
of Tenants.

                                      -15-
<PAGE>

        6.9     Access to Books and Records. Cedar and the Consultants shall, on
at least one (1) Business Day's prior notice to Owners (which notice may be
delivered by telephone to Brian Friedman of Tower Investments, Inc. at (215)
467-4600), during reasonable times as mutually agreed upon by Owners and Cedar,
have access to all books and records of the Partnership as Cedar reasonably
requires, and Owners shall lend their reasonable assistance to Cedar and the
Consultants in connection with any such examination or audit.

                                   ARTICLE VII
                                   The Closing

        7.1     Closing Date.

                7.1.1.  The transaction contemplated herein shall be consummated
at the Closing which shall take place at the offices of the Title Company or at
such other place as shall be mutually agreed upon by the Owners and Cedar on the
earlier of (i) five (5) Business Days after the receipt by Cedar Income Fund
Partnership, L.P. or any related entity of the proceeds of a new public offering
of common stock or shares of beneficial interest (the "Offering Receipt Date"),
and (ii) October 31, 2003 (the actual date of the Closing being herein referred
to as the "Closing Date").

                7.1.2.  The parties acknowledge and agree that, it is a
condition precedent to Cedar's obligations to consummate the transactions
contemplated by this Agreement that Cedar (i) shall have received certain Tenant
Estoppel Certificates, as more particularly set forth in Section 7.2.1 (B) (such
condition, the "Tenant Estoppel Condition"), and (ii) shall receive at Closing
either the Good Standing Certificates or the Service Company Affidavits (as
those terms are hereinafter defined). If the day which is five (5) Business Days
after the Scheduled Receipts Date occurs prior to October 31, 2003, and, as of
such date, the Tenant Estoppel Condition has not yet been fully satisfied and/or
either the Good Standing Certificates or the Service Company Affidavits shall
not have yet been obtained by the Owners, then, in such event, the Closing shall
be adjourned until October 31, 2003 (or such earlier date upon which the Tenant
Estoppel Condition shall have been fully satisfied and either the Good Standing
Certificates or the Service Company Affidavits obtained by the Owners).

        7.2     Conditions to the Closing.

                7.2.1.  Conditions Precedent to Cedar's Obligations. The Closing
and Cedar's obligations with respect to the transaction contemplated by this
Agreement are subject to the satisfaction of the following conditions and the
obligations of the parties with respect to such conditions are as follows:

                A.      Title.

                        (a)     Cedar shall not have exercised its rights,
                                pursuant to Section 6.1.3 hereof, to terminate
                                this Agreement.

                        (b)     Upon payment of all premiums by the party
                                responsible for such cost pursuant to the terms
                                of Section 8.6 hereof, the Title Company

                                      -16-
<PAGE>

                                shall be willing to issue a title insurance
                                policy insuring in the Partnership good and
                                marketable fee title to the Property (subject
                                only to the Permitted Exceptions), which policy
                                shall include a non-imputation endorsement, and
                                otherwise be in accordance with the provisions
                                of Article VI hereof (the "Title Policy").

                B.      Tenant Estoppel Certificates. The Owners shall request,
or shall cause the Partnership to request, and Cedar shall have received
estoppel certificates certified to the Partnership and dated not more than
thirty (30) days prior to the Closing Date ("Tenant Estoppel Certificates") duly
executed by (i) each Major Tenant and (ii) such other Tenants so that Tenant
Estoppel Certificates shall have been received from Tenants occupying, in the
aggregate (including the space demised to Major Tenants), at least 80% of the
rentable square footage of the Property (the foregoing condition, the "Estoppel
Condition"). "Major Tenants" mean those Tenants set forth on EXHIBIT L annexed
hereto. The Tenant Estoppel Certificates shall be substantially in the form of
and substantially upon the terms set forth on EXHIBIT M annexed hereto. The
Owners shall deliver the original executed Tenant Estoppel Certificates to Cedar
as and when the same shall be delivered to the Owners, but in no event later
than ten (10) Business Days prior to the Closing Date. If any Tenant Estoppel
Certificate shall have been modified or qualified in any fashion that,
individually or in connection with other Tenant Estoppel Certificates, reveals
facts, conditions or circumstances which result or may result in a material
adverse change in the financial condition of the Property, or are inconsistent
in any material respect with the representations of the Owners set forth in
Section 4.1 above, then Cedar may disapprove the same (such disapproved Tenant
Estoppel Certificates, the "Unacceptable Certificates") by notice delivered to
the Owners promptly following Cedar's receipt of such Unacceptable Certificate,
and, for purposes of establishing whether the Estoppel Condition has been
satisfied, any Unacceptable Certificates shall be deemed not to have been
received.

                C.      Casualty or Condemnation Event. No Material Loss shall
have occurred pursuant to which Cedar shall have exercised its rights, pursuant
to the provisions of Section 7.5 hereof, to termination this Agreement.

                D.      Termination of Affiliate Loans. The Owners shall have
caused any and all sums owed by the Partnership to any affiliate of each of the
Owners to be repaid in full such that no balance is outstanding with respect to
such sums as of the Closing Date.

                E.      Representations, Warranties and Covenants of the Owners.
The Owners shall have duly performed in all material respects each and every
agreement to be performed by the Owners under this Agreement and the Owners'
representations, warranties and covenants set forth in this Agreement shall be
true and correct as of the Closing Date.

                F.      No Material Changes. On the Closing Date, there shall
have been no material adverse changes in the physical condition of the Property
and there shall have been no material adverse change in the financial condition
of any of the Owners or the Partnership.

                G.      The Owners' Deliveries. The Owners shall have delivered
the items described in Section 7.3 below.

                                      -17-
<PAGE>

                H.      The Other Agreement. Without modifying the provisions of
Section 1.3, the transactions contemplated by the Other Agreement shall occur
simultaneously with the Closing and the proceeds of the Other Agreement Owners
Loan shall have been fully disbursed in accordance with the terms of the Other
Agreement.

        The conditions set forth in this Section 7.2.1 are solely for the
benefit of Cedar and may be waived only by Cedar. Cedar shall at all times have
the right to waive any condition. Such waiver or waivers shall be in writing.
The waiver by Cedar of any condition shall not relieve the Owners of any
liability or obligation as respects any representation, warranty or covenant of
the Owners unless Cedar shall so agree in writing. Neither the Owners nor Cedar
shall act or fail to act for the purpose of permitting or causing any condition
to fail (except to the extent Cedar, in its own discretion, exercises its right
to disapprove or not to waive any such items or matters). The occurrence of the
Closing shall constitute approval by Cedar of all matters to which Cedar has a
right of approval under this Agreement and a waiver of all conditions precedent
under this Agreement.

                7.2.2.  Conditions Precedent to the Owners' Obligations. The
Closing and the Owners' obligations with respect to the transaction contemplated
by this Agreement are subject to the satisfaction of the following conditions
and the obligations of the parties with respect to such conditions are as
follows:

                A.      Cedar's Deliveries. Cedar shall have delivered the items
described in Section 7.4 below.

                B.      Covenants of Cedar. Cedar shall have duly performed each
and every agreement to be performed by Cedar under this Agreement.

                C.      The Other Agreement. Without modifying the provisions of
Section 1.3, the transactions contemplated by the Other Agreement shall occur
simultaneously with the Closing and the proceeds of the Other Agreement Owners
Loan shall have been disbursed in accordance with the terms thereof.

        The conditions set forth in this Section 7.2.2 are solely for the
benefit of the Owners and may be waived only by the Owners. The Owners shall at
all times have the right to waive any condition. Such waiver or waivers shall be
in writing. The waiver by the Owners of any condition shall not relieve Cedar of
any liability or obligation as respects any covenant of Cedar unless the Owners
shall so agree in writing. Neither the Owners nor Cedar shall act or fail to act
for the purpose of permitting or causing any condition under this Section 7.2.2
to fail (except to the extent the Owners, in its own discretion, exercise its
right not to waive any such items or matters). The occurrence of the Closing
shall constitute approval by the Owners of all matters to which the Owners has a
right of approval under this Agreement and a waiver of all conditions precedent
under this Agreement.

        7.3     At the Closing, the Owners shall deliver or cause to be
delivered each of the following items to Cedar:

                                      -18-
<PAGE>

                A.      A counterpart of the Amended and Restated Agreement of
Limited Partnership (the "Amended Partnership Agreement"), in the form annexed
hereto as EXHIBIT N duly executed by the Owners, it being understood that any
remaining blanks and bracketed provisions in the Amended Partnership Agreement
shall be accurately completed, together with evidence satisfactory to Cedar that
the books of the Partnership have been amended to reflect the Interests.

                B.      Affidavits executed by each of the Owners in accordance
with the provisions of Section 1445 of the Internal Revenue Code of 1986, as
amended, if required.

                C.      A Certificate of Good Standing of each of the Owners
issued by the Secretary of State of the state of organization for each such
entity, dated not more than thirty (30) days prior to the Closing, and
Certificates of Good Standing of the Partnership issued by the Secretaries of
State of the state in which the Property is located and of the state that the
Partnership is organized, dated not more than thirty (30) days prior to the
Closing ("Good Standing Certificates"). Notwithstanding the foregoing, provided
the Owners shall have diligently attempted to obtain Good Standing Certificates,
if same shall not have been timely issued by the Secretary of State, in lieu of
the Good Standing Certificates, Owners shall deliver affidavits or
certifications with respect to each entity (collectively "Service Company
Affidavits") from a reputable legal information services company (i) stating
that it has received oral confirmation from the Secretary of State that such
entities are in good standing, and (ii) agreeing to promptly forward to Cedar
the Good Standing Certificates when same are received.

                D.      Requisite affidavits and consents that each of the
Owners and the Partnership is authorized to complete the transaction
contemplated by this Agreement and to issue the Interests and take all other
action contemplated by this Agreement, including, without limitation, an
incumbency certificate for each of the individuals executing a document on
behalf of the Partnership and each of the Owners, and resolutions of the board
of directors or of the members, as applicable, for the Partnership and each of
the Owners.

                E.      The Tenant Estoppel Certificates.

                F.      The Title Policy in the form required by Section 7.2.1
(A) hereof, together with all customary affidavits required by the Title Company
in connection with the issuance of the policy.

                G.      The Owners shall execute and deliver to Cedar the
documents evidencing and securing the Owners Loan, including, without
limitation, a note, a pledge agreement and UCC-1 financing statements (the
"Owners Loan Documents") in accordance with the documents attached hereto as
EXHIBIT O.

                H.      The shareholders of Original GP shall deliver a consent
to the Owners Loan Documents.

                I.      The trustees of each Original LP shall deliver a consent
to the Owners Loan Documents.

                                      -19-
<PAGE>

                J.      Bart Blatstein shall deliver a "bad boy" guaranty to
Cedar in the form of EXHIBIT P annexed hereto.

                K.      A fee agreement (the "Administrative Services
Agreement"), in form reasonably satisfactory to the Owners and Cedar, which
shall provide for an annual fee, in the amount of Eight Thousand Seven Hundred
Fifty and 00/100 Dollars ($8,750.00) per year, to be made by the Owners to the
Cedar GP, on account of administrative services rendered by the Cedar GP, duly
executed by the Owners.

                L.      A certificate of the Owners, dated as of the Closing
Date, certifying that all of the representations and warranties of the Owners
set forth in Section 4.1 hereof are true and correct in all material respects as
of the Closing Date.

                M.      All applicable transfer tax forms, if any, duly executed
by the Owners.

                N.      Notices to each of the Tenants (the "Tenant Notices"),
in form reasonably satisfactory to the Owners and Cedar, duly executed by the
Owners, directing the Tenants to make all payments under the Leases to Cedar, or
as Cedar may direct.

                O.      The Records and Plans, in the possession or control of
the Owners or the Partnership.

                P.      Original counterparts of the Leases, any Service
Contract or Operating Agreement entered into after the date hereof (and approved
by Cedar pursuant to Section 4.3 hereof), the Permits that shall be in the
Owners' possession or control (other than those Permits that must remain at the
Premises), and original counterparts of all other documents and materials in the
Owners' possession or control relating to the Property, including, without
limitation, all leasing and property files and keys.

                Q.      A certificate from the City of Philadelphia confirming
that there are no outstanding violations and that the present uses of the
Property are in conformity with applicable zoning requirements.

                R.      An Right of First Refusal Agreement (the "Right of First
Refusal", is substantially the form of EXHIBIT Q annexed hereto, between the
Owners and the Partnership, duly executed by the Owners and in form suitable for
recording.

                S.      All documents and moneys required pursuant to the terms
of the Other Agreement to be delivered by the Other Agreement Owners at the
Other Agreement Closing.

                T.      All sums required to be paid by the Owners under this
Agreement.

        7.4     At the Closing, Cedar shall deliver or cause to be delivered
each of the following items:

                A.      The Balance of the Owners Loan Amount and all other sums
required to be paid by Cedar under this Agreement.

                                      -20-
<PAGE>

                B.      Requisite affidavits and consents that Cedar is
authorized to complete the transaction, become a member of the Partnership
owning the Interests and take all other action contemplated by this Agreement.

                C.      A counterpart of the Amended Partnership Agreement, it
being understood that any remaining blanks and bracketed provisions in the
Amended Partnership Agreement shall be accurately completed.

                D.      The management agreement with respect to the management
of the Property, substantially in the form annexed hereto as EXHIBIT R, duly
executed by Cedar, or its affiliate, on behalf of the Partnership and on behalf
of the property manager.

                E.      The Administrative Services Agreement, duly executed by
Cedar GP.

                F.      In the event Bart Blatstein is not released by Mortgagee
from liability from and after the Closing under that certain Hazardous Materials
Indemnity Agreement, dated as of June 27, 2002 made by the Partnership and Bart
Blatstein to the Mortgagee (the "Environmental Indemnity"), and, unless Cedar
shall elect that the Mortgage Loan is repaid in connection with the Closing,
Cedar shall deliver an agreement pursuant to which it agrees to indemnify,
defend and hold Bart Blatstein harmless from and against any and all claims,
losses, liability, costs and expenses (including reasonable attorneys' fees)
resulting from any claim that may be made against him, pursuant to the
Environmental Indemnity, if any such claim shall arise by, through or on account
of hazardous substances first disposed of or released in, on or under the
Property after the Closing Date.

                G.      A certificate of Cedar, dated as of the Closing Date,
certifying that all of the representations and warranties of Cedar set forth in
Section 4.2 hereof are true and correct in all material respects as of the
Closing Date.

                H.      The Tenant Notices, duly executed by Cedar.

                I.      A counterpart of the Right of first Refusal, duly
executed by the Partnership.

                J.      All applicable transfer tax forms, if any, duly executed
by Cedar.

                K.      All documents and moneys required pursuant to the terms
of the Other Agreement to be delivered by Other Agreement Buyer at the Other
Agreement Closing.

        7.5     Casualty and Condemnation. If, prior to the Closing, either any
portion of the Property is taken pursuant to eminent domain proceedings or
condemnation or any of the improvements on the Property are damaged or destroyed
by fire or other casualty, such that the casualty or taking affects in excess of
ten (10%) percent of the rentable square feet of the Property or materially
adversely affects ingress to or egress from the Property (if either of such
events occurs, the affect or result is a "Material Loss"), Cedar may elect in
its sole discretion to (x) terminate this Agreement by notice to the Owners, or
(y) proceed with the Closing. In the event of a termination of this Agreement
pursuant to clause (x) of this Section 7.5, the Owners

                                      -21-
<PAGE>

and Cedar shall promptly so notify the Escrow Agent and make written request
that the Downpayment be returned to Cedar, and this Agreement, upon such return,
shall be of no further force and effect, except for those provisions which
expressly survive the termination of this Agreement. If (i) Cedar does not elect
to terminate this Agreement pursuant to clause (x) of this Section 7.5 or (ii) a
casualty or condemnation occurs which does not result in a Material Loss, any
net awards or net proceeds received by the Owners or the Partnership in
connection with a condemnation, or the net proceeds of any insurance collected
by the Owners or the Partnership in connection with a casualty and not
previously applied to restoration, shall be paid at the Closing by the Owners to
the Partnership (and the Owners shall not receive any capital account credit on
account thereof) or retained by the Partnership, as the case may be, and shall
be applied only towards the cost or repairs or rebuilding required by such
condemnation or casualty.

                                  ARTICLE VIII
                           Prorations and Adjustments

        8.1     Prior to Closing, the Owners and Cedar shall prepare a schedule
of (i) those expenses that shall have been paid by the Partnership prior to the
Closing Date but are attributable to a period from and after the Closing Date
(the "Prepaid Expenses"), and (ii) those revenues that shall have been received
by the Partnership prior to the Closing Date but are attributable to a period
from and after the Closing Date (the "Prepaid Revenues").

        8.2     To the extent that the Prepaid Expenses shall exceed the Prepaid
Revenues (such excess, the "Prepaid Expense Excess"), (i) at Closing Cedar shall
pay to the Owners an amount equal to the Prepaid Expense Excess, and (ii) Cedar
shall be deemed to have made a capital contribution to the Partnership (the
"Closing Adjustment Capital Contribution") equal to the amount of the Prepaid
Expense Excess.

        8.3     To the extent that the Prepaid Revenues shall exceed the Prepaid
Expenses, such excess shall be contributed by the Owners to the Partnership, and
the Owners shall not receive capital account credit on account thereof.

        8.4     The following prorations and adjustments shall be made between
the parties as of 11:59 p.m. on the day preceding the Closing Date (the
"Proration Date") on the basis of the actual number of days elapsed over the
applicable period:

                A.      (i)     All fixed rents under Leases which are
collected on or prior to the Proration Date in respect of the month (or other
applicable collection period) in which the Closing occurs (the "Current Month"),
shall be adjusted on a per diem basis based upon the number of days in the
Current Month prior to the Proration Date and the number of days in the Current
Month on and after the Proration Date. Any such rents that are allocable to the
period from and after the Proration Date shall be deemed to be Prepaid Revenues.

                        (ii)    If, on the Proration Date, any fixed rents are
past due by any Tenant, and provided the Owners have delivered to Cedar, in
reasonable detail, a breakdown of all such past due amounts as of the Proration
Date, Cedar agrees that the first moneys received by the Partnership from each
such Tenant shall be disbursed as follows:

                                      -22-
<PAGE>

                                (1)     first, such moneys shall be applied to
fixed rents in respect of the Current Month, it being agreed that one hundred
percent (100%) of the fixed rent that is attributable to the portion of the
Current Month prior to the Proration Date shall be paid to the Owners and the
balance shall be retained by the Partnership;

                                (2)     second, to the Partnership until all
fixed rents owing by all such Tenants for any period after the Current Month
through the month in which payment is received have been paid in full;

                                (3)     third, to the Owners until all fixed
rents owing by all such Tenants for periods prior to the Current Month have been
paid in full; and

                                (4)     fourth, the balance, if any, shall be
paid to the Partnership.

        Each party agrees to remit reasonably promptly to the other the amount
of such rents to which such party is so entitled and to account to the other
party monthly in respect of same. The fixed rents received by the Partnership
after the Proration Date shall be apportioned and remitted, if applicable, as
hereinabove provided.

                        (iii)   If the Proration Date shall occur prior to the
time when any rental payments for fuel pass-alongs, so-called escalation rent or
charges based upon real estate taxes, operating expenses, labor costs, cost of
living increases, electrical charges, water and sewer charges or like items
(collectively, "Overage Rent") are payable, then such Overage Rent for the
applicable accounting period in which the Proration Date occurs shall be
apportioned subsequent to the Closing, based upon the portion of such accounting
period which occurs prior to the Proration Date (to the extent not theretofore
collected by the Partnership, on account of such Overage Rent prior to the
Proration Date), it being agreed that one hundred percent (100%) of the Overage
Rent that is attributable to the portion of such accounting period that shall
occur prior to the Proration Date shall be paid to the Owners and the balance
shall be retained by the Partnership. In addition, the Partnership shall pay to
the Owners one hundred percent (100%) of all Overage Rent that is paid
subsequent to the Proration Date with respect to an accounting period which
expired prior to the Proration Date, within thirty (30) days after receipt
thereof by the Partnership. If, prior to the Closing, the Partnership shall
collect any sums on account of Overage Rent or fixed rent for a year or other
period, or any portion of such year or other period, beginning prior to but
ending on or after the Proration Date, the portion of such sum allocable to the
period from and after the Proration Date shall be deemed to be a Prepaid
Revenue.

                        (iv)    Overage Rent payable by Tenants based on an
estimated amount and subject to adjustment or reconciliation pursuant to the
related Leases subsequent to the Proration Date shall be apportioned as provided
in subsection (iii) above and shall be reapportioned as and when the applicable
Tenant's actual obligation for such Overage Rent is reconciled pursuant to the
applicable Lease.

                        (v)     Without duplication of any adjustment made
pursuant to Section 8.4(A)(i) above, all prepaid fixed rent and Overage Rent
that shall be received by the Partnership as of the Proration Date for periods
on and after the Proration Date shall be deemed to be Prepaid Revenues.

                                      -23-
<PAGE>

                B.      All real estate taxes, BID taxes, unmetered water and
sewer charges, elevator inspection fees, pest control charges and vault charges,
if any, and any and all other municipal or governmental assessments of any and
every nature levied or imposed upon the Property (collectively, "Taxes") in
respect of the current fiscal year of the applicable taxing authority in which
the Closing occurs (the "Current Tax Year") (other than real estate taxes, water
and sewer charges and any other municipal or governmental assessments payable by
any Tenant directly to the taxing authority under any Lease), shall be allocated
on a per diem basis based upon the number of days in the Current Tax Year prior
to the Proration Date and the number of days in the Current Tax Year on and
after the Proration Date. If, as of the Proration Date, Taxes for the Current
Tax Year shall not have been paid with respect to the period prior to the
Proration Date, the amount equal to the unpaid Taxes for the period prior to the
Proration Date shall be paid by the Owners to the Partnership at the Closing,
but the Owners shall not receive any capital account credit on account thereof.
If, as of the Proration Date, Taxes with respect to any period from and after
the Proration Date shall have been paid, the amount equal to the prepaid Taxes
shall be deemed to be a Prepaid Expense. If the Closing shall occur before the
tax rate for the Current Tax Year is fixed, the apportionment of Taxes shall be
upon the basis of the tax rate for the next preceding fiscal period applied to
the latest assessed valuation. Promptly after the new tax rate is fixed for the
fiscal period in which the Closing takes place, the apportionment of Taxes shall
be recomputed. In the event that any assessments levied or imposed upon the
Property are payable in installments, the installment for the Current Tax Year
shall be prorated in the manner set forth above.

                C.      All charges and fees due under contracts for the supply
to the Property of heat, steam, electric power, gas and light and telephone
(collectively, "Charges"), if any, in respect of the billing period of the
related service provider in which the Closing occurs (the "Current Billing
Period") shall be allocated on a per diem basis based upon the number of days in
the Current Billing Period prior to the Proration Date and the number of days in
the Current Billing Period on and after the Proration Date and assuming that all
charges are incurred uniformly during the Current Billing Period. If, as of the
Proration Date, Charges for the Current Billing Period shall not have been paid
with respect to the period prior to the Proration Date, the amount equal to the
unpaid Charges for the period prior to the Proration Date shall be paid by the
Owners to the Partnership at the Closing, but the Owners shall not receive any
capital account credit on account thereof. If, as of the Proration Date, Charges
with respect to any period from and after the Proration Date shall have been
paid, the amount of such prepaid Charges shall be deemed to be a Prepaid
Expense.

                D.      Any charges or fees for transferable licenses and
permits relating to the Property (but without duplication of items apportioned
pursuant to any other provision of this Article VIII) (collectively, "Permit
Charges") in respect of the Current Billing Period shall be allocated on a per
diem basis based upon the number of days in the Current Billing Period prior to
the Proration Date and the number of days in the Current Billing Period on and
after the Proration Date and assuming that all charges are incurred uniformly
during the Current Billing Period. If, as of the Proration Date, Permit Charges
for the Current Billing Period shall not have been paid with respect to the
period prior to the Proration Date, the unpaid Permit Charges for the period
prior to the Proration Date shall be paid by the Owners to the Partnership at
the Closing, but the Owners shall not receive any capital account credit on
account thereof. If on the

                                      -24-
<PAGE>

Proration Date, Permit Charges with respect to any period from and after the
Proration Date shall have been paid, the amount equal to such prepaid Permit
Charges shall be deemed to be a Prepaid Expense.

                E.      To the extent same are executed after the date hereof
and approved by Cedar pursuant to Section 4.3 hereof, any charges payable under
Service Contracts, Operating Agreements and other contracts relating to the
Property (but without duplication of items apportioned pursuant to any other
provision of this Article VIII), including, without limitation, charges in
connection with any employees of the Partnership (collectively, "Service
Contract Charges"), as applicable (including, without limitation, salary,
bonuses, vacation and sick day allowances and pension or other benefit fund
contributions), in respect of the Current Billing Period shall be allocated on a
per diem basis based upon the number of days in the Current Billing Period prior
to the Proration Date and the number of days in the Current Billing Period on
and after the Proration Date and assuming that all charges are incurred
uniformly during the Current Billing Period. If, as of the Proration Date,
Service Contract Charges for the Current Billing Period shall not have been paid
with respect to the period prior to the Proration Date, an amount equal to the
unpaid Service Contract Charges for the period prior to the Proration Date shall
be paid by the Owners to the Partnership at the Closing, but the Owners shall
not receive any capital account credit on account thereof. If, as of the
Proration Date, Service Contract Charges with respect to any period from and
after the Proration Date shall have been paid, the amount equal to such prepaid
Service Contract Charges shall be deemed to be a Prepaid Expense.

                F.      If there is a fuel meter or meters on the Property
(other than meters measuring consumption costs which are the obligation of any
Tenants), the Owners shall endeavor to furnish a reading to a date not more than
thirty (30) days prior to the Proration Date, and the unfixed meter charges, if
any, based thereon for the intervening time shall be apportioned on the basis of
such last reading. If the Owners fail or are unable to obtain such reading, the
amount equal to the value of all fuel, if any, then stored at the Property shall
be calculated on the basis of the Partnership's last costs therefor, including
sales tax, as evidenced by written statements of the fuel oil supplier(s) for
the Property, which statements shall be conclusive as to quantity and cost,
absent fraud. Any unpaid fuel charges attributable to the period prior to the
Proration Date shall be paid by the Owners to the Partnership at the Closing,
but the Owners shall not receive any capital account credit on account thereof,
and the value of any prepaid fuel stored on the property shall be deemed to be a
Prepaid Expense.

                G.      If there is a water meter or meters on the Property
(other than meters measuring consumption costs which are the obligation of any
Tenants), the Owners shall endeavor to furnish a reading to a date not more than
thirty (30) days prior to the Proration Date, and the unfixed meter charges and
the unfixed sewer rents, if any, based thereon for the intervening time shall be
apportioned on the basis of such last reading. If the Owners fail or are unable
to obtain such reading, the amount of the meter charges and sewer rents shall be
determined on the basis of the last readings and bills received by the
Partnership, and the same shall be appropriately readjusted after the Closing on
the basis of the next subsequent bills. Any unpaid water or sewer charges
attributable to the period prior to the Proration Date shall be paid

                                      -25-
<PAGE>

by the Owners to the Partnership at the Closing, but the Owners shall not
receive any capital account credit on account thereof.

                H.      Any premiums payable under any policy of insurance
maintained in connection with the Property (but without duplication of items
apportioned pursuant to any other provision of this Article VIII) (collectively,
"Insurance Charges") in respect of the Current Billing Period shall be allocated
on a per diem basis based upon the number of days in the Current Billing Period
prior to the Proration Date and the number of days in the Current Billing Period
on and after the Proration Date and assuming that all charges are incurred
uniformly during the Current Billing Period. If, as of the Proration Date,
Insurance Charges for the Current Billing Period shall not have been paid with
respect to the period prior to the Proration Date, an amount equal to the unpaid
Insurance Charges for the period prior to the Proration Date shall be paid by
the Owners to the Partnership at the Closing, but the Owners shall not receive
any capital account credit on account thereof. If, as of the Proration Date,
Insurance Charges with respect to any period from and after the Proration Date
shall have been paid, an amount equal to such prepaid Insurance Charges shall be
deemed to be a Prepaid Expense.

                I.      All brokerage commissions and expenses for work to be
done for tenant improvements in connection with any leases entered into on or
prior to the Proration Date which commissions and expenses were not paid prior
to the Proration Date shall be paid, by the Owners to the Partnership at the
Closing, but the Owners shall not receive any capital account credit on account
thereof.

                J.      To the extent that the Partnership shall have any unpaid
liabilities on the Proration Date other than the Mortgage Loan, such unpaid
liabilities shall be paid by the Owners to the Partnership at the Closing, but
the Owners shall not receive any capital account credit on account thereof.

                K.      Any principal and interest payable under the Mortgage
Loan (but without duplication of items apportioned pursuant to any other
provision of this Article VIII) (collectively, "Loan Charges"), as applicable,
in respect of the Current Billing Period shall be allocated on a per diem basis
based upon the number of days in the Current Billing Period prior to the
Proration Date and the number of days in the Current Billing Period on and after
the Proration Date and assuming that all charges are incurred uniformly during
the Current Billing Period. If, as of the Proration Date, Loan Charges for the
Current Billing Period shall not have been paid with respect to the period prior
to the Proration Date, an amount equal to the unpaid Loan Charges for the period
prior to the Proration Date shall be paid by the Owners to the Partnership at
the Closing, but the Owners shall not receive any capital account credit on
account thereof. If on the Proration Date, Loan Charges with respect to any
period from and after the Proration Date shall have been paid, the amount equal
to such prepaid Loan Charges shall be deemed to be a Prepaid Expense.

                L.      All accrued fees pursuant to the Existing Property
Management Agreement shall be paid by the Owners at or prior to Closing, but the
Owners shall not receive any capital account credit on account thereof.

                                      -26-
<PAGE>

                M.      All fees payable to the Mortgagee in connection with its
granting of its consent to the transactions contemplated by this Agreement,
including, without limitation, any application or assumption fees contemplated
by the Mortgage Loan Documents, shall be paid by Cedar. In the event the
Mortgagee fails to issue the Mortgagee Consent (notwithstanding that Cedar shall
have diligently cooperated with the Owners in providing Mortgagee information
and documents required by Mortgagee in connection with issuing such consent),
the Owners shall, at the Closing, pay any and all termination or other fees
payable to the Mortgagee in connection with the repayment of the Mortgage Loan.
In the event the Mortgagee issues the Mortgagee Consent, but Cedar, nevertheless
elects to cause the Mortgage Loan to be repaid in connection with the Closing,
Cedar shall pay any and all termination or other fees payable to the Mortgagee
in connection with such repayment.

                N.      All security deposits under the Leases held by the
Owners (rather than by the Partnership), shall be paid by the Owners to the
Partnership, but the Owners shall not receive any capital account credit on
account thereof.

                O.      The amount of deposits held at the time of the Closing
by the Mortgagee in connection with the Mortgage Loan, including reserves for
capital improvements, tenant improvements or otherwise, and/or impounds for
taxes and insurance (with respect to periods after the Closing), shall be deemed
to be a Prepaid Expense.

                P.      Any other items customarily apportioned in connection
with sales of similar property in the Commonwealth of Pennsylvania shall be so
apportioned.

        8.5     Post Closing Prorations.

                8.5.1.  If any of the items described in this Article VIII
cannot be apportioned at the Closing because of the unavailability of
information as to the amounts which are to be apportioned or otherwise, or are
incorrectly apportioned at Closing or subsequent thereto, such items shall be
apportioned or reapportioned, as the case may be, as soon as practicable after
the Proration Date or the date such error is discovered, as applicable. The
parties shall make the appropriate adjusting payment between them within thirty
(30) days after presentment of the calculation. All books and records of the
Partnership which relate to the Property, and particularly to any items to be
prorated or allocated under this Agreement in connection with the Closing, shall
be made available to both the Owners and Cedar and their respective Consultants.
Any such inspection shall be at reasonable intervals, during business hours,
upon reasonable notice, and at the inspecting party's sole cost and expense.

                8.5.2.  In the event that Owners shall owe money to Cedar on
account of postclosing adjustments, the Owners shall within thirty (30) days
after Cedar shall have delivered to the Owners a written demand indicating the
amount of money owed on account of such postclosing adjustments and containing
reasonable back-up documentation with respect thereto (an "Adjustment Demand"),
subject to the rights of the Owners to contest such obligation, as hereinafter
set forth, make such payments to Cedar. The Owners shall not receive capital
account credit on account of any payment by the Owners pursuant to this Section
8.5.2. Notwithstanding the foregoing, in the event that, within ten (10)
Business Days after receipt of an Adjustment Demand, the Owners shall deliver
written notice to Cedar disputing the accuracy of the

                                      -27-
<PAGE>

Adjustment Demand (which notice shall contain a reasonably detailed basis for
such dispute), then the Owners and Cedar shall, in good faith, attempt to
promptly resolve any such dispute and, if such attempt is unsuccessful, each of
the Owners and Cedar shall have the right to submit such dispute to binding
arbitration in accordance with Section 10.3.3 hereof.

                8.5.3.  In the event that Cedar shall owe money to the Owners on
account of postclosing adjustments, Cedar shall, within thirty days after the
Owners shall have delivered to Cedar an Adjustment Demand, make such payments to
the Owners. Cedar shall be entitled to capital account credit on account of any
payment made by Cedar pursuant to this Section 8.5.3 hereof. Notwithstanding the
foregoing, in the event that, within ten (10) Business Days after receipt of an
Adjustment Demand, Cedar shall deliver written notice to the Owners disputing
the accuracy of the Adjustment Demand (which notice shall contain a reasonably
detailed basis for such dispute), then the Owners and Cedar shall, in good
faith, attempt to promptly resolve any such dispute and, if such attempt is
unsuccessful, each of the Owners and Cedar shall have the right to submit such
dispute to binding arbitration in accordance with Section 10.3.3 hereof.

                8.5.4.  The provisions of this Section 8.5 shall survive the
Closing and shall remain in full force and effect for a period of twelve (12)
months after the date of the Closing, unless, within such twelve (12) month
period, an Adjustment Demand shall have been delivered, in which case, liability
with respect to the matters addressed in the Adjustment Demand shall survive
until resolution thereof.

        8.6    Closing Costs. Cedar shall pay the title insurance premium for
the Title Policy and the cost of all endorsements to the Title Policy including,
without limitation, the nonimputation endorsement. The Owners and Cedar shall
pay their respective legal, consulting and professional fees and expenses
incurred in connection with this Agreement and the transaction contemplated
hereby.

        8.7     Tax Certiorari Proceedings. The Owners shall not hereafter
institute any proceedings for the reduction of the assessed valuation of the
Property without the prior written consent of Cedar. The net refund of taxes
received in connection with any tax certiorari proceedings shall be apportioned
to provide that the net refund (as hereinafter defined) of taxes for a period
prior to the Proration Date shall be the property of the Owners and that any
refund for any period after the Proration Date shall be the property of the
Partnership. The "net refund" is the amount of the tax refund after deducting
therefrom any refunds due to tenants pursuant to their leases, a pro rata share
of all expenses, including counsel fees necessarily incurred in obtaining such
refund, the allocation of such expenses to be based upon the total refund
obtained in the proceeding and in any other proceeding simultaneously involved
in the trial or settlement. All of same shall be apportioned as of the Proration
Date and the apportionment made as herein set forth.

        8.8     Transfer Tax. All transfer, stamp or other similar taxes
attributable to the Recapitalization shall be shared equally between the Owners
and Cedar and shall be paid contemporaneously with the Closing.

                                      -28-
<PAGE>

                                   ARTICLE IX
                                  Escrow Terms

        9.1     Depository. The Downpayment shall be held in escrow by Legal
Abstract Co. ("Escrow Agent"), in a special interest bearing commercial bank
account, designated as a "trust account" or an "escrow account", at Royal Bank
of Pennsylvania (or its successor) located at 732 Montgomery Avenue, Narberth,
PA 19072.

        9.2     Escrow Instructions. If the Closing takes place, then Escrow
Agent shall deliver the Downpayment to, or upon the instructions of, the Owners
at the Closing. If this Agreement is terminated in accordance with the terms
hereof, then, subject to Section 9.4 hereof, Escrow Agent shall pay the
Downpayment to, or upon the instructions of, the party entitled thereto in
accordance with the provisions of this Agreement. If the Closing does not occur
by reason of the failure of either party to comply with such party's obligations
hereunder, then, subject to Section 9.4 hereof, Escrow Agent shall pay the
Downpayment to, or upon the instructions of, the party entitled thereto in
accordance with the provisions of this Agreement.

        9.3     Scope of Duties. The duties of Escrow Agent shall be only as
herein specifically provided, and are purely ministerial in nature. Escrow Agent
shall incur no liability whatever except for willful misconduct or gross
negligence, as long as Escrow Agent has acted in good faith. The Owners and
Cedar acknowledge that Escrow Agent is serving without compensation and solely
as an accommodation to the parties hereto. Escrow Agent shall not be liable or
responsible for the funds being held in escrow or for the collection of the
proceeds of the check for the Downpayment or for the interest earned thereon. In
the performance of its duties hereunder, Escrow Agent shall be entitled to rely
upon the authenticity of any signature and the genuineness and validity of any
writing received by Escrow Agent pursuant to or otherwise relating to this
Agreement. Escrow Agent may assume that any Person purporting to give any notice
or instructions in accordance with the provisions hereof has been duly
authorized to do so. Escrow Agent shall not be bound by any modification,
cancellation or rescission of this Agreement unless (i) such modification,
cancellation or rescission is in writing and signed by the Owners and Cedar, and
(ii) a copy of such modification, cancellation or rescission is delivered to
Escrow Agent. Escrow Agent shall not be bound in any way by any other contract
or understanding between the parties hereto, whether or not Escrow Agent has
knowledge thereof or consents thereto, unless such consent is given in writing.

        9.4     Dispute. Escrow Agent is acting as a stakeholder only with
respect to the Downpayment and the interest earned thereon. If a party requests
disbursement of the Downpayment for any reason other than the Closing having
occurred, then Escrow Agent shall give written notice to the other party of such
request. Such other party shall have the right to dispute the disbursement of
the Downpayment to the requesting party only by delivering notice thereof to
Escrow Agent (a "Dispute Notice") on or prior to the fifth (5th) day after the
date when Escrow Agent gives such notice. Cedar acknowledges and agrees that
Cedar shall not deliver a Dispute Notice unless (i) any of the conditions
precedent to Cedar's obligation to consummate the transactions contemplated by
this Agreement (as set forth in Section 7.2.1) or (ii) any of the conditions
precedent to the Other Agreement Buyer's obligation to consummate the
transactions contemplated by the Other Agreement (as set forth in Section 7.2.1
thereof),

                                      -29-
<PAGE>

shall not have occurred or been satisfied. Notwithstanding anything to the
contrary contained herein, Escrow Agent shall not disburse the Downpayment until
the day immediately following the last day of such five (5) day period. If there
is any dispute as to whether Escrow Agent is obligated to deliver the
Downpayment or as to whom said Downpayment is to be delivered, then Escrow Agent
shall not make any delivery, but in such event Escrow Agent shall hold the same
until Escrow Agent receives (a) notice from the objecting party withdrawing the
objection, or (b) a notice signed by both parties directing disposition of the
Downpayment, or (c) a nonappealable judgment or order of a court of competent
jurisdiction. If such notice is not received, or proceedings for such
determination are not begun, within thirty (30) calendar days after the date set
forth herein for the Closing (as the same may have been changed by agreement of
the parties) and diligently continued, then Escrow Agent shall have the right to
(w) hold and retain all or any part of the Downpayment until such dispute is
settled or finally determined by litigation, arbitration or otherwise, or (x)
deposit the Downpayment, together with the interest earned thereon, in an
appropriate court of law, following which Escrow Agent shall thereby and
thereafter be relieved and released from any liability or obligation under this
Agreement, or (y) institute an action in interpleader or other similar action
permitted by stakeholders in the Commonwealth of Pennsylvania, or (z) interplead
any of the parties in any action or proceeding which may be brought to determine
the rights of the parties to all or any part of the Downpayment.

        9.5     Indemnity. The Owners and Cedar hereby agree to, jointly and
severally, indemnify, defend and hold Escrow Agent harmless from and against any
liabilities, damages, losses, costs or expenses incurred by, or claims or
charges made against, Escrow Agent (including reasonable counsel fees and court
costs) by reason of Escrow Agent's acting or failing to act in connection with
any of the matters contemplated by this Agreement or in carrying out the terms
of this Agreement, except as a result of Escrow Agent's bad faith, gross
negligence or willful misconduct. This Section 9.5 shall not limit the right of
Cedar and the Owners to assert claims against each other with respect to said
indemnity.

        9.6     Release from Liability. Upon the disbursement of the
Downpayment, together with the interest earned thereon, in accordance with this
Agreement, Escrow Agent shall be relieved and released from any liability
hereunder.

        9.7     Resignation. Escrow Agent may resign at any time upon at least
ten (10) days prior written notice to the parties hereto. If, prior to the
effective date of such resignation, the parties hereto shall all have approved,
in writing, a successor escrow agent, then upon the resignation of Escrow Agent,
Escrow Agent shall deliver the Downpayment, together with the interest earned
thereon, to such successor escrow agent. From and after such resignation and the
delivery of the Downpayment, together with the interest earned thereon, to such
successor escrow agent, Escrow Agent shall be fully relieved of all of its
duties, responsibilities and obligations under this Agreement, all of which
duties, responsibilities and obligations shall be performed by the appointed
successor escrow agent. If for any reason the parties hereto shall not approve a
successor escrow agent within such period, Escrow Agent may bring any
appropriate action or proceeding for leave to deposit the Downpayment, together
with the interest earned thereon, with a court of competent jurisdiction,
pending the approval of a successor escrow

                                      -30-
<PAGE>

agent, and upon such deposit Escrow Agent shall be fully relieved of all of its
duties, responsibilities and obligations under this Agreement.

        9.8     Execution of Agreement by Escrow Agent. Escrow Agent has
executed this Agreement solely to confirm that Escrow Agent has received a check
(subject to collection) or a wire transfer for the Downpayment and shall hold
the Downpayment in escrow, pursuant to the provisions of this Agreement.

        9.9     Loss of Downpayment. Escrow Agent shall not have any liability
or obligation for loss of all or any portion of the Downpayment by reason of the
insolvency or failure of the institution of depository with whom the escrow
account is maintained.

        9.10    Taxpayer Identification Numbers. Each the Owners and Cedar
represents that its respective taxpayer identification number is as set forth on
EXHIBIT S annexed hereto.

                                    ARTICLE X
                                    Remedies

        10.1    If Cedar shall default in the payment of the Balance of the
Initial Funding Amount, the Owners may terminate this Agreement and retain the
Downpayment. Cedar acknowledges that, if Cedar shall default under this
Agreement as aforesaid, the Owners will suffer substantial adverse financial
consequences as a result thereof. Accordingly, the Owners' sole and exclusive
remedy against Cedar shall be the right to retain the Downpayment, as and for
its sole and full and complete liquidated damages, it being agreed that the
Owners' damages are difficult, if not impossible, to ascertain, and Cedar and
the Owners shall have no further rights or obligations under this Agreement,
except those expressly provided herein to survive the termination of this
Agreement.

        10.2    If the Owners shall fail to satisfy one or more of the
conditions precedent to Cedar's obligation to consummate the transactions
contemplated by this Agreement (as set forth in Section 7.2.1) or if the Other
Agreement Owners shall fail to satisfy one of the conditions precedent to the
Other Agreement Buyer's obligations to consummate the transactions contemplated
by the other Agreement (as set forth in Section 7.2.1 thereof), Cedar may elect,
as its sole and exclusive remedy, to either (x) prosecute an action for specific
performance of this Agreement, or (y) terminate this Agreement, in which event,
Cedar shall be entitled to receive from the Escrow Agent, a return of the
Downpayment, and thereupon neither party shall have any further rights or
obligations under this Agreement, except with respect to those provisions
provided herein to survive the termination of this Agreement. It is acknowledged
and agreed that each of Cedar and the Other Agreement Buyer shall both be
obligated to elect the same option as its remedy.

        10.3    Surviving Representations.

                10.3.1. In the event after the Closing, Cedar (subject to the
survival periods provided in Article IV), alleges that the Owners breached a
representation made in Article IV hereof that survives the Closing (a "Surviving
Representation"), as indicated in a written notice delivered by Cedar to the
Owners, which notice shall indicate the amount of loss, cost, expense

                                      -31-
<PAGE>

or damage suffered by Cedar, Owners shall, subject to their rights pursuant to
Section 10.3.3, promptly pay to Cedar (without any capital account credit on
account thereof), the amount of the loss, cost, expense or damage (other than
consequential, incidental, exemplary, or punitive damage) suffered as a result
of such breach by the Owners.

                10.3.2. In the event after the Closing, the Owners (subject to
the survival periods provided in Article IV) allege that Cedar shall have
breached a Surviving Representation, as indicated in a written notice delivered
by the Owners to Cedar, which notice shall indicate the amount of loss, cost,
expense or damage suffered by the Owners as a result thereof, then, in such
case, Cedar shall, subject to its rights pursuant to Section 10.3.3, promptly
pay to the Owners (without any capital account credit to Cedar on account
thereof), the amount of the loss, cost, expense or damage (other than
consequential, incidental, exemplary, or punitive damage) suffered as a result
of such breach by Cedar.

                10.3.3. In the event that, within ten (10) Business Days after
receipt of notice pursuant to Sections 10.3.1 or 10.3.2 hereof, the party in
receipt of such notice (the "Recipient Party") shall dispute whether such
Recipient Party shall have breached a Surviving Representation, or the amount of
the damage suffered by the party delivering such notice (the "Delivering Party")
as a result thereof, then either the Recipient Party or the Delivering Party
shall have the right to submit such dispute to binding arbitration under the
Expedited Procedures provisions (Rules E-1 through E-10 in the current edition)
of the Commercial Arbitration Rules of the American Arbitration Association
("AAA"). In cases where the parties utilize such arbitration: (i) the dispute
shall be heard by three (rather than one) arbitrators in Philadelphia,
Pennsylvania, (ii) all of the arbitrators on the list submitted by the AAA shall
have reasonable expertise and experience with respect to the commercial real
estate market in the Philadelphia, Pennsylvania area, (iii) the parties will
have no right to object if the appointed arbitrators were on the list submitted
by the AAA and were not objected to in accordance with Rule E-5, (iv) the
arbitrators shall be selected within three (3) Business Days following
submission of such dispute to arbitration, (v) the arbitrators shall render
their final decision not later than three (3) Business Days after the last
hearing, (vi) the first hearing shall be held within five (5) Business Days
after the completion of discovery, and the last hearing shall be held within
fifteen (15) Business Days after the appointment of the arbitrators, (v) any
finding or determination of the arbitrators shall be deemed final and binding
(except that the arbitrators shall not have the power to add to, modify or
change any of the provisions of this Agreement), and (vi) the losing party in
such arbitration shall pay the arbitration costs charged by AAA and/or the
arbitrators.

                10.3.4. The provisions of this Section 10.3 shall survive the
Closing and remain in full force and effect for a period of four (4) months
after the date of the Closing, unless, within such four (4) month period, Cedar
shall have delivered notice to the Owners of the existence of a mechanics' lien
of the nature contemplated by this Section 10.3, in which case, the Owner's
liability with respect to such lien shall survive with respect to the matters
alleged in such claim until resolution thereof.

                                      -32-
<PAGE>

                                   ARTICLE XI
                                  Miscellaneous

        11.1    Survival. Except as expressly provided herein, all
representations, warranties, covenants and agreements of Cedar and the Owners
contained in this Agreement shall merge into the documents executed at Closing
and shall not, survive the Closing.

        11.2    Notices. Any notice required or permitted to be delivered herein
shall be deemed to be delivered (a) when received by the addressee if delivered
by courier service, (b) if mailed, two days after deposit in the United States
Mail, postage prepaid, certified mail, return receipt requested, (c) if sent by
recognized overnight service (such as US Express Mail, Federal Express, UPS,
Airborne, etc.), then one day after delivery of same to an authorized
representative or agency of the said overnight service or (d) if sent by a
telecopier, when transmission is received by the addressee with electronic or
telephonic confirmation, in each such case addressed or telecopied to the Owners
or Cedar, as the case may be, at the address or telecopy number set forth
opposite the signature of such party hereto. Notifications are as follows:

TO OWNERS:                           Welsh-Square, Inc.
                                     Indenture of Trust of Bart Blatstein dated
                                     as of June 9, 1998 Irrevocable Indenture of
                                     Trust of Barton Blatstein dated July 13,
                                     1999 c/o Tower Investments, Inc.
                                     One Reed Street
                                     Philadelphia, Pennsylvania 19147
                                     Attention: Mr. Bart Blatstein and
                                                 Brian K. Friedman, Esq.
                                     Telecopier: (215) 755-8666

with a copy to:                      Mr. Robert C. Jacobs
                                     1700 Walnut Street, Suite 200
                                     Philadelphia, Pennsylvania 19103
                                     Telecopier: (215) 545-1559

TO CEDAR:                            CSC-Columbus LLC
                                     44 South Bayles Avenue
                                     Port Washington, New York 11050
                                     Attention: Leo S. Ullman
                                     Telecopier: (516) 767-6497

with a copy to:                      Stroock & Stroock & Lavan LLP
                                     180 Maiden Lane
                                     New York, New York 10038
                                     Attention: Mark A. Levy, Esq.
                                     Telecopier: (212) 806-6006

                                      -33-
<PAGE>

TO ESCROW AGENT:                     Legal Abstract Co.
                                     2200 Walnut Street
                                     Philadelphia, Pennsylvania 19103
                                     Attention: Mr. Ellis Cook
                                     Telecopier: (215) 985-1926

        11.3    Gender: Numbers. Words of any gender used in this Agreement
shall be held and construed to include any other gender, and words in the
singular number shall be held to include the plural and vice versa unless the
context requires otherwise.

        11.4    Headings. The captions used in connection with the articles and
sections of this Agreement are for convenience only and shall not be deemed to
construe or limit the meaning of the language of this Agreement.

        11.5    Days. Except where business days are expressly referred to,
references in this Agreement to days are to calendar days, not business days.
"Business Day" means any calendar day except a Saturday, Sunday or banking
holiday.

        11.6    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD
TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

        11.7    Waiver of Trial by Jury. THE PARTIES HERETO HEREBY WAIVE TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER ARISING IN TORT OR
CONTRACT) BROUGHT BY ANY PARTY AGAINST ANOTHER ON ANY MATTER ARISING OUT OF OR
IN ANY WAY CONNECTED WITH THIS AGREEMENT.

        11.8    Holidays. If the final date of any period provided for herein
for the performance of an obligation or for the taking of any action falls on a
Saturday, Sunday or banking holiday, then the time of such period shall be
deemed extended to the next day which is not a Saturday, Sunday or banking
holiday.

        11.9    Interpretation. The parties acknowledge that each party and its
counsel have reviewed this Agreement and that the normal rule of construction to
the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the interpretation of this Agreement or any amendments
or exhibits hereto.

        11.10   Severability. If any provisions of this Agreement are held to be
illegal, invalid or unenforceable under present or future laws, such provision
shall be fully severable, and this Agreement shall be construed and enforced as
if such illegal, invalid or unenforceable provision had never comprised a part
of this Agreement, and the remaining provisions of this Agreement shall remain
in full force and effect and not be affected by the illegal, invalid or
unenforceable provision or by its severance from this Agreement, provided that
both parties may still effectively realize the complete benefit of the
transaction contemplated hereby.

                                      -34-
<PAGE>

        11.11   Amendments. No modification or amendment of this Agreement shall
be effective unless made in writing and executed by both the Owners and Cedar.
In the event any approval or consent is required pursuant to any provision of
this Agreement, such approval or consent shall be deemed given only if it is in
writing, executed by the party whose approval or consent is required.

        11.12   Confidentiality. Neither the Owners nor Cedar shall, without the
prior consent of the other party, take out any advertisement to publicize the
transaction contemplated by this Agreement. Both prior to and following the
Closing, each party shall keep the terms and conditions of this Agreement
confidential. The foregoing shall not be interpreted as intending to prevent
Cedar from disclosing the terms and conditions of this Agreement to its
attorneys, prospective lenders, or accountants or from making such other
disclosures as may be required by law or by the rules and regulations of any
regulatory body having jurisdiction with respect to Cedar, the Partnership, or
the Property or from describing the transactions contemplated by this Agreement
in any registration statement submitted by any affiliate of Cedar or from filing
this Agreement as an exhibit to such registration statement. The provisions of
this Section shall survive the Closing or earlier termination of this Agreement.

        11.13   Entire Agreement. This Agreement embodies the entire agreement
between the parties and cannot be varied except by the written agreement of the
parties. The Owners make no representations, warranties or agreements with
respect to Property, the Partnership or the Interests, except as set forth in
this Agreement.

        11.14   Further Assurances. In addition to the acts and deeds recited
herein and contemplated to be performed, executed and/or delivered by the Owners
to Cedar at Closing, the Owners agree to perform, execute and/or deliver or
cause to be delivered, executed and/or delivered, but without any obligation to
incur any additional liability or expense, on or after the Closing any and all
further acts, deeds and assurances as may be reasonably necessary to consummate
the transactions contemplated hereby.

        11.15   Joint and Several. The liability of the Owners under this
Agreement shall be joint and several.

                                  ARTICLE XII
                             Assignment of Contract

        12.1    Assignment. Cedar may assign Cedar's rights or delegate Cedar's
duties under this Agreement but only to one or more entities which are majority
owned and controlled by Cedar Shopping Centers, Inc. The said assignee shall
assume all obligations of Cedar under this Agreement by a written instrument
approved in form and substance by the Owners which approval shall not be
unreasonably withheld or delayed. Except as hereinbefore set forth, this
Agreement may not be assigned by Cedar.

                            [Signature Page Follows]

                                      -35-
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Agreement as of the date first above written.

                                    DELAWARE 1851 ASSOCIATES, LP
                                    By:  Welsh-Square, Inc., its general partner

                                         By:  /s/  Bart Blatstein
                                              -------------------
                                              Name:  Bart Blatstein
                                              Title: President

                                    WELSH-SQUARE, INC.

                                         By:  /s/  Bart Blatstein
                                              -------------------
                                              Name:  Bart Blatstein
                                              Title: President

                                    INDENTURE OF TRUST OF BART
                                    BLATSTEIN DATED AS OF JUNE 9, 1998

                                         By:  /s/ Jil Blatsttein
                                              ------------------
                                              Name:  Jil Blatstein
                                              Title: Co-Trustee

                                         By:  /s/ Brian K. Friedman
                                              ---------------------
                                              Name:  Brian K. Friedman
                                              Title: Co-Trustee

                                         By:  /s/ Joseph W. Seidle
                                              --------------------
                                              Name:  Joseph W. Seidle
                                              Title: Co-Trustee

                                    IRREVOCABLE INDENTURE OF TRUST OF
                                    BARTON BLATSTEIN DATED JULY 13, 1999

                                         By:  /s/  Brian K. Friedman
                                              ----------------------
                                              Name:  Brian K. Friedman
                                              Title: Co-Trustee

                                         By:  /s/  Joseph W. Seidle
                                              ---------------------
                                              Name:  Joseph W. Seidle
                                              Title: Co-Trustee

                                      -36-
<PAGE>

                                    CSC-COLUMBUS LLC

                                    By:  CEDAR SHOPPING CENTERS PARTNERSHIP,
                                         L.P., ITS MEMBER

                                         By:  CEDAR SHOPPING CENTERS, INC.,
                                              ITS GENERAL PARTNER

                                              By:  /s/  Leo S. Ullman
                                                   ------------------
                                                   Name:   Leo S. Ullman
                                                   Title:  President

                                    ESCROW AGENT (and to acknowledge agreement
                                    with Article IX)
                                    LEGAL ABSTRACT CO.

                                         By:  /s/  Ellis Cook
                                              ---------------
                                              Name:  Ellis Cook
                                              Title: Vice President

                                      -37-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>31
<FILENAME>ex10-09b.txt
<DESCRIPTION>EX10-09B.TXT
<TEXT>
<PAGE>

                     AMENDMENT TO RECAPITALIZATION AGREEMENT

        AMENDMENT TO AGREEMENT (this "Amendment") made as of this 3rd day of
November, 2003 by and among DELAWARE 1851 ASSOCIATES, LP, a Pennsylvania limited
partnership (the "Partnership"), INDENTURE OF TRUST OF BART BLATSTEIN DATED AS
OF JUNE 9, 1998, a Pennsylvania trust ("1998 Trust"), IRREVOCABLE INDENTURE OF
TRUST OF BARTON BLATSTEIN DATED JULY 13, 1999, a Pennsylvania trust ("1999
Trust"; and together with 1998 Trust, "Original LPs"), WELSH-SQUARE, INC., a
Pennsylvania corporation ("Original GP"; Original LPs and Original GP are
sometimes collectively referred to herein as the "Owners", or each individually,
an "Owner") and CSC-COLUMBUS LLC ("Cedar").

                               W I T N E S S E T H

        WHEREAS, the Owners and Cedar entered into that certain Recapitalization
Agreement (the "Recap Agreement"), dated as of October 2, 2003.

        WHEREAS, the Owners and Cedar desire to modify the Recap Agreement as
hereinafter set forth.

        NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, the parties hereto covenant and agree
as follows:

                A.      Capitalized terms used, and not otherwise defined
herein, shall have the respective meanings set forth in the Recap Agreement.

                B.      Section 1.3 of the Recap Agreement is deemed to be
omitted in its entirety as are any references in the Recap Agreement to that
Section.

                C.      Section 7.1.1 of the Recap Agreement is deemed to be
modified to provide that the date upon which the Closing is scheduled to occur
shall be November 21, 2003.

                D.      Section 2.1 of the Agreement shall be deemed to be
modified to provide that the Owners Loan shall be made by Cedar Lender LLC, an
affiliate of Cedar, rather than by Cedar itself.

                E.      Except as expressly modified or amended by this
Amendment, all of the terms, covenants and conditions of the Recap Agreement are
hereby ratified and confirmed.

                F.      Except insofar as reference to the contrary is made in
any such instrument, all references to the "Recapitalization Agreement" in any
future correspondence or notice shall be deemed to refer to the Recap Agreement
as modified by this Amendment.

                G.      This Amendment may be signed in any number of
counterparts, each of which shall be deemed to be an original, with the same
effect as if the signatures thereto and hereto were on the same instrument.

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Agreement as of the date first above written.

                                  DELAWARE 1851 ASSOCIATES, LP
                                  By:  Welsh-Square, Inc., its general partner

                                       By:   /s/  Bart Blatstein
                                             ---------------------------------
                                             Name:   Bart Blatstein
                                             Title:  President

                                  WELSH-SQUARE, INC.

                                       By:   /s/  Bart Blatstein
                                             ---------------------------------
                                             Name:   Bart Blatstein
                                             Title:  President

                                  INDENTURE OF TRUST OF BART BLATSTEIN DATED
                                  AS OF JUNE 9, 1998

                                       By:   /s/  Jil Blatstein
                                             ---------------------------------
                                             Name:   Jil Blatstein
                                             Title:  Co-Trustee

                                       By:   /s/  Brian K. Friedman
                                             ---------------------------------
                                             Name:   Brian K. Friedman
                                             Title:  Co-Trustee

                                       By:   /s/  Joseph W. Seidle
                                             ---------------------------------
                                             Name:   Joseph W. Seidle
                                             Title:  Co-Trustee

                                  IRREVOCABLE INDENTURE OF TRUST OF BARTON
                                  BLATSTEIN DATED AS OF JULY 13, 1999

                                       By:   /s/  Brian K. Friedman
                                             ---------------------------------
                                             Name:   Brian K. Friedman
                                             Title:  Co-Trustee

                                       By:   /s/  Joseph W. Seidle
                                             ---------------------------------
                                             Name:   Joseph W. Seidle
                                             Title:  Co-Trustee

                                     -2-
<PAGE>

                                  CSC-COLUMBUS LLC

                                  By:  CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
                                       ITS MEMBER

                                        By:  CEDAR SHOPPING CENTERS, INC.,
                                             ITS GENERAL PARTNER

                                        By:  /s/  Brenda J. Walker
                                             ---------------------------------
                                             Name:   Brenda J. Walker
                                             Title:  Vice President

                                     -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>32
<FILENAME>ex10-09c.txt
<DESCRIPTION>EX10-09C.TXT
<TEXT>
<PAGE>

                 SECOND AMENDMENT TO RECAPITALIZATION AGREEMENT

        SECOND AMENDMENT TO AGREEMENT (this "Second Amendment") made as of this
9th day of December, 2003, by and among DELAWARE 1851 ASSOCIATES, LP, a
Pennsylvania limited partnership (the "Partnership"), INDENTURE OF TRUST OF BART
BLATSTEIN DATED AS OF JUNE 9, 1998, a Pennsylvania trust ("1998 Trust"),
IRREVOCABLE INDENTURE OF TRUST OF BARTON BLATSTEIN DATED JULY 13, 1999, a
Pennsylvania trust ("1999 Trust"; and together with 1998 Trust, "Original LPs"),
WELSH-SQUARE, INC., a Pennsylvania corporation ("Original GP"; Original LPs and
Original GP are sometimes collectively referred to herein as the "Owners", or
each individually, an "Owner") and CSC-COLUMBUS LLC ("Cedar").

                               W I T N E S S E T H

        WHEREAS, the Owners and Cedar entered into that certain Recapitalization
Agreement, dated as of October 2, 2003 (the "Original Agreement"), which was
amended by that certain Amendment to Recapitalization Agreement, between the
Owners and Cedar, dated as of November 3, 2003 (the Original Agreement, as so
amended, the "Recap Agreement")

        WHEREAS, the Owners and Cedar desire to further modify the Recap
Agreement as hereinafter set forth.

        NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, the parties hereto covenant and agree
as follows:

                A.      Capitalized terms used, and not otherwise defined
herein, shall have the respective meanings set forth in the Recap Agreement.

                B.      Section 7.1.1 of the Original Agreement is deemed to be
modified to provide that the date upon which the Closing is scheduled to occur
shall be December 10, 2003 (the "Scheduled Closing Date"), provided, however,
either party shall have the right to adjourn the Closing to a date no later than
December 22, 2003 (the "Outside Date"), by notice to the other party given at
any time prior to the Scheduled Closing Date, time being of the essence with
respect to the Outside Date.

                C.      Except as expressly modified or amended by this Second
Amendment, all of the terms, covenants and conditions of the Recap Agreement are
hereby ratified and confirmed.

                D.      Except insofar as reference to the contrary is made in
any such instrument, all references to the "Recapitalization Agreement" in any
future correspondence or notice shall be deemed to refer to the Recap Agreement
as modified by this Second Amendment.

                E.      This Second Amendment may be signed in any number of
counterparts, each of which shall be deemed to be an original, with the same
effect as if the signatures thereto and hereto were on the same instrument.

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Second Amendment as of the date first above written.

                                 DELAWARE 1851 ASSOCIATES, LP
                                 By:   Welsh-Square, Inc., its general partner

                                       BY:   /s/  Bart Blatstein
                                             -----------------------------------
                                             Name:    Bart Blatstein
                                             Title:   President

                                 WELSH-SQUARE, INC.

                                       BY:   /s/  Bart Blatstein
                                             -----------------------------------
                                             Name:    Bart Blatstein
                                             Title:   President

                                 INDENTURE OF TRUST OF BART BLATSTEIN DATED
                                 AS OF JUNE 9, 1998

                                       BY:   /s/  Jil Blatstein
                                             -----------------------------------
                                             Name:    Jil Blatstein
                                             Title:   Co-Trustee

                                       BY:   /s/  Brian K. Friedman
                                             -----------------------------------
                                             Name:    Brian K. Friedman
                                             Title:   Co-Trustee

                                       BY:   /s/  Joseph W. Seidle
                                             -----------------------------------
                                             Name:    Joseph W. Seidle
                                             Title:   Co-Trustee

                                 IRREVOCABLE INDENTURE OF TRUST OF BARTON
                                 BLATSTEIN DATED AS OF JULY 13, 1999

                                       BY:   /s/  Brian K. Friedman
                                             -----------------------------------
                                             Name:    Brian K. Friedman
                                             Title:   Co-Trustee

                                       BY:   /s/  Joseph W. Seidle
                                             -----------------------------------
                                             Name:    Joseph W. Seidle
                                             Title:   Co-Trustee

                                     -2-
<PAGE>

                                 CSC-COLUMBUS LLC

                                 By:   CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
                                       ITS MEMBER

                                       BY:   CEDAR SHOPPING CENTERS
                                             PARTNERSHIP, L.P.,
                                             ITS GENERAL PARTNER

                                       BY:   /s/  Brenda J. Walker
                                             -----------------------------------
                                             Name:    Brenda J. Walker
                                             Title:   Vice President

                                       -3-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>33
<FILENAME>ex10-09d.txt
<DESCRIPTION>EX10-09D.TXT
<TEXT>
<PAGE>

                        RIGHT OF FIRST REFUSAL AGREEMENT

        RIGHT OF FIRST REFUSAL AGREEMENT (this "Agreement") executed on this
19th day of November, 2003, and effective as of this 9th day of December, 2003,
by and among Welsh-Square, Inc., a Pennsylvania corporation ("WSI"), Indenture
of Trust of Bart Blatstein dated as of June 9, 1998, a Pennsylvania trust ("1998
Trust") and Irrevocable Indenture of Trust of Barton Blatstein dated July 13,
1999, a Pennsylvania trust ("1999 Trust"; and together with WSI and 1998 Trust,
collectively, the "Owners") and Delaware 1851 Associates, L.P., a Pennsylvania
Limited Partnership (the "Partnership").

                                   WITNESSETH

        WHEREAS, the Partnership is the owner of the property described in
Exhibit A annexed hereto.

        WHEREAS, the Owners desire that the Partnership grant the First Refusal
Option (as that term is hereinafter defined).

        WHEREAS, the Partnership is willing to grant to the Owners the First
Refusal Option.

        NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, the parties hereto covenant and agree
as follows:

        1.      Subject to the terms of this Agreement, the Partnership agrees
that if any time the Partnership shall receive a bona fide written offer (an
"Offer") for the purchase of all or any portion of the Property which the
Partnership proposes to accept, the Partnership shall, within five (5) days of
the date of receipt of such Offer, give prompt written notice thereof to the
Owners (the "First Refusal Notice"). The First Refusal Notice shall set forth
the material terms and conditions of the Offer, including, the closing date, the
sales price, the down payment, the timing of payment, any financing contingency,
and any due diligence period, together with the permitted encumbrances which the
proposed purchaser is required to accept. The Owners shall have the option (the
"First Refusal Option") to purchase the Property strictly on the same terms and
conditions set forth in the First Refusal Notice. Such First Refusal Option
shall be exercisable by the Owner's (a "First Refusal Exercise Notice")
delivered to the Partnership not later than the tenth (10th) Business Day (the
"First Refusal Exercise Notice Date") following the date that such First Refusal
Notice is received by the Owners. Time is of the essence with respect to the
Owner's giving of the First Refusal Exercise Notice to the Partnership. The
First Refusal Option shall be exercisable by the Owners in accordance with, and
shall be subject to and governed by, the terms, covenants and conditions
contained in this Paragraph 1. The closing of any sale to the Owners shall occur
on the date (the "First Refusal Closing Date") that is the later to occur of (x)
the closing date set forth in the First Refusal Notice and (y) thirty (30) days
after the date of delivery by the Owners of the First Refusal Exercise Notice.
If the Owners shall timely and properly give a First Refusal Exercise Notice to
the Partnership, the parties shall proceed in good faith and with due diligence
to enter into documentation necessary to consummate the sale of the Property
which shall reflect the terms of the Offer set forth in such First Refusal
Notice, together with other commercially reasonable terms. If the parties shall
fail

<PAGE>

to enter into such documentation by the First Refusal Closing Date, the Owners'
First Refusal Exercise Notice shall be deemed to be revoked.

        2.      If the Owners fail to give a First Refusal Exercise Notice to
the Partnership on or before the respective First Refusal Exercise Notice Date
or the Owners shall elect not to accept the Offer set forth in the respective
First Refusal Notice on or before such First Refusal Exercise Notice Date or the
Owners' First Refusal Exercise Notice shall be deemed to be revoked (as
contemplated by the last sentence of Paragraph 1), then the First Refusal Option
shall be deemed revoked, null and void, and of no further force and effect, and
the Partnership may thereafter proceed with the sale of the Property so long as
the purchase price for such sale is at least ninety fie (95%) percent of the
purchase price set forth in the First Refusal Notice; provided however, if the
Partnership shall fail to close such transaction within ten (10) months after
the respective First Refusal Exercise Notice Date, then the Owners' First
Refusal Option shall continue to apply to any subsequent availability for sale
of the Property.

        3.      If the Owners shall timely and properly give a First Refusal
Exercise Notice to the Partnership, and the parties shall timely enter into
documentation necessary to consummate the sale of the Property, but the closing
shall fail to occur due to a default by the Owners, then the First Refusal
Option shall be deemed permanently revoked, null and void, and of no further
force or effect.

        4.      This Agreement shall automatically terminate upon the earlier of
(i) the date which is ten (10) years from the date hereof, and (ii) the
nullification of the First Refusal Option pursuant to Section 3. Notwithstanding
such automatic termination, the Owners shall, upon the termination of this
Agreement, execute and deliver a document, in form suitable for recording,
terminating all of its right, title, and interest in and to the First Refusal
Option, and, if the Owners fail to do so within twenty (20) days following the
date of such termination, the Owners shall be deemed to have designated a power
of attorney to the Partnership to execute such termination on the Owners behalf.

        5.      Notices. Any notice required or permitted to be delivered herein
shall be deemed to be delivered (a) when received by the addressee if delivered
by courier service, (b) if mailed, two days after deposit in the United States
Mail, postage prepaid, certified mail, return receipt requested, (c) if sent by
recognized overnight service (such as US Express Mail, Federal Express, UPS,
Airborne, etc.), then one day after delivery of same to an authorized
representative or agency of the said overnight service or (d) if sent by a
telecopier, when transmission is received by the addressee with electronic or
telephonic confirmation, in each such case addressed or telecopied to the Owners
or the Partnership, as the case may be, at the address or telecopy number set
forth opposite the signature of such party hereto. Notifications are as follows:

TO OWNERS:                            c/o Tower Investments, Inc.
                                      One Reed Street
                                      Philadelphia, Pennsylvania 19147
                                      Attention: Mr. Bart Blatstein and Brian K.
                                      Friedman, Esq.

<PAGE>

                                      Telecopier: (215) 755-8666

with a copy to:                       Mr. Robert C. Jacobs
                                      1700 Walnut Street, Suite 200
                                      Philadelphia, Pennsylvania 19103
                                      Telecopier: (215) 545-1559

TO THE PARTNERSHIP:                   c/o Cedar-Columbus LLC
                                      44 South Bayles Avenue
                                      Port Washington, New York 11050
                                      Attention: Leo S. Ullman
                                      Telecopier: (516) 767-6497

with a copy to:                       Stroock & Stroock & Lavan LLP
                                      180 Maiden Lane
                                      New York, New York 10038
                                      Attention: Mark A. Levy, Esq.
                                      Telecopier: (212) 806-6006

        6.      Subordination. Notwithstanding anything to the contrary
contained in this Agreement, both this Agreement and the Owners' right, title,
and interest in and to the First Refusal Option are and shall hereafter be
subject and subordinate to any mortgage now or hereafter encumbering the
Property or any portion thereof. The Owners rights with the First Refusal Option
shall not apply in connection with any foreclosure of the property or deed in
lieu thereof.

        7.      Days. Except where business days are expressly referred to,
references in this Agreement to days are to calendar days, not business days.
"Business Day" means any calendar day except a Saturday, Sunday or banking
holiday.

        8.      Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD
TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

        9.      Partnership Agreement. Nothing contained herein shall be deemed
to modify or amend the terms and conditions of that certain Amended and Restated
Agreement of Limited Partnership of Delaware 1851 Associates, LP, of even date
herewith, between Cedar-Columbus LLC, a Delaware limited liability company,
CSC-Columbus LLC, a Delaware limited liability company, and Owners.

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have duly executed and delivered
this Agreement as of the date first above written.

                                  WELSH-SQUARE, INC.

                                      By:  /s/  Bart Blatstein
                                           -------------------------------------
                                           Name:    Bart Blatstein
                                           Title:   President

                                  INDENTURE OF TRUST OF BART BLATSTEIN
                                  DATED AS OF JUNE 9, 1998

                                      By:  /s/  Jil Blatstein
                                           -------------------------------------
                                           Name:    Jil Blatstein
                                           Title:   Co-Trustee

                                      By:  /s/  Brian K. Friedman
                                           -------------------------------------
                                           Name:    Brian K. Friedman
                                           Title:   Co-Trustee

                                      By:  /s/  Joseph W. Seidle
                                           -------------------------------------
                                           Name:    Joseph W. Seidle
                                           Title:   Co-Trustee

                                  IRREVOCABLE INDENTURE OF TRUST OF
                                  BARTON BLATSTEIN DATED JULY 13, 1999

                                      By:  /s/  Brian K. Friedman
                                           -------------------------------------
                                           Name:    Brian K. Friedman
                                           Title:   Co-Trustee

                                      By:  /s/  Joseph W. Seidle
                                           -------------------------------------
                                           Name:    Joseph W. Seidle
                                           Title:   Co-Trustee

<PAGE>

                                  DELAWARE 1851 ASSOCIATES, LP

                                  By:   CEDAR-COLUMBUS LLC
                                        its general partner

                                        By:   CEDAR SHOPPING CENTERS
                                              PARTNERSHIP, L.P.,
                                              its member

                                              By:  CEDAR SHOPPING CENTERS, INC.
                                                   its general partner

                                                    By:  /s/  Brenda J. Walker
                                                         ---------------------
                                                         Name:  Brenda J. Walker
                                                         Title: Vice President

<PAGE>

COMMONWEALTH OF PENNSYLVANIA    )
                                )  ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003 before me, the undersigned Notary
Public, personally appeared BART BLATSTEIN, who acknowledged himself to be the
President of WELSH-SQUARE, INC., a Pennsylvania corporation, and that he, as
such President, being authorized to do so, executed the foregoing instrument for
the purposes therein contained by signing the name of the corporation by himself
as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
------------------------
           Notary Public

My commission expires:

COMMONWEALTH OF PENNSYLVANIA    )
                                )  ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003, before me, the undersigned Notary
Public, personally appeared JIL BLATSTEIN known to me (or satisfactorily proven)
to be the person whose name is subscribed to the within instrument, and
acknowledged that she executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
------------------------
           Notary Public

My commission expires:

<PAGE>

COMMONWEALTH OF PENNSYLVANIA    )
                                ) ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003, before me, the undersigned Notary
Public, personally appeared BRIAN K. FRIEDMAN known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that he executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
------------------------
           Notary Public

My commission expires:

COMMONWEALTH OF PENNSYLVANIA    )
                                )  ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003, before me, the undersigned Notary
Public, personally appeared JOSEPH W. SEIDLE known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that he executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
------------------------
           Notary Public

My commission expires:

<PAGE>

STATE OF NEW YORK               )
                                )  ss:
COUNTY OF NASSAU                )

AND NOW, this 19th day of November, 2003, before me, the undersigned Notary
Public, personally appeared BRENDA J. WALKER, who acknowledged herself to be the
Vice President of the CEDAR SHOPPING CENTERS, INC., a Pennsylvania corporation,
and that she, as such Vice President, being authorized to do so, executed the
foregoing instrument for the purposes therein contained by signing the name of
the corporation by herself as Vice President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
------------------------
           Notary Public

My commission expires:
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>34
<FILENAME>ex10-09e.txt
<DESCRIPTION>EX10-09E.TXT
<TEXT>
<PAGE>

                                 LOAN AGREEMENT

                THIS LOAN AGREEMENT (this "Agreement") made as of the 9th day of
December, 2003, between WELSH-SQUARE, INC., a Pennsylvania corporation having an
address c/o Tower Investments, Inc., One Reed Street, Philadelphia, Pennsylvania
19147 ("WSI"), INDENTURE OF TRUST OF BART BLATSTEIN DATED AS OF JUNE 9, 1998, a
Pennsylvania trust having an address c/o Tower Investments, Inc., One Reed
Street, Philadelphia, Pennsylvania ("1998 Trust") and IRREVOCABLE INDENTURE OF
TRUST OF BARTON BLATSTEIN DATED JULY 13, 1999, a Pennsylvania trust having an
address c/o Tower Investments, Inc., One Reed Street, Philadelphia, Pennsylvania
("1999 Trust"; WSI, 1998 Trust and 1999 Trust are collectively referred to
herein as "Borrower"), and CEDAR LENDER LLC, a Delaware limited liability
company having an address at 44 South Bayles Avenue, Port Washington, New York
11050 ("Lender").

                              W I T N E S S E T H :

                WHEREAS, Lender has agreed to fund a Loan to Borrower in the
principal amount of Six Million Three Hundred Sixty Seven Thousand ($6,367,000)
Dollars (the "Loan") pursuant to the terms and conditions of this Agreement; and

                WHEREAS, the Loan is evidenced by a promissory note of even date
herewith made by Borrower to Lender, in the principal amount of Six Million
Three Hundred Sixty Seven Thousand ($6,367,000) Dollars (the "Note") and is
secured by, among other things, a pledge and security agreement of even date
herewith made by Borrower to or for the benefit of Lender (the "Security
Agreement") (this Agreement, the Note and the Security Agreement and any other
documents delivered by Borrower to Lender in connection with the Loan are
sometimes collectively referred to herein as the "Loan Documents").

                NOW, THEREFORE, in consideration of ten dollars ($10) and other
good and valuable consideration, the receipt of which is hereby acknowledged,
Lender and Borrower hereby covenant and agree as follows:

        1.      Capitalized Terms. Any undefined capitalized terms used in this
Agreement shall have the meanings ascribed to them in that certain Amended and
Restated Agreement of Limited Partnership of Delaware 1851 Associates, LP, dated
as of the date hereof (the "Partnership Agreement").

        2.      Loan Terms. Subject to the terms and conditions of this
Agreement and the other Loan Documents, Lender agrees to make the Loan to
Borrower, such borrowing to be evidenced by the Note and secured by the Security
Agreement.

        3.      Term.

                (A)     The Loan shall be due and payable in full, unless
accelerated sooner pursuant to the terms of this Loan Agreement, on the tenth
(10th) anniversary of the date hereof (the "Maturity Date"); provided, however,
that all unpaid principal and accrued and unpaid interest on the Loan shall
become immediately due and payable prior to such time upon the redemption of the
Preferred Interests in full. If the Preferred Interests are redeemed in part for

<PAGE>

cash, a portion of the unpaid principal and accrued and unpaid interest on the
Loan shall become immediately due and payable in an amount equal to such cash
payment.

        4.      Disbursement to Borrower. The Loan is being fully disbursed on
the date hereof, and any amount borrowed hereunder in respect of the Loan may
not be reborrowed.

        5.      Interest. The outstanding principal balance of the Loan which is
not past due shall (i) bear interest at a basic rate of 6.755% per annum,
compounded annually (the "Basic Rate"), and (ii) accrue interest at the rate of
0.393%, per annum, compounded annually (the "Special Rate"). Interest at the
Basic Rate shall, subject to Borrower's right to defer payments pursuant to
Section 6(D) below, be paid on each Payment Date (as that term is hereinafter
defined). Interest at the Special Rate shall be deferred until the Maturity Date
or earlier repayment of the Loan. Subject to Borrower's right to defer payments
pursuant to Section 6(D) below, any principal and, to the extent permitted by
applicable law, any interest at the Basic Rate on the Note, which is not paid
when due shall bear interest, from the date due and payable until paid, payable
on demand, at a rate per annum equal to the lesser of (i) four percent (4%) in
excess of the Basic Rate (the "Default Rate"), and (ii) the maximum rate
permitted under applicable law.

        6.      Payments.

                (A)     "Applicable Period" shall mean (i) with respect to the
first Payment Date, the period commencing on the date hereof and ending on the
day immediately preceding the first Payment Date, and (ii) with respect to each
Payment Date thereafter (a "Subsequent Payment Date"), the period commencing on
the Payment Date immediately preceding the Subsequent Payment Date and ending on
the day immediately preceding such Subsequent Payment Date.

                (B)     "Payment Date" shall mean the date that the Partnership
shall make distributions pursuant to Section 5.1 or Section 5.2 of the
Partnership Agreement.

                (C)     Subject to the terms of Section 6(D) below, Borrower
shall make payments of interest at the Basic Rate on each Payment Date, with
each such payment to be applied to the interest which has accrued at the Basic
Rate during the Applicable Period with respect to such Payment Date.

                (D)     Notwithstanding the provisions of Section 6(C) above,
Borrower shall have the right to defer the payment of interest on the Loan that
shall have accrued at the Basic Rate in any Applicable Period to the extent that
the interest at the Basic Rate for such Applicable Period exceeds the amount of
distributions made to the Preferred Group pursuant to Section 5.1(b)(1) and
Section 5.2(b)(2) of the Partnership Agreement for such Applicable Period. To
the extent that the payment of interest at the Basic Rate shall be deferred
pursuant to the immediately preceding sentence, such deferred interest shall
accrue interest at the Basic Rate and same shall be payable in each subsequent
Applicable Period, to the extent of the excess, if any, of (x) the distributions
made pursuant to Section 5.1(b)(1) and Section 5.2(b)(2) of the Partnership
Agreement for such subsequent Applicable Period, over (y) the interest at the
Basic Rate on the Loan for such Applicable Period.

                (E)     If and to the extent that the Preferred Group shall
receive distributions under Section 5.2(b)(1) of the Partnership Agreement, such
distributions shall be applied first to

                                        2
<PAGE>

any accrued and unpaid interest at the Basic Rate, and then to the payment of
(i) accrued and unpaid interest at the Special Rate, (ii) the Exit Fee (as that
term is hereinafter defined), and (iii) the repayment of principal under the
Loan (with each such distribution being allocated between such items (i), (ii)
and (iii) in the same proportions as if such distribution was a complete
distribution of the Borrower's Preferred Interests).

        7.      Events of Default. If any of the following events has occurred,
an "Event of Default" shall be deemed to exist:

                (A)     Borrower fails to make any payment (subject to
Borrower's right to defer payments pursuant to Section 6(D) above) under the
Note or under any other Loan Document when due and payable, and such failure
shall not have been cured by the date which is five (5) business days after
Lender shall have given Borrower notice thereof;

                (B)     Borrower shall take any action that acts to revocate the
direction to the Partnership pursuant to that certain letter agreement dated the
date hereof among the Partnership and each of the Partners to pay directly to
Lender, for so long as the Loan is outstanding, all cash distributions on the
Preferred Interest distributed pursuant to Section 5.1(b)(1), Section 5.2(b)(1),
and Section 5.2(b)(2) of the Partnership Agreement and any cash distributed in
redemption of the Preferred Interest in an amount equal to the amount
distributed, and such default shall not have been cured by the date which is
five (5) business days after Lender shall have given Borrower notice thereof;

                (C)     Any of the representations or warranties made by
Borrower in any Loan Document shall be, or at any time shall become, false or
inaccurate in any material respect, and such default shall not have been cured
by the date which is five (5) business days after Lender shall have given
Borrower notice thereof, provided that if same cannot reasonably be cured within
such five (5) day period and Borrower shall have commenced to cure same within
such five (5) day period and thereafter diligently and expeditiously proceeds to
cure the same, such five (5) day period shall be extended for so long as it
shall require Borrower in the exercise of due diligence to cure such breach, it
being agreed that no such extension shall be for a period in excess of twenty
(20) days;

                (D)     If Borrower shall continue to be in default under any
other term, covenant or condition of any Loan Document in the case of any
default which can be cured by the payment of a sum of money for more than ten
(10) days after notice from Lender, or in the case of any other default
("Non-Monetary Default") for thirty (30) days after notice from Lender, provided
that if such Non-Monetary Default cannot reasonably be cured within such thirty
(30) day period and Borrower shall have commenced to cure such Non-Monetary
Default within such thirty (30) day period and thereafter diligently and
expeditiously proceeds to cure the same, such thirty (30) day period shall be
extended for so long as it shall require Borrower in the exercise of due
diligence to cure such Non-Monetary Default, it being agreed that no such
extension shall be for a period in excess of sixty (60) days;

                (E)     If any event of default by the Riverview Borrowers (as
that term is hereinafter defined), occurs under any of the documents evidencing,
securing, guaranteeing or otherwise related to that certain loan, dated as of
November 3, 2003, in the principal amount of

                                        3
<PAGE>

$26,743,000 extended by Lender to Firehouse Realty Corp. ("Firehouse"), Reed
Development Associates, Inc. ("Reed"), South River View Plaza, Inc. ("South"),
Riverview Development Corp. ("Development"), Riverview Commons, Inc. ("Commons";
and together with Firehouse, Reed, South and Development, the "Riverview
Borrowers"), after the expiration of any applicable notice and cure period
provided in such documents.

                (F)     If a default by Borrower occurs under that certain
Administrative Fee Agreement, of even date herewith, between Borrower and Cedar
GP, and such default shall not have been cured by the date which is five (5)
business days after Lender shall have given Borrower notice thereof; and

                (G)     If a default by Borrower shall have occurred and be
continuing under Sections 8.5, 10.3, and 10.4 of the Recap Agreement (subject to
Borrower's rights to the extent provided in the Recap Agreement, to dispute or
contest same) or Sections 5.5 (subject to Borrower's rights to the extent
provided in the Partnership Agreement, to dispute or contest same) or 5.6 of the
Partnership Agreement.

        8.      Remedies.

                (A)     Upon the occurrence of an Event of Default described in
Sections 7(A)-(E), Lender may, at its option:

                        (i)     Declare immediately due and payable and
                accelerate the entire unpaid principal balance of the Loan and
                all accrued interest thereon without advance notice to Borrower,
                the same becoming immediately due and payable; and

                        (ii)    Invoke any other remedies set forth in any of
                the other Loan Documents.

                (B)     Upon the occurrence of an Event of Default described in
Section 7(G), Lender may, at its option, take one or more of the following
actions: (i) declare immediately due and payable and accelerate a portion of the
Loan equal to the amount of the loss, cost, expense or damage suffered by the
Partnership or any member of the Cedar Group as a result thereof (the "Lender
Loss") and all accrued interest thereon without advance notice to Borrower, the
same becoming immediately due and payable, and/or (ii) treat Borrower as having
transferred to Lender a portion of its Preferred Interest in an amount equal to
the Lender Loss and Lender as having assumed (and Borrower as having been
relieved of) the amount of the Company's liabilities allocated to the Borrower
prior to the exercise of the rights contained in this Section 8(B)(ii)
multiplied by a fraction the numerator of which is the Lender Loss and the
denominator of which is the balance of the Preferred Interest prior to such
Event of Default. Notwithstanding anything to the contrary contained in this
Section 8(B), Borrower shall not have satisfied its obligations with respect to
the Sections 8.5, 10.3; or 10.4 of the Recap Agreement or Sections 5.5 or 5.6 of
the Partnership Agreement unless and until such time as it shall have made a
cash payment to the Lender in the amount of the Lender Loss. Nothing contained
in this Section 8(B) shall affect any rights of the parties pursuant to the
Recap Agreement.

                                        4
<PAGE>

        9.      Transfer by Lender.

                (A)     Borrower shall not be permitted to transfer the Loan or
its obligations thereunder, without the consent of Lender.

                (B)     Lender shall be permitted to transfer its interest in
the Loan without the consent of Borrower, provided, that CSC-Columbus LLC makes
a corresponding transfer of its interests in the Partnership Agreement to an
affiliate of the entity to which the Loan is transferred.

                (C)     Upon the transfer of Lender's interest in the Loan,
Lender may deliver all the collateral mortgaged, granted, pledged or assigned
pursuant to the Loan Documents, or any part thereof, to the transferee who shall
thereupon become vested with all the rights herein or under applicable law given
to Lender with respect thereof, and Lender shall thereafter forever be relieved
and fully discharged from any liability or responsibility in the matter; but
Lender shall retain all rights hereby given to it with respect to the
liabilities and the collateral not so transferred.

        10.     Prepayment. Borrower shall have the right to prepay all or any
portion of the unpaid principal balance of the Loan at any time; provided in
connection with any such prepayment, Borrower shall be obligated to pay to
Lender the Exit Fee (as that term is hereinafter provided). In the event the
Borrower makes such prepayment, in addition to the Exit Fee, Borrower shall pay
all accrued and unpaid interest (in the manner provided in Section 6(E) above)
on the amount of principal prepaid and payment of all other sums then due under
this Agreement and the other Loan Documents. The "Exit Fee" shall be a sum equal
to the product of $250,000.00 times (i) a fraction, the numerator of which is
the principal amount of the Loan being prepaid and the denominator of which is
Six Million Three Hundred Sixty Seven Thousand ($6,367,000) Dollars, times (ii)
a fraction the numerator of which is the number of whole or partial months
remaining until the Maturity Date, and the denominator of which is One Hundred
Twenty (120).

        11.     Construction of Agreement. The titles and headings of the
paragraphs of this Agreement have been inserted for convenience of reference
only and are not intended to summarize or otherwise describe the subject matter
of such paragraphs and shall not be given any consideration in the construction
of this Agreement. As used herein, the terms "include(s)" and "including" shall
mean "include(s), without limitation" and "including, without limitation,"
respectively.

        12.     Parties Bound, etc. The provisions of this Agreement shall be
binding upon and inure to the benefit of Borrower, Lender and their respective
heirs, executors, legal representatives, successors and assigns (except as
otherwise prohibited by the Loan Documents).

        13.     Waivers. Lender may at any time and from time to time waive any
one or more of the conditions contained herein, but any such waiver shall be
deemed to be made in pursuance hereof and not in modification thereof, and any
such waiver in any instance or under any particular circumstance shall not be
considered a waiver of such condition in any other instance or any other
circumstance.

                                        5
<PAGE>

        14.     Governing Law. This Agreement is and shall be deemed to be a
contract entered into pursuant to the laws of the Commonwealth of Pennsylvania
and shall in all respects be governed, construed, applied and enforced in
accordance with the laws of the Commonwealth of Pennsylvania.

        15.     Severability. If any term, covenant or provision of this
Agreement shall be held to be invalid, illegal or unenforceable in any respect,
this Agreement shall be construed without such term, covenant or provision.

        16.     Notices. All notices, demands, requests or other communications
which may be or are required to be given, served, or sent by any party to any
other party pursuant to this Agreement shall be in writing and shall be hand
delivered or mailed by first-class, registered or certified mail, return receipt
requested, postage prepaid, or transmitted by facsimile (with the original to be
sent the same day by Federal Express or other recognized overnight delivery
service) or by Federal Express or other recognized overnight delivery service
addressed to the recipient at its address set forth below (or at such other
address as the recipient may theretofore have designated in writing). Each
notice, demand, request or communication which shall be hand delivered or mailed
in the manner described shall be deemed sufficiently given, served, sent,
received, or delivered for all purposes on the first Business Day following the
day the notice is delivered to the addressee (with the return receipt, the
delivery receipt, or the affidavit of messenger being deemed conclusive (but not
exclusive) evidence of such delivery) or the first Business Day following the
day that delivery of the Notice is refused by the addressee upon presentation.
Each notice, demand, request or communication which shall be faxed in the manner
described above shall be deemed sufficiently given, served, sent, received, or
delivered for all purposes on the first Business Day following the date of such
facsimile. Subject to the above, all Notices shall be addressed as follows:

TO BORROWER:                        c/o Tower Investments, Inc.
                                    One Reed Street
                                    Philadelphia, Pennsylvania 19147
                                    Attention: Mr. Bart Blatstein and Brian K.
                                    Friedman,
                                    Esq.
                                    Telecopier: (215) 755-8666

with a copy to:                     Mr. Robert C. Jacobs
                                    1700 Walnut Street, Suite 200
                                    Philadelphia, Pennsylvania 19103
                                    Telecopier: (215) 545-1559

TO LENDER:                          c/o Cedar Shopping Centers Partnership, L.P.
                                    44 South Bayles Avenue
                                    Port Washington, New York 11050
                                    Attention: Mr. Leo S. Ullman
                                    Telecopier: (516) 767-6497

                                        6
<PAGE>

with a copy to:                     Stroock & Stroock & Lavan LLP
                                    180 Maiden Lane
                                    New York, New York 10038
                                    Attention: Mark A. Levy, Esq.
                                    Telecopier: (212) 806-6006

        17.     Modification. This Agreement may not be modified, amended or
terminated, except by an agreement in writing executed by the parties hereto.

        18.     Exculpation. Notwithstanding any other provision in this
Agreement or the other Loan Documents, the liability of Borrower under this
Agreement and the other Loan Documents shall be limited to the Pledged
Collateral (as defined in the Security Agreement), and Lender shall not seek any
judgment against Borrower or its direct or indirect partners, members,
shareholders, principals, affiliates, officers, directors, employees or agents,
or any representatives of any of the foregoing.

                            [Signature Page Follows]

                                        7
<PAGE>

                IN WITNESS WHEREOF, Borrower and Lender have duly executed this
Agreement as of the day and year first above written.

                                      BORROWER

                                      WELSH-SQUARE, INC.

                                      By:   /s/ Bart Blatstein
                                            ------------------------------------
                                            Name:  Bart Blatstein
                                            Title: President

                                      INDENTURE OF TRUST OF BART BLATSTEIN DATED
                                      AS OF JUNE 9, 1998

                                      By:   /s/  Jil Blatstein
                                            ------------------------------------
                                            Name:  Jil Blatstein
                                            Title: Co-Trustee

                                      By:   /s/  Brian K. Friedman
                                            ------------------------------------
                                            Name:  Brian K. Friedman
                                            Title: Co-Trustee

                                      By:   /s/  Joseph W. Seidle
                                            ------------------------------------
                                            Name:  Joseph W. Seidle
                                            Title: Co-Trustee

                                      IRREVOCABLE INDENTURE OF TRUST OF BARTON
                                      BLATSTEIN DATED AS OF JULY 13, 1999

                                      By:   /s/  Brian K. Friedman
                                            ------------------------------------
                                            Name:  Brian K. Friedman
                                            Title: Co-Trustee

                                      By:   /s/  Joseph W. Seidle
                                            ------------------------------------
                                            Name:  Joseph W. Seidle
                                            Title: Co-Trustee

                                        8
<PAGE>

                                      LENDER:

                                      CEDAR LENDER LLC

                                            BY:  CEDAR SHOPPING CENTERS
                                                 PARTNERSHIP, L.P.,
                                                 its member

                                            BY:  CEDAR SHOPPING CENTERS, INC.
                                                 its general-partner

                                                 By:  /s/  Brenda J. Walker
                                                      --------------------------
                                                      Name:   Brenda J. Walker
                                                      Title:  Vice President

                                        9
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>35
<FILENAME>ex10-09f.txt
<DESCRIPTION>EX10-09F.TXT
<TEXT>
<PAGE>

                                 PROMISSORY NOTE

$17,500,000.00                                                  December 9, 2003

1.      Promise To Pay.

        FOR VALUE RECEIVED, CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a Delaware
limited partnership having an address at 44 South Bayles Avenue, Port
Washington, New York 11050 (hereinafter, the "Borrower") promises to pay to the
order of FLEET NATIONAL BANK, a national banking association, having an address
at 100 Federal Street, Boston, Massachusetts 02110 (hereinafter, a "Lender"),
the principal sum of SEVENTEEN MILLION AND FIVE HUNDRED THOUSAND DOLLARS
($17,500,000.00), with interest thereon, or on the amount thereof from time to
time outstanding, to be computed, as hereinafter provided, on each advance from
the date hereof until such principal sum shall be fully paid. Interest and
principal shall be payable as set forth below. The total principal sum, or the
amount thereof outstanding, together with any accrued but unpaid interest, shall
be due and payable within five (5) Business Days after DEMAND by the Lender,
which demand made be made at any time in the sole and absolute discretion of the
Lender. "Business Day" shall mean any day other than a Saturday, Sunday, or
other day on which commercial banks in Boston, Massachusetts, are authorized or
required to close under the laws of the Commonwealth of Massachusetts.

2.      Interest Rate/Payments.

        2.1.    Principal amounts outstanding under this Note shall bear
interest at the floating rate equal to the aggregate of the Prime Rate plus one
quarter percent (.25%) per annum. The term "Prime Rate" means the greater of (i)
a variable per annum rate of interest so designated from time to time by Fleet
National Bank (or any successor thereto), as its prime rate, or (ii) the Federal
Funds Rate plus 0.50% per annum. The Prime Rate is a reference rate and does not
necessarily represent the lowest or best rate being charged to any customer.

        2.2.    All interest shall be: (a) payable in arrears commencing January
1, 2004 and on the same day of each month thereafter until the principal
together with all interest and other charges payable with respect to the Note
shall be fully paid; and (b) calculated on the basis of a 360 day year and the
actual number of days elapsed. Each change in the Prime Rate shall
simultaneously change the rate payable under this Note.

        2.3.    This Note or any portion thereof may be prepaid in full or in
part at any time. Amounts paid or prepaid may not be reborrowed.

        2.4.    All payments of interest, principal and fees shall be made in
lawful money of the United States in immediately available funds, without
counterclaim or setoff and free and clear of, and without any deduction or
withholding for, any taxes or other payments: (a) by direct charge to an account
of Borrower maintained with the Lender, or, if not paid under this subsection
(a), (b) by wire transfer to Lender or (c) to such other bank or address as the
holder of the Note may designate in a written notice to Borrower. Payments shall
be credited on the business day on which immediately available funds are
received prior to 1:00 p.m. (Eastern

<PAGE>

time); payments received after 1:00 p.m. (Eastern time) shall be credited to the
Note on the next business day. Payments which are by check, which Lender may at
its option accept or reject, or which are not in the form of immediately
available funds shall not be credited to the Note until such funds become
immediately available to Lender, and, with respect to payments by check, such
credit shall be provisional until the item is finally paid by the payor bank.

        2.5.    Lender may submit monthly billings reflecting payments due;
however, any changes in the interest rate which occur between the date of
billing and the due date may be reflected in the billing for a subsequent month.
Neither the failure of Lender to submit a billing nor any error in any such
billing shall excuse Borrower from the obligation to make full payment of all
Borrower's payment obligations when due.

        2.6.    Lender shall have the option of imposing, and Borrower shall pay
upon billing therefor, an interest rate which is four percent (4.0%) per annum
above the rate then in effect with respect to the Note ("Default Rate")
following the fifth (5th) Business Day after any demand for payment in full by
the Lender.

        2.7.    Borrower shall pay a late charge (herein, the "Late Charge")
equal to five percent (5%) of the amount of any interest, which is not paid
within ten (10) days of the due date thereof. Late charges are: (a) payable in
addition to, and not in limitation of, the Default Rate, (b) intended to
compensate Lender for administrative and processing costs incident to late
payments, (c) are not interest, and (d) not subject to refund or rebate or
credited against any other amount due.

        2.8.    All payments shall be applied first to the payment of all fees,
expenses and other amounts due to the Lender (excluding principal and interest),
then to accrued interest, and the balance on account of outstanding principal;
provided, however, that after demand, payments will be applied to the
obligations of Borrower to the Lender as Lender determines in its sole
discretion.

        2.9.    Upon the execution hereof, the Borrower shall pay to the Lender
a closing fee of $100,000.00.

3.      Acceleration.

        Upon demand by the Lender, this Note and the indebtedness evidenced
hereby shall become immediately due and payable without further notice or
demand, and notwithstanding any prior waiver of any breach or default, or other
indulgence. Upon such demand, Lender shall have, in addition to any rights and
remedies contained herein, any and all rights and remedies set forth under
applicable law. The rights, remedies, powers, privileges, and discretions of the
Lender hereunder (herein, the "LENDER'S RIGHTS AND REMEDIES") shall be
cumulative and not exclusive of any rights or remedies which it would otherwise
have. No delay or omission by the Lender in exercising or enforcing any of the
Lender's Rights and Remedies shall operate as, or constitute, a waiver thereof.
No waiver by the Lender of any of the Lender's Rights and Remedies or of any
default or remedies under any other agreement with the Borrower, or of any
default under any agreement with the Borrower, or any other person liable or
obligated for or on the liabilities under this Note, shall operate as a waiver
of any other of the Lender's Rights and

                                       -2-
<PAGE>

Remedies or of any default or remedy hereunder or thereunder. No exercise of any
of the Lender's Rights and Remedies and no other agreement or transaction of
whatever nature entered into between the Lender and the Borrower and/or between
the Lender and any such other person at any time shall preclude any other
exercise of the Lender's Rights and Remedies. No waiver by the Lender of any of
the Lender's Rights and Remedies on any one occasion shall be deemed a waiver on
any subsequent occasion, nor shall it be deemed a continuing waiver. All of the
Lender's Rights and Remedies, and all of the Lender's rights, remedies, powers,
privileges, and discretions under any other agreement or transaction with the
Borrower or any guarantor, endorser, or other person liable under or on account
of this Note shall be cumulative and not alternative or exclusive, and may be
exercised by the Lender at such time or times and in such order of preference as
the Lender in its sole discretion may determine.

4.      Certain Waivers, Consents and Agreements.

        Each and every party liable hereon, or for the indebtedness evidenced
hereby, whether as maker, endorser, guarantor, surety or otherwise hereby: (a)
waives presentment, demand, protest, suretyship defenses and defenses in the
nature thereof; (b) waives any defenses based upon, and specifically assents to,
any and all extensions and postponements of the time for payment, changes in
terms and conditions and all other indulgences and forbearances which may be
granted by the Lender or the holder to any party now or hereafter liable
hereunder or for the indebtedness evidenced hereby; (c) agrees to any
substitution, exchange, release, surrender or other delivery of any security or
collateral now or hereafter held hereunder or in connection with this Note, and
to the addition or release of any other party or person primarily or secondarily
liable; (d) agrees that if any security or collateral given to secure this Note
or the indebtedness evidenced hereby, shall be found to be unenforceable in full
or to any extent, or if Lender or any other party shall fail to duly perfect or
protect such collateral, the same shall not relieve or release any party liable
hereon or thereon nor vitiate any other security or collateral given for any
obligations evidenced hereby or thereby; (e) agrees to pay all costs and
expenses actually incurred by Lender or any other holder of this Note in
connection with the indebtedness evidenced hereby, including, without
limitation, all reasonable attorneys' fees and costs, for the implementation of
the Note, the collection of the indebtedness evidenced hereby and the
enforcement of rights and remedies hereunder, whether or not suit is instituted;
and (f) consents to all of the terms and conditions contained in this Note, and
all other instruments now or hereafter executed evidencing or governing all or
any portion of the security or collateral for this Note.

5.      Delay Not A Bar.

        No delay or omission on the part of the Lender or the holder in
exercising any right hereunder or any right under any instrument or agreement
now or hereafter executed in connection herewith, or any agreement or instrument
which is given or may be given to secure the indebtedness evidenced hereby, or
any other agreement now or hereafter executed in connection herewith or
therewith shall operate as a waiver of any such right or of any other right of
such holder, nor shall any delay, omission or waiver on any one occasion be
deemed to be a bar to or waiver of the same or of any other right on any future
occasion.

                                       -3-
<PAGE>

6.      Partial Invalidity.

        The invalidity or unenforceability of any provision hereof, or of any
other instrument, guaranty, agreement or document now or hereafter executed in
connection with this Note made pursuant hereto and thereto shall not impair or
vitiate any other provision of any of such instruments, agreements and
documents, all of which provisions shall be enforceable to the fullest extent
now or hereafter permitted by law.

7.      Compliance With Usury Laws.

        All agreements among Borrower and Lender are hereby expressly limited so
that in no contingency or event whatsoever, whether by reason of acceleration of
maturity of the indebtedness evidenced hereby or otherwise, shall the amount
paid or agreed to be paid to Lender for the use or the forbearance of the
indebtedness evidenced hereby exceed the maximum permissible under applicable
law. As used herein, the term "applicable law", shall mean the law in effect as
of the date hereof, provided, however, that in the event there is a change in
the law which results in a higher permissible rate of interest, then this Note
shall be governed by such new law as of its effective date. In this regard, it
is expressly agreed that it is the intent of Borrower and Lender in the
execution, delivery and acceptance of this Note to contract in strict compliance
with the laws of the Commonwealth of Massachusetts from time to time in effect.
If, under or from any circumstances whatsoever, fulfillment of any provision
hereof at the time performance of such provision shall be due, shall involve
transcending the limit of validity prescribed by applicable law, then the
obligation to be fulfilled shall automatically be reduced to the limit of such
validity, and if under or from any circumstances whatsoever Lender should ever
receive as interest an amount which would exceed the highest lawful rate, such
amount which would be excessive interest shall be applied to the reduction of
the principal balance evidenced hereby and not to the payment of interest. This
provision shall control every other provision of all agreements among Borrower
and Lender in connection with this Note.

8.      Use of Proceeds.

        All proceeds of this Note shall be used solely for (i) payoff by the
Borrower (or a subsidiary or affiliate of the Borrower) of that certain loan
(the "GECC Loan"), in the original principal amount of Seventeen Million Five
Hundred Thousand Dollars ($17,500,000), made as of June 27, 2002, by General
Electric Capital Corporation ("GECC") to Delaware 1851 Associates, LP ("1851"),
as evidenced by that certain Promissory Note, dated as of June 27, 2002, in the
amount of Seventeen Million Five Hundred Thousand Dollars ($17,500,000), made by
1851 to GECC and that certain Loan Agreement, dated as of June 27, 2002, between
1851 and GECC, and (ii) satisfaction by the Borrower (or a subsidiary or
affiliate of the Borrower) of that certain Open-End Mortgage, Assignment of
Leases and Rents, Security Agreement and Fixture Filing, dated as of June 27,
2002, made by 1851 to GECC, securing the obligations under the GECC Loan and
encumbering the property commonly known as the Columbus Crossing Shopping
Center, Philadelphia, Pennsylvania and having a street address of 1851 South
Christopher Columbus Boulevard, Philadelphia, Pennsylvania (the "Property"). No
portion of the proceeds of the loan shall be used, in whole or in part, for the
purpose of purchasing or carrying any "margin stock" as such term is defined in
Regulation U of the Board of Governors of the Federal Reserve System.

                                       -4-
<PAGE>

9.      Security.

        In the event this Note shall not be repaid in full within thirty (30)
days from the date of execution, upon the request of the Lender, the Borrower
agrees that it shall execute and deliver to the Lender a pledge and security
with respect to the Borrower's (or any subsidiary's or affiliate's of the
Borrower) entire ownership interest in the entity owning the Property, and take
such other action and execute such further documents as the Lender may request
to vest, perfect and confirm such pledge.

10.     Notices. Any notice or other communication in connection with this Note,
shall be in writing, and (i) deposited in the United States Mail, postage
prepaid, by registered or certified mail, or (ii) hand delivered by any
commercially recognized courier service or overnight delivery service such as
Federal Express, or (iii) sent by facsimile transmission if a FAX Number is
designated below addressed:

If to Borrower:

                 Cedar Shopping Centers Partnership, L.P.
                 44 South Bayles Avenue
                 Port Washington, New York 11050
                 Attention: Leo S. Ullman
                 FAX Number: (516) 767-6497

with a copy to:

                 Cedar Shopping Centers Partnership, L.P.
                 44 South Bayles Avenue
                 Port Washington, New York 11050
                 Attention: Stuart H. Widowski, Esquire
                 FAX Number: (516) 767-6497

with copies by regular mail or such hand delivery or facsimile transmission to:

                 Stroock & Stroock & Lavan LLP
                 180 Maiden Lane
                 New York, NY 10038-4982
                 Attention: Mark A. Levy, Esquire
                 Fax Number: (212) 806-6006

If to Lender:

                 Fleet National Bank
                 100 Federal Street
                 Boston, Massachusetts 02110

                                       -5-
<PAGE>

                 Attention: James L. Keough
                 Mail Stop: MA DE 10008H
                 FAX Number: (617) 434-6384

                 And

                 Attention: Commercial Real Estate Loan
                            Administration Manager,

with copies by regular mail or such hand delivery or facsimile transmission to:

                 Riemer & Braunstein LLP
                 Three Center Plaza
                 Boston, Massachusetts 02108
                 Attention: Kevin J. Lyons, Esquire
                 FAX Number: (617) 880-3456

Any such addressee may change its address for such notices to such other address
in the United States as such addressee shall have specified by written notice
given as set forth above. All periods of notice shall be measured from the
deemed date of delivery.

        A notice shall be deemed to have been given, delivered and received for
the purposes of this Note upon the earliest of: (i) if sent by such certified or
registered mail, on the third Business Day following the date of postmark, or
(ii) if hand delivered at the specified address by such courier or overnight
delivery service, when so delivered or tendered for delivery during customary
business hours on a Business Day, or (iii) if so mailed, on the date of actual
receipt as evidenced by the return receipt, or (iv) if so delivered, upon actual
receipt, or (v) if facsimile transmission is a permitted means of giving notice,
upon receipt as evidenced by confirmation.

11.     Governing Law and Consent to Jurisdiction.

        11.1.   Substantial Relationship. It is understood and agreed that this
Note was delivered in the Commonwealth of Massachusetts, which Commonwealth the
parties agree has a substantial relationship to the parties and to the
underlying transactions embodied by this Note.

        11.2.   Place of Delivery. Borrower agrees to furnish to Lender at
Lender's office in Boston, Massachusetts all further instruments, certifications
and documents to be furnished hereunder, if any.

        11.3.   Governing Law. This Note and each of the other documents
executed in connection therewith, shall in all respects be governed, construed,
applied and enforced in accordance with the internal laws of the Commonwealth of
Massachusetts without regard to principles of conflicts of law, except insofar
as formation of the Borrower under Delaware law requires Delaware law to apply
with respect to matters of authorization to enter into the transaction
contemplated by this Note.

                                       -6-
<PAGE>

        11.4.   Consent to Jurisdiction. THE BORROWER AGREES THAT ANY SUIT FOR
THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED ABOVE. THE
BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT COURT.

12.     Waiver of Jury Trial.

        BORROWER AND LENDER MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, OR ANY
COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT,
COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF LENDER RELATING TO THE
ADMINISTRATION OF THIS NOTE OR ENFORCEMENT OF THIS NOTE, AND AGREE THAT NEITHER
PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A
JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW,
BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY
LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY
DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. BORROWER CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF LENDER HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR LENDER
TO ACCEPT THIS NOTE AND MAKE THE LOAN EVIDENCED BY THIS NOTE.

13.     No Oral Change.

        This Note may only be amended, terminated, extended or otherwise
modified by a writing signed by the party against which enforcement is sought in
accordance with the terms and conditions hereof. In no event shall any oral
agreements, promises, actions, inactions, knowledge, course of conduct, course
of dealing, or the like be effective to amend, terminate, extend or otherwise
modify this Note.

14.     Rights of the Holder.

        This Note, and the rights and remedies provided for herein, may be
enforced by Lender, the holder, or any subsequent holder hereof. Wherever the
context permits, each reference to the term "holder" herein shall mean and refer
to Lender, the holder, or the then subsequent holder of this Note.

                                       -7-
<PAGE>

15.     Right to Pledge.

        Lender may at any time pledge all or any portion of its rights under
this Note to any of the twelve (12) Federal Reserve Banks organized under
Section 4 of the Federal Reserve Act, 12 U.S.C. Section 341. No such pledge or
enforcement thereof shall release Lender from its obligations under this Note.

16.     Assignment.

        Borrower may not assign this Note or its obligations hereunder without
the prior written consent of Lender in each instance.

17.     Setoff. Subject to the terms of this Section 16, Borrower hereby grants
to the Lender, a continuing lien, security interest and right of setoff as
security for all of the obligations under this Note, upon and against all
deposits, credits, collateral and property, now or hereafter in the possession,
custody, safekeeping or control of Lender or any entity under the control of
FleetBoston Financial Corporation and its successors and assigns, or in transit
to any of them. If any payment is not made when due under this Note, after
giving regard to applicable grace periods, if any, or if the Lender makes demand
for payment in full hereunder, any such deposits, balances or other sums
credited by or due from Lender, any affiliate of Lender or FleetBoston Financial
Corporation, or from any such affiliate of Lender or FleetBoston Financial
Corporation, to Borrower may to the fullest extent not prohibited by applicable
law at any time or from time to time, without regard to the existence,
sufficiency or adequacy of any other collateral, and without notice or
compliance with any other condition precedent now or hereafter imposed by
statute, rule of law or otherwise, all of which are hereby waived, be set off,
appropriated and applied by Lender against any or all of Borrower's obligations
under this Note irrespective of whether demand shall have been made and although
such obligations may be unmatured, in such manner as Lender in its sole and
absolute discretion may determine. Within five (5) Business Days of making any
such set off, appropriation or application, Lender agrees to notify Borrower
thereof, provided the failure to give such notice shall not affect the validity
of such set off or appropriation or application. ANY AND ALL RIGHTS TO REQUIRE
LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL
WHICH SECURES THE NOTE, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO
SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER OR ANY GUARANTOR, ARE
HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

                  [Remainder of page left intentionally blank]

                                       -8-
<PAGE>

        IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed as
of the date set forth above as a sealed instrument.

Witness:                               BORROWER:

                                         CEDAR SHOPPING CENTERS PARTNERSHIP, LP.
                                         A DELAWARE LIMITED PARTNERSHIP

Janet Paturzo                            BY ITS GENERAL PARTNER

                                         CEDAR SHOPPING CENTERS, INC.

                                                 By:    /s/  Brenda J. Walker
                                                        ------------------------
                                                 Name:  Brenda J. Walker
                                                 Title: Vice President

                                       -9-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>36
<FILENAME>ex10-09g.txt
<DESCRIPTION>EX10--09G.TXT
<TEXT>
<PAGE>

                          PLEDGE AND SECURITY AGREEMENT

                THIS PLEDGE AND SECURITY AGREEMENT (this "Agreement"), dated as
of December 9th, 2003, made by WELSH-SQUARE, INC., a Pennsylvania corporation
having an address c/o Tower Investments, Inc., One Reed Street, Philadelphia,
Pennsylvania 19147 ("WSI"), INDENTURE OF TRUST OF BART BLATSTEIN DATED AS OF
JUNE 9, 1998, a Pennsylvania trust having an address c/o Tower Investments,
Inc., One Reed Street, Philadelphia, Pennsylvania ("1998 Trust") and IRREVOCABLE
INDENTURE OF TRUST OF BARTON BLATSTEIN DATED JULY 13, 1999, a Pennsylvania trust
having an address c/o Tower Investments, Inc., One Reed Street, Philadelphia,
Pennsylvania ("1999 Trust"; WSI, 1998 Trust and 1999 Trust are collectively
referred to herein as "Pledgor"), in favor of CEDAR LENDER LLC, a Delaware
limited liability company having an address at 44 South Bayles Avenue, Port
Washington, New York 11050 ("Pledgee").

                              W I T N E S S E T H:

                WHEREAS, pursuant to that certain Amended and Restated Agreement
of Limited Partnership of Delaware 1851 Associates, LP dated as of the date
hereof (as the same may be amended from time to time, the "Partnership
Agreement"), Pledgor is the holder of a $6,617,000 preferred interest (the
"Partnership Interests") in Delaware 1851 Associates, LP (the "Partnership");

                WHEREAS, pursuant to that certain Loan Agreement, dated as of
the date hereof, between Pledgee and Pledgor (the "Loan Agreement"), Pledgee has
made or is about to make a loan to Pledgor (the "Loan") in the original
principal sum of Six Million Three Hundred Sixty Seven Thousand ($6,367,000)
Dollars, which Loan is evidenced by that certain Promissory Note, dated as of
the date hereof, made by Pledgor to the order of Pledgee, in the principal
amount of Six Million Three Hundred Sixty Seven Thousand ($6,367,000) Dollars
(as the same may be amended from time to time, the "Note"); and

                WHEREAS, as a condition of making the Loan to Pledgor and to
secure the obligations of Pledgor under the Note, Pledgor agrees to pledge and
grant to Pledgee, subject to the terms and conditions of this Agreement, a
security interest in and to (i) the Partnership Interests and (ii) distributions
to Pledgor under the Partnership Agreement (each, a "Pledged Interest" and,
collectively, the "Pledged Interests").

                NOW THEREFORE, in consideration of the premises and the mutual
covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency whereof being hereby acknowledged, the parties hereto
hereby covenant and agree as follows:

        SECTION 1.      Pledge.

                (a)     Pledgor hereby pledges, assigns, hypothecates, delivers,
sets over and grants to Pledgee a lien on and security interest in and to (x)
all right, title and interest of Pledgor in (i) the Pledged Interests, (ii) any
certificates, instruments or documents representing the Pledged Interests, (iii)
all options and other rights, contractual or otherwise, in respect of the
Pledged Interests (including, without limitation, any registration rights) and
(iv) all dividends,

<PAGE>

distributions, liquidation proceeds, cash, instruments and other property
(including, without limitation, additional stock or securities distributed in
respect of any Pledged Interest by way of stock splits, spin-offs,
reclassification, combination, consolidation, merger or similar arrangement) to
which Pledgor is entitled with respect to the Pledged Interests, whether or not
received by or otherwise distributed to Pledgor, whether such dividends,
distributions, liquidation proceeds, cash, instruments and other property are
paid or distributed by the Partnership in respect of operating profits, sales,
exchanges, refinancing, condemnations or insured losses of the assets of the
Partnership, the liquidation of such, the Partnership's assets and affairs,
management fees, guaranteed payments, repayment of loans, reimbursement of
expenses or otherwise (the items set forth in this clause (x) collectively
referred to herein as the "Distributions"), and (y) subject to the provisions of
Section 4 below, Pledgor's rights, remedies, powers and benefits under the
Partnership Agreement or under law, including, without limitation (i) all rights
of Pledgor to vote on any matter specified therein or under law, (ii) all rights
of Pledgor to cause an assignee to be substituted as a partner in the
Partnership in the place and stead of Pledgor, (iii) all rights, remedies,
powers, privileges, security interests, liens, and claims of Pledgor for damages
arising out of or for breach of or default under the Partnership Agreement, (iv)
all present and future claims, if any, of Pledgor against the Partnership under
or arising out of the Partnership Agreement for monies loaned or advanced, for
services rendered or otherwise, (v) all rights of Pledgor to access to the books
and records of the Partnership and to other information concerning or affecting
the Partnership, (vi) all rights of Pledgor to terminate the Partnership
Agreement, to perform thereunder, to compel performance and otherwise to
exercise all remedies thereunder, and (vii) all rights of Pledgor to acquire the
rights or interests of any other partner in the Partnership and all increases
and profits of any of the foregoing and all proceeds thereof. The security
interests, rights, remedies and benefits of Pledgee granted by this Section 1(a)
and all proceeds thereof are hereinafter collectively referred to as the
"Pledged Collateral". Pledgor irrevocably and unconditionally waives all rights,
if any, which may exist in its favor to purchase or acquire any of the Pledged
Collateral from and after the date on which Pledgee or any assignee thereof or
successful bidder at a foreclosure sale of the Pledged Collateral acquires the
Pledged Collateral pursuant to the rights and remedies afforded Pledgee
hereunder or any exercise thereof.

                (b)     Concurrently herewith, Pledgor shall cause the
Partnership to execute and deliver to Pledgee an "Agreement and Acknowledgment
of Pledge" substantially in the form of Exhibit A annexed hereto and made a part
hereof.

        SECTION 2.      Security for Obligations. This Agreement secures (a) the
prompt payment when due, whether at stated maturity, by acceleration or
otherwise, of all obligations and any other amounts due or to become due under
the Note, whether for principal, interest, fees, expenses or otherwise, (b) the
due and punctual performance or satisfaction of all obligations of Pledgor under
the Note, (c) any and all obligations of Pledgor now or hereafter existing under
this Agreement, and (d) any and all other obligations of Pledgor to Pledgee now
or hereafter existing (all such obligations being hereinafter collectively
referred to as the "Obligations").

        SECTION 3.      Delivery of Pledged Collateral and Related Evidence. (a)
On the date hereof, Pledgor shall deliver to Pledgee (i) evidence satisfactory
to Pledgee in its sole discretion that (x) Pledgor is the legal and beneficial
owner of the Partnership Interests and (y) the pledges

                                        2
<PAGE>

created hereby have been duly reflected upon the books of the Partnership as
provided in the Agreement and Acknowledgment of Pledge executed by the
Partnership, (ii) such Uniform Commercial Code financing statements (the
"UCCs"), in a form ready for filing, as may be necessary or desirable to perfect
and/or evidence the security interests in the Pledged Collateral granted to
Pledgee pursuant to this Agreement, and (iii) satisfactory evidence to Pledgee
in its sole discretion that all other filings, recordings, registrations and
other actions Pledgee deems necessary or desirable to establish, preserve and
perfect the security interests and other rights granted to Pledgee pursuant to
this Agreement, and Pledgee's priority with respect to same, shall have been
made.

                (b)     Pledgee shall have the right to appoint one or more
agents for the purpose of retaining physical possession of any of the Pledged
Collateral, which may be held (in the discretion of Pledgee) in the name of
Pledgor, or endorsed or assigned in blank or in favor of Pledgee or any nominee
or nominees of Pledgee or any agent appointed by Pledgee in accordance herewith.

        SECTION 4.      Voting Power, Etc. Notwithstanding anything to the
contrary contained in Section 1 hereof, provided that no Event of Default (as
that term is defined in the Loan Agreement) shall have occurred and be
continuing, but subject in all respects to the terms, conditions, prohibitions
or limitations on the following actions of Pledgor as a partner of the
Partnership provided in the Partnership Agreement, the Agreement and
Acknowledgment of Pledge annexed hereto, the Loan Agreement or the Note, Pledgor
shall be entitled to exercise all voting, consensual and other powers of
ownership pertaining to the Pledged Collateral (including, without limitation,
to receive distributions from the Partnership, to make determinations, to
exercise any election (including, without limitation, election of remedies) or
option, and to give or receive any notice, consent, amendment, waiver, approval
or other rights described in Section 1 hereof), provided that no ratification
shall be given, nor any power pertaining to the Pledged Collateral exercised,
nor any other action taken, which would violate or be inconsistent with the
terms of this Agreement, the Loan Agreement or the Note, or which would have the
effect of impairing the position or interests of Pledgee, or, in each case, in
such a manner as would reasonably be expected to have a material adverse effect
on the ability of Pledgor to perform its obligations hereunder. From and after
the occurrence of an Event of Default and for so long as such Event of Default
is continuing, Pledgee shall have the right to exercise all voting, consensual
and other powers of ownership pertaining to the Pledged Collateral.

        SECTION 5.      No Assumption. Notwithstanding anything contained herein
to the contrary, whether or not an Event of Default shall have occurred, and
whether or not Pledgee elects to foreclose or otherwise realize on its security
interests in the Pledged Collateral, or any part thereof, as set forth herein or
exercise any of its rights under this Agreement, the Loan Agreement or the Note
or otherwise, neither this Agreement, receipt by Pledgee of any Distributions,
the foreclosure or other realization by Pledgee of the security interests in the
Pledged Collateral nor any exercise by Pledgee of any of its rights under this
Agreement, the Loan Agreement or the Note or otherwise, shall in any way be
deemed to obligate Pledgee to assume any of Pledgor's obligations, duties,
expenses or liabilities with respect to the Pledged Collateral or any agreement
relating thereto, and in the event of any such foreclosure, realization

                                        3
<PAGE>

or other exercise of rights, Pledgor shall remain bound and obligated to perform
such obligations and Pledgee shall not be deemed to have assumed any of such
obligations.

        SECTION 6.      Representations, Warranties and Covenants. Pledgor
represents and warrants to, and covenants and agrees with, Pledgee as follows:

                (a)     WSI is a duly formed corporation under the laws of the
Commonwealth of Pennsylvania, validly existing and in good standing under the
laws of the Commonwealth of Pennsylvania, and has full power and authority to
execute and deliver to Pledgee this Agreement, to own its properties and to
perform the obligations and carry out the duties imposed upon it by this
Agreement. 1998 Trust is validly existing under and by virtue of the laws of the
Commonwealth of Pennsylvania and has full power and authority to execute and
deliver to Pledgee this Agreement, to own its properties and to perform the
obligations and carry out the duties imposed upon it by this Agreement. 1999
Trust is validly existing under and by virtue of the laws of the Commonwealth of
Pennsylvania and has full power and authority to execute and deliver to Pledgee
this Agreement, to own its properties and to perform the obligations and carry
out the duties imposed upon it by this Agreement.

                (b)     Pledgor is, and at all times will be, the only record
and beneficial owner of the Pledged Collateral. The Pledged Interests and the
Pledged Collateral are and, at all times, will be, fully paid and
non-assessable, free and clear of any lien, security interest, option or other
charge or encumbrance, whether statutory, judicial, consensual or otherwise.
Pledgor will defend Pledgee's right, title and interest in and to the Pledged
Collateral pledged by it pursuant hereto against the claims and demands of any
third party at no cost or expense whatsoever to Pledgee.

                (c)     Pledgor's rights to Distributions, if any, under the
Partnership Agreement are not subject to any defense, offset, counterclaim or
contingency whatsoever. Giving effect to the aforesaid grants and pledges to
Pledgee and the deliveries required hereunder, and upon the filing of the UCCs
in the public records of the Office of the Secretary of State of the
Commonwealth of Pennsylvania, Pledgee has, as of the date of this Agreement,
and, as to any Pledged Collateral acquired from time to time after such date,
shall have, a valid, perfected and continuing lien upon and security interest in
the Pledged Collateral; provided, however, that no representation or warranty is
made with respect to the perfected status of the security interests of Pledgee
in the proceeds of the Pledged Collateral consisting of "cash proceeds" or
"non-cash proceeds" as defined in the Uniform Commercial Code in effect in the
Commonwealth of Pennsylvania (the "Code") except if, and to the extent, the
provisions of Section 9-315 of the Code shall be complied with.

                (d)     Pledgor shall pay, and save Pledgee harmless from, any
and all liabilities with respect to, or resulting from any delay in paying, any
and all stamp, excise, sales or other taxes which may be payable or determined
to be payable with respect to any of the Pledged Collateral or in connection
with any of the transactions contemplated by this Agreement or the exercise by
Pledgee of any right or remedy granted to it hereunder or under the Loan
Documents.

                (e)     Pledgor shall not transfer any of the Pledged Collateral
until payment or satisfaction in full of the Obligations.

                                        4
<PAGE>

                (f)     This Agreement, and each provision herein, has been duly
authorized, executed and delivered by Pledgor and constitutes the legal, valid
and binding obligation of Pledgor, enforceable against Pledgor in accordance
with its terms.

                (g)     Pledgor will not change its state of organization unless
it shall provide Pledgee with at least thirty (30) days' prior written notice
thereof and there shall have been taken such action, satisfactory to Pledgee, as
may be necessary to maintain the security interest of Pledgee hereunder at all
times fully perfected and in full force and effect. Pledgor shall not change its
name unless it shall have given Pledgee at least thirty (30) days' prior written
notice of any such proposed change and shall have taken such action,
satisfactory to Pledgee, as may be necessary to maintain the security interest
of Pledgee in the Pledged Collateral at all times fully perfected and in full
force and effect.

                (h)     Pledgor has delivered to Pledgee true, correct and
complete, in all material respect, copies of all of the organizational documents
of WSI, 1998 Trust and 1999 Trust, and Pledgor shall not permit or consent to
any amendments thereto without the prior written consent of Pledgee. The
organizational documents of WSI, 1998 Trust and 1999 Trust have been duly
executed and delivered by the partners, members, shareholders, directors,
incorporators, trustees or organizers, as the case may be, of WSI, 1998 Trust
and 1999 Trust, as applicable, and constitute the legal, valid and binding
obligations of such parties enforceable in accordance with their respective
terms. Pledgor is not in material default under or with respect to, nor has
Pledgor received any notice alleging any material default under or with respect
to, any of its obligations under the Partnership Agreement. Pledgor has the full
power and authority to own its property and to carry on its business as now
being conducted, and has the power and authority to execute and deliver and to
perform its Obligations hereunder and under the Loan Documents.

                (i)     None of the Pledged Collateral is, or will be, evidenced
by any instrument, note or chattel paper, except such as have been or will be
endorsed, assigned or pledged and delivered to Pledgee by Pledgor,
simultaneously with the creation thereof and in accordance with any and all
applicable requirements of the Code.

                (j)     Pledgor shall, at its sole cost and expense, keep,
observe, perform and discharge, duly and punctually all and singular the
material obligations, terms, covenants, conditions, representations and
warranties of the Partnership Agreement on the part of Pledgor to be kept,
observed, performed and discharged, and shall hold Pledgee harmless and
indemnify it against any loss or expense (other than consequential, incidental,
exemplary, or punitive damage), including reasonable attorneys' fees and
disbursements, that Pledgee may incur or sustain by reason of any failure to so
perform and observe the Partnership Agreement or to satisfy, perform and observe
such conditions thereunder.

                (k)     There is no suit, action, proceeding, arbitration,
investigation or inquiry pending or, to the best of Pledgor's knowledge,
threatened against Pledgor with respect to this Agreement or the transactions
contemplated by this Agreement or which, if adversely determined, would have a
material adverse impact on the ability of Pledgor to consummate the transactions
contemplated hereby, and no consent of any Person (as hereinafter defined),
license, permit or approval, exemption by, notice or report to, or registration,
filing or declaration with,

                                        5
<PAGE>

any governmental authority is required to be obtained by Pledgor in connection
with the execution, delivery or performance of this Agreement. For purposes of
this Agreement, the term "Person" shall mean any individual, partnership,
limited liability company, corporation, trust or other entity.

                (l)     The Partnership Interests are not represented by any
instrument issued in bearer or registered form. None of the Partnership
Interests constitutes or will constitute certificated or uncertificated
securities as defined in Article 8 of the Code. None of the Partnership
Interests is or will be dealt in or traded on any securities exchanges or
securities markets or is or will be held in any securities account as defined in
Article 8 of the Code. The Partnership Interests constitute general intangibles
as defined in Article 9 of the Code.

                The representations, warranties and covenants set forth in this
Section 6 shall survive the execution and delivery of this Agreement and remain
in full force and effect until four (4) months after the Loan is repaid in full.
Pledgor shall have no liability to Pledgee in respect of said representations,
warranties and covenants unless Pledgee shall have delivered to Pledgor, within
such four (4) month period, a claim specifying the alleged breach of any one or
more of such representations, in which case Pledgee's liability shall survive
with respect to the matters alleged in such claim until resolution thereof. For
purposes of this Agreement the term "material" shall mean (unless the context
clearly indicates otherwise) any fact or condition, the presence or absence of
which, has or could have a significant adverse effect on the financial condition
or value of the Collateral or the Property or the continued use and enjoyment
thereof.

        SECTION 7.      [INTENTIONALLY OMITTED]

        SECTION 8.      Distributions. (a) Upon the occurrence and continuation
of an Event of Default:

                        (i)     All rights of Pledgor to receive Distributions
and any and all proceeds from the sale or other disposition of the Pledged
Collateral (or any portion thereof) which Pledgor would otherwise be authorized
to receive and retain shall cease, and all such rights shall thereupon become
vested in Pledgee, who shall thereupon have the right to receive and hold as
Pledged Collateral such Distributions and proceeds.

                        (ii)    All Distributions and proceeds which are
received by Pledgor contrary to the provisions of paragraph (a) of this Section
8 shall be received in trust for the benefit of Pledgee, shall be segregated
from other funds of Pledgor and shall be forthwith paid over to Pledgee as
Pledged Collateral in the same form as so received (with any necessary
endorsement).

                        (iii)   All Distributions received by Pledgor in a
partial or total liquidation of the Partnership shall, in the event that any of
the Obligations remain outstanding at the time of such partial or total
liquidation, be paid to Pledgee and applied by Pledgee to such outstanding
Obligations.

                                        6
<PAGE>

                (b)     Unless and until an Event of Default shall have occurred
and be continuing, but subject to the provisions of the Partnership Agreement,
Pledgor shall be entitled to receive and retain any and all Distributions.

        SECTION 9.      Transfers and Other Liens, Additional Interests. Pledgor
agrees, so long as any of the Obligations are outstanding, not to:

                (a)     sell or otherwise dispose of, or grant any option or
similar right with respect to, any of the Pledged Collateral; or

                (b)     create or permit to exist any lien (other than the
Loan), security interest or other charge or encumbrance upon or with respect to
any of the Pledged Collateral.

                The foregoing shall not be deemed to prohibit any shareholder or
partner of Pledgor from entering into any agreement pursuant to which such
shareholder or partner personally guaranties the obligations of a third party
with respect to a transaction other than the transaction contemplated by the
Loan Documents.

        SECTION 10.     Appointment of Attorney-in-Fact. Pledgor hereby appoints
Pledgee the attorney-in-fact for Pledgor, with full authority in the place and
stead of Pledgor and in the name of Pledgor or otherwise, from time to time in
Pledgee's discretion to take any action and to execute any instrument which
Pledgee may deem necessary or advisable to accomplish the purposes of this
Agreement, including, without limitation, to receive, endorse and collect all
Distributions and any instruments made payable to Pledgor representing any
dividend, interest payment or other distribution in respect of the Pledged
Collateral or any part thereof and to give full discharge for the same. Pledgor
agrees that each of the foregoing powers constitutes a power coupled with an
interest which may not be revoked and which shall survive until all of the
Obligations shall have been indefeasibly paid in full and satisfied, provided
that except with respect to the execution and filing of the UCCs, the foregoing
shall not be effective until the occurrence of an Event of Default.

        SECTION 11.     Pledgee to Perform. If Pledgor fails to perform any
agreement contained herein, Pledgee may, following the occurrence of an Event of
Default, itself perform, or cause performance of, such agreement, and the
expenses of Pledgee incurred in connection therewith shall be payable by Pledgor
in accordance with Section 16 hereof.

        SECTION 12.     Remedies Upon Default. Upon the occurrence of any Event
of Default:

                (a)     Pledgee may, without any notice to Pledgor of the
occurrence of such Event of Default, except as otherwise expressly provided
under the Loan Documents, exercise in respect of the Pledged Collateral, in
addition to the other rights and remedies provided for herein or otherwise
available to Pledgee, all the rights and remedies of a secured party under the
Code in effect at that time, and Pledgee may also, without notice except as
specified below, sell the Pledged Collateral or any part thereof in one or more
parcels at public or private sale, at any exchange, broker's board or at any of
Pledgee's offices or elsewhere, for cash, on credit or for future delivery, and
upon such other terms as Pledgee may deem commercially reasonable. Pledgor
agrees that at least twenty-one (21) days notice to Pledgor of the time and
place of any

                                        7
<PAGE>

public sale or the time after which any private sale is to be made shall
constitute reasonable notification. Pledgee shall not be obligated to make any
sale of Pledged Collateral regardless of notice of sale having been given.
Pledgee may adjourn any public or private sale from time to time to a date
specified by Pledgee, such date to be not less than five (5) Business Days after
the date upon which Pledgee notifies Pledgor of such adjourned sale date, and
such sale may, without further notice, be made at the time and place to which it
was so adjourned.

                (b)     Pledgee may, upon the exercise of its rights under
Section 12(a) hereof, transfer all or any part of the Pledged Collateral into
Pledgee's name or the name of its nominees.

                (c)     Pledgee may vote all or any part of the Pledged
Collateral (whether or not transferred into the name of Pledgee) and give all
consents, waivers and ratifications in respect of the Pledged Collateral and
otherwise act with respect thereto as though it were the outright owner thereof
(Pledgor hereby irrevocably constituting and appointing Pledgee the proxy and
attorney-in-fact of Pledgor, with full power of substitution to do so).

                (d)     Any Pledged Collateral or proceeds thereof held by
Pledgee as Pledged Collateral and all proceeds thereof received by Pledgee in
respect of any sale of, collection from or other realization upon all or any
part of the Pledged Collateral may, in the discretion of Pledgee, be held by
Pledgee as collateral for, and/or then or at any time thereafter, be applied
(after payment of any amounts payable to Pledgee pursuant to Section 16 hereof),
in whole or in part by Pledgee for the benefit of Pledgor, against all or any
part of the Obligations and in such order as Pledgee shall elect. Any surplus of
such Pledged Collateral or proceeds thereof held by Pledgee and remaining after
payment or satisfaction in full of all of the Obligations and the expenses
referred to in Section 16 hereof shall be delivered or paid over to Pledgor or
to whomsoever may be lawfully entitled to receive such surplus.

                (e)     Each right, power and remedy of Pledgee provided for in
this Agreement or the other Loan Documents or now or hereafter existing at law
or in equity or by statute shall be cumulative and concurrent and shall be in
addition to every other such right, power or remedy. The exercise or beginning
of the exercise by Pledgee of any one or more of the rights, powers or remedies
provided for in this Agreement or the other Loan Documents or now or hereafter
existing at law or in equity or by statute or otherwise shall not preclude the
simultaneous or later exercise by Pledgee of all such other rights, powers or
remedies, and no failure or delay on the part of Pledgee to exercise any such
right, power or remedy shall operate as a waiver thereof.

        SECTION 13.     Jurisdiction, Venue, Service of Process. ANY LEGAL
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT, THE LOAN AGREEMENT OR THE
NOTE SHALL BE BROUGHT, AT PLEDGEE'S OPTION, IN THE COURTS OF THE COMMONWEALTH OF
PENNSYLVANIA, PHILADELPHIA COUNTY OR OF THE UNITED STATES OF AMERICA FOR THE
EASTERN DISTRICT OF PENNSYLVANIA. PLEDGOR HEREBY ACCEPTS FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS. PLEDGOR IRREVOCABLY CONSENTS TO THE
SERVICE

                                        8
<PAGE>

OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR
PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL,
POSTAGE PREPAID, TO IT AT ITS ADDRESS AS SET FORTH ABOVE. PLEDGOR HEREBY
IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR
IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BROUGHT IN THE
COURTS REFERRED TO ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO
PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING CONTAINED
HEREIN SHALL AFFECT THE RIGHT OF PLEDGEE TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST
PLEDGOR IN ANY OTHER JURISDICTION.

        SECTION 14.     Jury Trial Waiver/Arbitration.

                (a)     PLEDGOR AND PLEDGEE HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY AND ALL RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY DISPUTE BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS AGREEMENT, THE LOAN AGREEMENT OR THE NOTE, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF PLEDGOR
OR PLEDGEE RELATING TO THE LOAN, AND THE LENDING RELATIONSHIP WHICH IS THE
SUBJECT OF THE NOTE. THIS PROVISION IS A MATERIAL INDUCEMENT FOR PLEDGEE
ENTERING INTO THIS AGREEMENT.

                (b)     In the event of a dispute under this Agreement, party
shall have the right to submit such dispute to binding arbitration under the
Expedited Procedures provisions (Rules E-1 through E-10 in the current edition)
of the Commercial Arbitration Rules of the American Arbitration Association
("AAA"). In cases where the parties utilize such arbitration: (i) the dispute
shall be heard by three (rather than one) arbitrators in Philadelphia,
Pennsylvania, (ii) all of the arbitrators on the list submitted by the AAA shall
have reasonable expertise and experience with respect to the commercial real
estate market in the Philadelphia, Pennsylvania area, (iii) the parties will
have no right to object if the appointed arbitrators were on the list submitted
by the AAA and were not objected to in accordance with Rule E-5, (iv) the
arbitrators shall be selected within three (3) Business Days following
submission of such dispute to arbitration, (v) the arbitrators shall render
their final decision not later than three (3) Business Days after the last
hearing, (vi) the first hearing shall be held within five (5) Business Days
after the completion of discovery, and the last hearing shall be held within
fifteen (15) Business Days after the appointment of the arbitrators, (v) any
finding or determination of the arbitrators shall be deemed final and binding
(except that the arbitrators shall not have the power to add to, modify or
change any of the provisions of this Agreement), and (vi) the losing party in
such arbitration shall pay the arbitration costs charged by AAA and/or the
arbitrators.

                                        9
<PAGE>

        SECTION 15.     Appointment of Agent for Service of Process. Pledgor
hereby irrevocably appoints Bart Blatstein, having an address of 1201 Rock Creek
Road, Gladwyn, Pennsylvania 19035 (the "Process Agent", which has consented
thereto), as process agent to receive for and on behalf of Pledgor service of
process in the Commonwealth of Pennsylvania relating to this Agreement. Service
of process in any action or proceeding against Pledgor may be made on Process
Agent by registered or certified mail, return receipt requested, or by any other
method of service provided for under applicable laws in effect in the
Commonwealth of Pennsylvania. Process Agent is hereby authorized and directed to
accept such service for and on behalf of Pledgor and to admit service with
respect thereto. Such service upon Process Agent shall be deemed effective
personal service on Pledgor sufficient for personal jurisdiction three (3) days
after mailing, and shall be legal and binding upon Pledgor for all purposes,
notwithstanding any failure of Process Agent to mail copies of such legal
process to Pledgor, or any failure on the part of Pledgor to receive the same.
Pledgor confirms that it has instructed the applicable Process Agent to mail to
Pledgor, upon service of process being made on the applicable Process Agent
pursuant hereto, a copy of the summons and complaint or other legal process
served upon them by registered mail, return receipt requested, at Pledgor's
address hereinabove set forth, or to such other address as to which Pledgor may
notify Process Agent in writing. Pledgor agrees that Pledgor will at all times
maintain a Process Agent to receive service of process in the Commonwealth of
Pennsylvania with respect to this Agreement. If for any reason the Process Agent
or any successor thereto shall no longer serve as such Process Agent or shall
have changed its address without notification thereof to Pledgee, Pledgor,
immediately after gaining knowledge thereof, irrevocably shall appoint a
substitute process agent acceptable to Pledgee in the Commonwealth of
Pennsylvania and advise Pledgee thereof.

        SECTION 16.     Expenses. Upon demand, Pledgor will pay to Pledgee the
amount of any and all expenses, including the reasonable fees and expenses of
Pledgee's counsel and of any experts and agents, which Pledgee may incur in
connection with (a) the sale of, collection from, or other realization upon, any
of the Pledged Collateral, (b) the exercise or enforcement of any of Pledgee's
rights hereunder, or (c) the failure by Pledgor to perform or observe any of the
provisions hereof.

        SECTION 17.     Amendments, Waivers, Etc. No amendment or waiver of any
provision of this Agreement, nor consent to any departure by Pledgor herefrom,
shall in any event be effective unless the same shall be in writing and signed
by Pledgee, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

        SECTION 18.     Notices. All notices or other written communications
hereunder shall be delivered in accordance with the terns of the Loan Agreement.

        SECTION 19.     Continuing Security Interest, Transfer. This Agreement
shall create a continuing security interest in the Pledged Collateral and shall
(a) remain in full force and effect until the indefeasible payment or
satisfaction in full of the Obligations, (b) be binding upon Pledgor, its
respective permitted transferees, representatives, successors and assigns, and
(c) inure, together with the rights and remedies of Pledgee hereunder, to the
benefit of Pledgee and its permitted transferees, representatives, successors
and assigns. Without limiting the generality

                                       10
<PAGE>

of the foregoing clause (c), Pledgee, but not Pledgor, may assign or otherwise
transfer this Agreement together with the Pledged Collateral, the Note and any
other Obligations to any other Persons, and such other Persons shall thereupon
become vested with all the benefits in respect thereof granted to Pledgee herein
or otherwise. Upon the indefeasible payment or satisfaction in full of the
Obligations, (i) Pledgor shall be entitled to the return, upon its request and
at its expense, of such portion of the Pledged Collateral as shall not have been
sold or otherwise applied or forfeited pursuant to the terms hereof, and (ii)
this Agreement shall be of no further force or effect.

        SECTION 20.     Severability. If for any reason any provision or
provisions hereof are determined to be invalid and contrary to any existing or
future law, such invalidity shall not impair the operation of or affect those
portions of this Agreement which are valid.

        SECTION 21.     Governing Law, Terms. This Agreement shall be governed
by, and construed in accordance with, the internal laws of the Commonwealth of
Pennsylvania (without giving effect to principles of conflicts of law). Unless
otherwise defined herein, (a) terms defined in Article 9 of the Code are used
herein as therein defined, and (b) terms defined in the Loan Agreement are used
herein as therein defined.

        SECTION 22.     Recitals. The Recitals at the beginning of this
Agreement are hereby incorporated into the substantive provisions of this
Agreement.

        SECTION 23.     Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall constitute an original, and all of which
together shall constitute one and the same agreement. The failure of any party
to execute this Agreement, or any counterpart hereof, shall not relieve the
other signatories from their obligations hereunder.

        SECTION 24.     Certificated Securities. Pledgor has not and Pledgor
will not request the Partnership to issue or consent to the Partnership's
issuance of a certificate representing Pledgor's partnership interest in the
Partnership.

                            [Signature Page Follows]

                                       11
<PAGE>

                IN WITNESS WHEREOF, Pledgor has caused this Agreement to be
executed and delivered by its duly authorized representative as of the date
first set forth above.

                                        WELSH-SQUARE, INC.

                                        By:   /s/   Bart Blatstein
                                              ----------------------------------
                                              Name:  Bart Blatstein
                                              Title: President

                                        INDENTURE OF TRUST OF BART BLATSTEIN
                                        DATED AS OF JUNE 9, 1998

                                        By:   /s/   Jil Blatstein
                                              ----------------------------------
                                              Name:  Jil Blatstein
                                              Title: Co-Trustee

                                        By:   /s/ Brian K. Friedman
                                              ----------------------------------
                                              Name:  Brian K. Friedman
                                              Title: Co-Trustee

                                        By:   /s/ Joseph W. Seidle
                                              ----------------------------------
                                              Name:  Joseph W. Seidle
                                              Title: Co-Trustee

                                        IRREVOCABLE INDENTURE OF TRUST OF BARTON
                                        BLATSTEIN DATED JULY 13, 1999

                                        By:   /s/  Brian K. Friedman
                                              ----------------------------------
                                              Name:   Brian K. Friedman
                                              Title:  Co-Trustee

                                        By:   /s/ Joseph W. Seidle
                                              ----------------------------------
                                              Name:   Joseph W. Seidle
                                              Title:  Co-Trustee

<PAGE>

                                        ACCEPTED AND AGREED TO:

                                        CEDAR LENDER LLC

                                              BY:   CEDAR SHOPPING CENTERS
                                                    PARTNERSHIP, L.P.,
                                                    its member

                                              BY:   CEDAR SHOPPING CENTERS, INC.
                                                    its general partner

                                               By:  /s/  Brenda J. Walker
                                                    ----------------------------
                                                    Name:    Brenda J. Walker
                                                    Title:   Vice President

<PAGE>

                                 ACKNOWLEDGMENTS

COMMONWEALTH OF PENNSYLVANIA    )
                                ) ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003 before me, the undersigned Notary
Public, personally appeared BART BLATSTEIN, who acknowledged himself to be the
President of WELSH-SQUARE, INC., a Pennsylvania corporation, and that he, as
such President, being authorized to do so, executed the foregoing instrument for
the purposes therein contained by signing the name of the corporation/by himself
as President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
------------------------
Notary Public

My commission expires:

COMMONWEALTH OF PENNSYLVANIA    )
                                ) ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003, before me, the undersigned Notary
Public, personally appeared JIL BLATSTEIN known to me (or satisfactorily proven)
to be the person whose name is subscribed to the within instrument, and
acknowledged that she executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunder set my hand and official seal.

/s/
------------------------
Notary Public

My commission expires:

<PAGE>

COMMONWEALTH OF PENNSYLVANIA    )
                                ) ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003, before me, the undersigned Notary
Public, personally appeared BRIAN K. FRIEDMAN known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that he executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunder set my hand and official seal.

/s/
------------------------
Notary Public

My commission expires:

COMMONWEALTH OF PENNSYLVANIA    )
                                ) ss:
COUNTY OF PHILADELPHIA          )

AND NOW, this 9th day of December, 2003, before me, the undersigned Notary
Public, personally appeared JOSEPH W. SEIDLE known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within instrument, and
acknowledged that he executed the same for the purposes therein contained.

IN WITNESS WHEREOF, I hereunder set my hand and official seal.

/s/
------------------------
Notary Public

My commission expires:

<PAGE>

STATE OF NEW YORK               )
                                ) ss:
COUNTY OF NASSAU                )

AND NOW, this 19th day of November, 2003, before me, the undersigned Notary
Public, personally appeared BRENDA J. WALKER, who acknowledged herself to be the
Vice President of the CEDAR SHOPPING CENTERS, INC., a Pennsylvania corporation,
and that she, as such Vice President, being authorized to do so, executed the
foregoing instrument for the purposes therein contained by signing the name of
the corporation by herself as Vice President.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

/s/
------------------------
Notary Public

My commission expires:
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>37
<FILENAME>ex10-09h.txt
<DESCRIPTION>EX10-09H.TXT
<TEXT>
<PAGE>

                                                              December 9th, 2003

                               GUARANTY OF PAYMENT

                This Guaranty ("Guaranty") is made by Bart Blatstein, an
individual, having an address of 1201 Rock Creek Road, Gladwyn, Pennsylvania
19035 ("Guarantor") in favor of Cedar-Columbus LLC ("Cedar GP"), CSC-Columbus
LLC ("Cedar LP") and Cedar Lender LLC ("Cedar Lender") (Cedar GP, Cedar LP and
Cedar Lender, collectively, the "Cedar Group").

                                    RECITALS

                A.      Welsh-Square, Inc., a Pennsylvania corporation ("WSI"),
Indenture of Trust of Bart Blatstein dated as of June 9, 1998 ("1998 Trust") and
Irrevocable Indenture of Trust of Barton Blatstein dated July 13, 1999 ("1999
Trust") (WSI, 1998 Trust and 1999 Trust, collectively, the "Existing Owners")
and Cedar LP are parties to that certain Recapitalization Agreement, dated as of
October 2, 2003, as amended by that certain Amendment to Recapitalization
Agreement, dated November 3, 2003, and that certain Second Amendment to
Recapitalization Agreement, dated December 9, 2003 (collectively, the
"Agreement"). Capitalized terms used herein and not specifically defined herein
shall have the respective meanings ascribed to those terms in the Agreement.

                B.      Pursuant to the terms of the Agreement, it is a
condition to the Closing that this Guaranty be executed and delivered by
Guarantor, and, in order to induce the Cedar LP to enter into the Agreement,
which Cedar LP would not do but for the execution and delivery of this Guaranty,
Guarantor has agreed to indemnify the Cedar Group in accordance with the terms
of this Agreement.

                C.      Guarantor has a direct financial interest in the
consummation of the transactions contemplated by the Agreement.

                                   AGREEMENTS

                NOW, THEREFORE, intending to be legally bound, Guarantor, in
consideration of the matters described in the foregoing Recitals, which Recitals
are incorporated herein and made a part hereof, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, hereby
covenants and agrees for the benefit of the Cedar Group as follows:

        1.      Terms of Guaranty

                (a)     Guarantor absolutely, unconditionally and irrevocably
guarantees to the Cedar Group the prompt and unconditional payment of any and
all liabilities, obligations, debts, damages, losses, costs, expenses, fines,
penalties, charges, fees, judgments of whatever kind or nature (including but
not limited to reasonable attorneys' fees and other costs of defense) arising or
resulting directly or indirectly from (i) the Partnership's inability to redeem
the Preferred Interest in accordance with the provisions of the Amended and
Restated Agreement of Limited Partnership of Delaware 1851 Associates, LP, a
Pennsylvania limited partnership (the "Partnership

<PAGE>

Agreement"), or (ii) the failure by the Existing Owners to make required
payments of interest and/or principal under the Owners Loan, in either case due
to:

                        (i)     a petition or application to any tribunal by
        either or both of the Existing Owners for the appointment of a trustee
        or receiver of the business, estate or assets or of any substantial
        portion of the business, estate or assets of either or both of the
        Existing Owners;

                        (ii)    the commencement of any proceedings by either or
        both of the Existing Owners under any bankruptcy, reorganization,
        arrangement, insolvency, readjustment of debt, dissolution or
        liquidation law of any jurisdiction, whether now or hereafter in effect;

                        (iii)   the filing of any petition or application
        described in clause (i) above;

                        (iv)    an involuntary bankruptcy or insolvency
        proceeding relating to either or both of the Existing Owners (A) which
        is commenced by any party directly or indirectly controlling, controlled
        by or under common control with either or both of the Existing Owners
        (which shall include, but not be limited to, any creditor or claimant
        acting in concert with either or both of the Existing Owners) or (B) in
        which any party directly or indirectly controlling, controlled by or
        under common control with either or both of the Existing Owners (which
        shall include, but not be limited to, any creditor or claimant acting in
        concert with either or both of the Existing Owners) objects to a motion
        by the Cedar Group, or any member thereof, for relief from any stay or
        injunction from any remedial action permitted under law or equity;

                        (v)     the entering of any order appointing any trustee
        or receiver described in clause (i) above, or declaring either or both
        of the Existing Owners bankrupt or insolvent, or approving the petition
        in any such proceedings; or

                        (vi)    an assignment for the benefit of creditors by
        either or both of the Existing Owners;

                (the obligations set forth in this Section 1(a) are collectively
referred to herein as the "Obligations").

                (b)     The obligations, covenants, agreements and duties of
Guarantor under this Guaranty shall in no way be affected or impaired by reason
of the occurrence, from time to time, of any of the following with respect to
the Agreement, the Partnership Agreement, this Guaranty or any other documents
entered into in connection with the transactions contemplated by the Agreement
(collectively, the "Documents"), even though notice with regard to the following
may not have been given to, or received by, Guarantor, or the further consent of
Guarantor with regard to the following may not have been obtained:

                                        2
<PAGE>

                        (i)     The waiver of the performance or observance by
        either or both of the Existing Owners or Guarantor of any agreement,
        covenant, term or condition to be performed or observed by it;

                        (ii)    The extension of the time for the payment of any
        sums owing or payable under the Documents or the time for the
        performance of any other obligation under or arising out of or on
        account of the Documents;

                        (iii)   The supplementing, modification or amendment
        (whether material or otherwise) of any of the Documents or any of the
        obligations of either or both of the Existing Owners or Guarantor, as
        applicable, set forth in any of the Documents;

                        (iv)    Any failure, omission, delay or lack on the part
        of the Cedar Group, or any member thereof, to enforce, assert or
        exercise any right, power or remedy conferred on such person in or by
        virtue of any of the Documents, or any action on the part of any of the
        Cedar Group granting indulgence or extension in any form;

                        (v)     Any payment made on the Obligations, whether
        made by either or both of the Existing Owners, Guarantor or any other
        person, which is required to be refunded pursuant to any bankruptcy or
        insolvency law; it being understood that no payment so refunded shall be
        considered as a payment of any portion of the Obligations, nor shall it
        have the effect of reducing the liability of Guarantor hereunder;

                        (vi)    The death of Guarantor; or

                        (vii)   The release of either or both of the Existing
        Owners from the performance or observance of any of the agreements,
        covenants, terms or conditions contained in any of the Documents by
        operation of law or otherwise.

                (c)     Guarantor hereby waives diligence and all demands,
protests, presentments and notices of every kind and nature, including, but not
limited to, notices of presentment, demand for payment or performance, protest,
notice of default or nonpayment, notice of dishonor, notice of protest and
notice of acceptance of this Guaranty and the creation, renewal, extension,
modification or accrual of any of the obligations Guarantor has hereby
guaranteed.

                (d)     Guarantor hereby waives any and all legal requirements
that any of the Cedar Group institute any action or proceeding, at law or in
equity, against the Existing Owners, or anyone else, or exhausts its remedies
against the Existing Owners, or anyone else, in respect of the Obligations or in
respect of any other security held by any of the Cedar Group as a condition
precedent to bringing an action or proceeding against Guarantor under this
Guaranty. All rights and remedies afforded to the Cedar Group by reason of this
Guaranty are separate and cumulative rights and remedies and it is agreed that
no one of such rights or remedies, whether exercised by any of the Cedar Group
or not, shall be deemed to be an exclusion of any of the other rights or
remedies available to the Cedar Group and shall not limit or prejudice any other
legal or equitable right or remedy which the Cedar Group may have.

                                        3
<PAGE>

                (e)     Guarantor understands that the exercise by the Cedar
Group of certain rights and remedies may affect or eliminate Guarantor's right
of subrogation against the Existing Owners and that Guarantor may therefore
incur partially or totally nonreimbursable liability hereunder. Nevertheless,
Guarantor hereby authorizes and empowers the Cedar Group, their respective
successors, endorsees and/or assigns, to exercise in its or their sole
discretion, any rights and remedies, or any combination thereof, which may then
be available, it being the purpose and intent of Guarantor that the obligations
hereunder shall be absolute, continuing, independent and unconditional under any
and all circumstances. In the event that Guarantor shall advance or become
obligated to pay any sums under this Guaranty or in the event that either or
both of the Existing Owners shall hereafter become indebted to Guarantor,
Guarantor agrees that Guarantor shall have no right of subrogation or
reimbursement against either or both of the Existing Owners, no right of
subrogation against any collateral or any security provided for in the
Documents, unless and until all amounts due under this Guaranty shall have been
paid in full and all of Guarantor's obligations under the Guaranty shall have
been fully performed. To the extent Guarantor's waiver of these rights of
subrogation or reimbursement as set forth in this Guaranty are found by a court
of competent jurisdiction to be void or voidable for any reason, Guarantor
agrees that its rights of subrogation and reimbursement against the Existing
Owners and the members thereof and Guarantor's rights of subrogation against any
collateral or security shall be junior and subordinate as to lien, time of
payment and in all other respects to the Cedar Group' rights against the
Existing Owners and the members thereof and to the Cedar Group' right, title and
interest in such collateral or security. Nothing herein contained is intended or
shall be construed to give Guarantor any right of subrogation in or under the
Documents or any right to participate in any way therein, notwithstanding any
payments made by Guarantor under this Guaranty, all such rights of subrogation
and participation being hereby expressly waived and released.

                (f)     Guarantor unconditionally waives any defense to the
enforcement of this Guaranty, including, without limitation:

                        (i)     the right to plead any and all statutes of
        limitations as a defense to Guarantor's liability under this Guaranty;
        and

                        (ii)    any defense based upon an election of remedies
        by any of the Cedar Group, including, but not limited to, remedies
        relating to real property or personal property security, which destroys
        or otherwise impairs the subrogation rights of Guarantor to proceed
        against either or both of the Existing Owners.

        2.      Covenants, Representations and Warranties

                (a)     Guarantor represents and warrants to each of the Cedar
Group that there is no action or proceeding either pending or threatened against
Guarantor before any court or administrative agency and no event has occurred
which might result in any material adverse change in the business or condition
of Guarantor or in the property of Guarantor which material and adverse change
would materially impair the ability of Guarantor to perform its obligations
hereunder.

                (b)     Guarantor represents and warrants to each of the Cedar
Group that neither the execution nor delivery of this Guaranty, nor fulfillment
of nor compliance with the terms and

                                        4
<PAGE>

provisions hereof, will conflict with, or result in a material breach of the
terms, conditions or provisions of, or constitute a material default under, or
result in the creation of any lien, charge or encumbrance upon any property or
assets of Guarantor under any other material agreement or material instrument to
which Guarantor is now a party or by which Guarantor may be bound.

                (c)     Guarantor agrees to submit to personal jurisdiction in
the Commonwealth of Pennsylvania in any action or proceeding arising out of this
Guaranty. This Guaranty shall be construed and interpreted in accordance with
the laws of the Commonwealth of Pennsylvania, without giving effect to
Pennsylvania's principles of conflicts of law.

        3.      Miscellaneous

                (a)     All guaranties, covenants and agreements contained in
this Guaranty shall bind the respective successors and assigns of Guarantor and
shall inure to the benefit of the Cedar Group, and their respective successors
and assigns.

                (b)     Any notice required or permitted to be delivered herein
shall be deemed to be delivered (a) when received by the addressee if delivered
by courier service, (b) if mailed, two days after deposit in the United States
Mail, postage prepaid, certified mail, return receipt requested, (c) if sent by
recognized overnight service (such as US Express Mail, Federal Express, UPS,
Airborne, etc.), then one day after delivery of same to an authorized
representative or agency of the said overnight service or (d) if sent by a
telecopier, when transmission is received by the addressee with electronic or
telephonic confirmation, in each such case addressed or telecopied to the Owners
or Cedar, as the case may be, at the address or telecopy number set forth
opposite the signature of such party hereto. Notifications are as follows:

To Guarantor:                           Mr. Bart Blatstein
                                        c/o Tower Investments, Inc.
                                        One Reed Street
                                        Philadelphia, Pennsylvania 19147
                                        Telecopier: (215) 755-8666

with a copy to:                         Mr. Robert C. Jacobs
                                        1700 Walnut Street, Suite 200
                                        Philadelphia, Pennsylvania 19103
                                        Telecopier: (215) 545-1559

To the Cedar Group:                     Cedar Shopping Centers Partnership, L.P.
                                        44 South Bayles Avenue
                                        Port Washington, New York 11050
                                        Attention: Leo S. Ullman
                                        Telecopier: (516) 767-6497

                                        5
<PAGE>

with a copy to:                         Stroock & Stroock & Lavan LLP
                                        180 Maiden Lane
                                        New York, New York 10038
                                        Attention: Mark A. Levy, Esq.
                                        Telecopier: (212) 806-6006

                (c)     Guarantor hereby waives the right of trial by jury in
any litigation arising hereunder and also waives the right, in such litigation,
to interpose counterclaims or setoffs of any kind or description.

                (d)     In the event that any of the Cedar Group shall receive
any payments on account of any of the obligations hereby guaranteed, whether
directly or indirectly, and it shall subsequently be determined that such
payments were for any reason improper, or a claim shall be made against any of
the Cedar Group that the same were improper, and any of the Cedar Group either
voluntarily or pursuant to court order shall return the same, Guarantor shall be
liable, with the same effect as if the said payments had never been paid to or
received by any of the Cedar Group, for the amount of such repaid or returned
payments, notwithstanding the fact that payments may theretofore have been
credited on account of the obligations hereby guaranteed.

                (e)     No delay on the part of any of the Cedar Group in
exercising any power or right hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise of any power or right hereunder or the
failure to exercise same in any instance preclude other or further exercise
thereof or the exercise of any other power or right; nor shall any of the Cedar
Group be liable for exercising or failing to exercise any such power or right;
the rights and remedies hereunder expressly specified are cumulative and not
exclusive of any rights or remedies which any of the Cedar Group may or will
otherwise have.

                (f)     This instrument represents the entire agreement between
the parties and may not be modified or amended except by a writing duly executed
by the party to be charged.

                (g)     In the event that any of the Cedar Group, for any reason
whatsoever, shall deem it necessary to refer this Guaranty to an attorney for
the enforcement thereof or of any rights hereunder, by suit or otherwise, there
shall be immediately due from Guarantor to such Other Partner(s), in addition to
the sums guaranteed by Guarantor under this Guaranty, reasonable attorneys' fees
and actual disbursements, together with all costs and expenses of such action,
which costs, expenses, fees and disbursement shall be deemed part of the
obligation hereunder.

                (h)     In the event that any provision of this Guaranty or the
application thereof to Guarantor or any circumstance in the jurisdiction
governing this Guaranty shall, to any extent, be invalid or unenforceable under
any applicable statute, regulation, or rule of law, then such provision shall be
deemed inoperative to the extent that it may conflict therewith and shall be
deemed modified to conform to such statute, regulation or rule of law, and the
remainder of this Guaranty and the application of any such invalid or
unenforceable provision to parties, jurisdictions, or circumstances other than
to whom or to which it shall be held invalid or

                                        6
<PAGE>

unenforceable, shall not be affected thereby nor shall same affect the validity
or enforceability of any other provision of this Guaranty.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
                            SIGNATURES ON NEXT PAGE]

                                        7
<PAGE>

                IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty as
of the date first above set forth.

                                        /s/  Bart Blatstein
                                        ----------------------------------------
                                        Bart Blatstein

                                        8
<PAGE>

COMMONWEALTH OF PA              )
                                ) ss:
COUNTY OF PHILADELPHIA          )

        On the 9 day of December, 2003, before me, the undersigned, personally
appeared BART BLATSTEIN, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his
capacity, and that by his signature on the instrument, the individual executed
the instrument.

                                        /s/
                                        ----------------------------------------
                                        Notary Public

                                        My commission expires:

                                        9
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>38
<FILENAME>ex10-09i.txt
<DESCRIPTION>EX10-09I.TXT
<TEXT>
<PAGE>



                                 PROMISSORY NOTE

$17,500,000.00                                                  December 9, 2003

1. Promise To Pay.

         FOR VALUE RECEIVED, CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a
Delaware limited partnership having an address at 44 South Bayles Avenue, Port
Washington, New York 11050 (hereinafter, the "Borrower") promises to pay to the
order of FLEET NATIONAL BANK, a national banking association, having an address
at 100 Federal Street, Boston, Massachusetts 02110 (hereinafter, a "Lender"),
the principal sum of SEVENTEEN MILLION AND FIVE HUNDRED THOUSAND DOLLARS
($17,500,000.00), with interest thereon, or on the amount thereof from time to
time outstanding, to be computed, as hereinafter provided, on each advance from
the date hereof until such principal sum shall be fully paid. Interest and
principal shall be payable as set forth below. The total principal sum, or the
amount thereof outstanding, together with any accrued but unpaid interest, shall
be due and payable within five (5) Business Days after DEMAND by the Lender,
which demand made be made at any time in the sole and absolute discretion of the
Lender. "Business Day" shall mean any day other than a Saturday, Sunday, or
other day on which commercial banks in Boston, Massachusetts, are authorized or
required to close under the laws of the Commonwealth of Massachusetts.

2. Interest Rate/Payments.

         2.1. Principal amounts outstanding under this Note shall bear interest
at the floating rate equal to the aggregate of the Prime Rate plus one quarter
percent (.25%) per annum. The term "Prime Rate" means the greater of (i) a
variable per annum rate of interest so designated from time to time by Fleet
National Bank (or any successor thereto), as its prime rate, or (ii) the Federal
Funds Rate plus 0.50% per annum. The Prime Rate is a reference rate and does not
necessarily represent the lowest or best rate being charged to any customer.

         2.2. All interest shall be: (a) payable in arrears commencing January
1, 2004 and on the same day of each month thereafter until the principal
together with all interest and other charges payable with respect to the Note
shall be fully paid; and (b) calculated on the basis of a 360 day year and the
actual number of days elapsed. Each change in the Prime Rate shall
simultaneously change the rate payable under this Note.

         2.3. This Note or any portion thereof may be prepaid in full or in part
at any time. Amounts paid or prepaid may not be reborrowed.

         2.4. All payments of interest, principal and fees shall be made in
lawful money of the United States in immediately available funds, without
counterclaim or setoff and free and clear of, and without any deduction or
withholding for, any taxes or other payments: (a) by direct charge to an account
of Borrower maintained with the Lender, or, if not paid under this subsection
(a), (b) by wire transfer to Lender or (c) to such other bank or address as the
holder of the Note may designate in a written notice to Borrower. Payments shall
be credited on the business day on which immediately available funds are
received prior to 1:00 p.m. (Eastern time); payments received after 1:00 p.m.
(Eastern time) shall be credited to the Note on the next business day. Payments
which are by check, which Lender may at its option accept or reject, or which
are not in the form of immediately available funds shall not be credited to the
Note until such funds become immediately available to Lender, and, with respect
to payments by check, such credit shall be provisional until the item is finally
paid by the payor bank.
<PAGE>

         2.5. Lender may submit monthly billings reflecting payments due;
however, any changes in the interest rate which occur between the date of
billing and the due date may be reflected in the billing for a subsequent month.
Neither the failure of Lender to submit a billing nor any error in any such
billing shall excuse Borrower from the obligation to make full payment of all
Borrower's payment obligations when due.

         2.6. Lender shall have the option of imposing, and Borrower shall pay
upon billing therefor, an interest rate which is four percent (4.0%) per annum
above the rate then in effect with respect to the Note ("Default Rate")
following the fifth (5th) Business Day after any demand for payment in full by
the Lender.

         2.7. Borrower shall pay a late charge (herein, the "Late Charge") equal
to five percent (5%) of the amount of any interest, which is not paid within ten
(10) days of the due date thereof. Late charges are: (a) payable in addition to,
and not in limitation of, the Default Rate, (b) intended to compensate Lender
for administrative and processing costs incident to late payments, (c) are not
interest, and (d) not subject to refund or rebate or credited against any other
amount due.

         2.8. All payments shall be applied first to the payment of all fees,
expenses and other amounts due to the Lender (excluding principal and interest),
then to accrued interest, and the balance on account of outstanding principal;
provided, however, that after demand, payments will be applied to the
obligations of Borrower to the Lender as Lender determines in its sole
discretion.

         2.9. Upon the execution hereof, the Borrower shall pay to the Lender a
closing fee of $100,000.00.

3. Acceleration.

         Upon demand by the Lender, this Note and the indebtedness evidenced
hereby shall become immediately due and payable without further notice or
demand, and notwithstanding any prior waiver of any breach or default, or other
indulgence. Upon such demand, Lender shall have, in addition to any rights and
remedies contained herein, any and all rights and remedies set forth under
applicable law. The rights, remedies, powers, privileges, and discretions of the
Lender hereunder (herein, the "LENDER'S RIGHTS AND REMEDIES") shall be
cumulative and not exclusive of any rights or remedies which it would otherwise
have. No delay or omission by the Lender in exercising or enforcing any of the
Lender's Rights and Remedies shall operate as, or constitute, a waiver thereof.
No waiver by the Lender of any of the Lender's Rights and Remedies or of any
default or remedies under any other agreement with the Borrower, or of any
default under any agreement with the Borrower, or any other person liable or
obligated for or on the liabilities under this Note, shall operate as a waiver
of any other of the Lender's Rights and Remedies or of any default or remedy
hereunder or thereunder. No exercise of any of the Lender's Rights and Remedies
and no other agreement or transaction of whatever nature entered into between
the Lender and the Borrower and/or between the Lender and any such other person
at any time shall preclude any other exercise of the Lender's Rights and
Remedies. No waiver by the Lender of any of the Lender's Rights and Remedies on
any one occasion shall be deemed a waiver on any subsequent occasion, nor shall
it be deemed a continuing waiver. All of the Lender's Rights and Remedies, and
all of the Lender's rights, remedies, powers, privileges, and discretions under
any other agreement or transaction with the Borrower or any guarantor, endorser,
or other person liable under or on account of this Note shall be cumulative and
not alternative or exclusive, and may be exercised by the Lender at such time or
times and in such order of preference as the Lender in its sole discretion may
determine.

                                       2
<PAGE>

4. Certain Waivers, Consents and Agreements.

         Each and every party liable hereon, or for the indebtedness evidenced
hereby, whether as maker, endorser, guarantor, surety or otherwise hereby: (a)
waives presentment, demand, protest, suretyship defenses and defenses in the
nature thereof; (b) waives any defenses based upon, and specifically assents to,
any and all extensions and postponements of the time for payment, changes in
terms and conditions and all other indulgences and forbearances which may be
granted by the Lender or the holder to any party now or hereafter liable
hereunder or for the indebtedness evidenced hereby; (c) agrees to any
substitution, exchange, release, surrender or other delivery of any security or
collateral now or hereafter held hereunder or in connection with this Note, and
to the addition or release of any other party or person primarily or secondarily
liable; (d) agrees that if any security or collateral given to secure this Note
or the indebtedness evidenced hereby, shall be found to be unenforceable in full
or to any extent, or if Lender or any other party shall fail to duly perfect or
protect such collateral, the same shall not relieve or release any party liable
hereon or thereon nor vitiate any other security or collateral given for any
obligations evidenced hereby or thereby; (e) agrees to pay all costs and
expenses actually incurred by Lender or any other holder of this Note in
connection with the indebtedness evidenced hereby, including, without
limitation, all reasonable attorneys' fees and costs, for the implementation of
the Note, the collection of the indebtedness evidenced hereby and the
enforcement of rights and remedies hereunder, whether or not suit is instituted;
and (f) consents to all of the terms and conditions contained in this Note, and
all other instruments now or hereafter executed evidencing or governing all or
any portion of the security or collateral for this Note.

5. Delay Not A Bar.

         No delay or omission on the part of the Lender or the holder in
exercising any right hereunder or any right under any instrument or agreement
now or hereafter executed in connection herewith, or any agreement or instrument
which is given or may be given to secure the indebtedness evidenced hereby, or
any other agreement now or hereafter executed in connection herewith or
therewith shall operate as a waiver of any such right or of any other right of
such holder, nor shall any delay, omission or waiver on any one occasion be
deemed to be a bar to or waiver of the same or of any other right on any future
occasion.

                                       3
<PAGE>

6. Partial Invalidity.

         The invalidity or unenforceability of any provision hereof, or of any
other instrument, guaranty, agreement or document now or hereafter executed in
connection with this Note made pursuant hereto and thereto shall not impair or
vitiate any other provision of any of such instruments, agreements and
documents, all of which provisions shall be enforceable to the fullest extent
now or hereafter permitted by law.

7. Compliance With Usury Laws.

         All agreements among Borrower and Lender are hereby expressly limited
so that in no contingency or event whatsoever, whether by reason of acceleration
of maturity of the indebtedness evidenced hereby or otherwise, shall the amount
paid or agreed to be paid to Lender for the use or the forbearance of the
indebtedness evidenced hereby exceed the maximum permissible under applicable
law. As used herein, the term "applicable law", shall mean the law in effect as
of the date hereof, provided, however, that in the event there is a change in
the law which results in a higher permissible rate of interest, then this Note
shall be governed by such new law as of its effective date. In this regard, it
is expressly agreed that it is the intent of Borrower and Lender in the
execution, delivery and acceptance of this Note to contract in strict compliance
with the laws of the Commonwealth of Massachusetts from time to time in effect.
If, under or from any circumstances whatsoever, fulfillment of any provision
hereof at the time performance of such provision shall be due, shall involve
transcending the limit of validity prescribed by applicable law, then the
obligation to be fulfilled shall automatically be reduced to the limit of such
validity, and if under or from any circumstances whatsoever Lender should ever
receive as interest an amount which would exceed the highest lawful rate, such
amount which would be excessive interest shall be applied to the reduction of
the principal balance evidenced hereby and not to the payment of interest. This
provision shall control every other provision of all agreements among Borrower
and Lender in connection with this Note.

8. Use of Proceeds.

         All proceeds of this Note shall be used solely for (i) payoff by the
Borrower (or a subsidiary or affiliate of the Borrower) of that certain loan
(the "GECC Loan"), in the original principal amount of Seventeen Million Five
Hundred Thousand Dollars ($17,500,000), made as of June 27, 2002, by General
Electric Capital Corporation ("GECC") to Delaware 1851 Associates, LP ("1851"),
as evidenced by that certain Promissory Note, dated as of June 27, 2002, in the
amount of Seventeen Million Five Hundred Thousand Dollars ($17,500,000), made by
1851 to GECC and that certain Loan Agreement, dated as of June 27, 2002, between
1851 and GECC, and (ii) satisfaction by the Borrower (or a subsidiary or
affiliate of the Borrower) of that certain Open-End Mortgage, Assignment of
Leases and Rents, Security Agreement and Fixture Filing, dated as of June 27,
2002, made by 1851 to GECC, securing the obligations under the GECC Loan and
encumbering the property commonly known as the Columbus Crossing Shopping
Center, Philadelphia, Pennsylvania and having a street address of 1851 South
Christopher Columbus Boulevard, Philadelphia, Pennsylvania (the "Property"). No
portion of the proceeds of the loan shall be used, in whole or in part, for the
purpose of purchasing or carrying any "margin stock" as such term is defined in
Regulation U of the Board of Governors of the Federal Reserve System.

                                       4
<PAGE>

9. Security.

         In the event this Note shall not be repaid in full within thirty (30)
days from the date of execution, upon the request of the Lender, the Borrower
agrees that it shall execute and deliver to the Lender a pledge and security
with respect to the Borrower's (or any subsidiary's or affiliate's of the
Borrower) entire ownership interest in the entity owning the Property, and take
such other action and execute such further documents as the Lender may request
to vest, perfect and confirm such pledge.

10. Notices. Any notice or other communication in connection with this Note,
shall be in writing, and (i) deposited in the United States Mail, postage
prepaid, by registered or certified mail, or (ii) hand delivered by any
commercially recognized courier service or overnight delivery service such as
Federal Express, or (iii) sent by facsimile transmission if a FAX Number is
designated below addressed:

If to Borrower:


                Cedar Shopping Centers Partnership, L.P.
                44 South Bayles Avenue
                Port Washington, New York 11050
                Attention: Leo S. Ullman
                FAX Number: (516) 767-6497

with a copy to:


                Cedar Shopping Centers Partnership, L.P.
                44 South Bayles Avenue
                Port Washington, New York 11050
                Attention: Stuart H. Widowski, Esquire
                FAX Number: (516) 767-6497

with copies by regular mail or such hand delivery or facsimile transmission to:


                Stroock & Stroock & Lavan LLP
                180 Maiden Lane
                New York, NY 10038-4982
                Attention: Mark A. Levy, Esquire
                Fax Number: (212) 806-6006


                                       5
<PAGE>

If to Lender:

                Fleet National Bank
                100 Federal Street
                Boston, Massachusetts 02110
                Attention: James L. Keough
                Mail Stop: MA DE 10008H
                FAX Number: (617) 434-6384

                And

                Attention: Commercial Real Estate Loan
                           Administration Manager,

with copies by regular mail or such hand delivery or facsimile transmission to:

                Riemer & Braunstein LLP
                Three Center Plaza
                Boston, Massachusetts 02108
                Attention: Kevin J. Lyons, Esquire
                FAX Number: (617) 880-3456


Any such addressee may change its address for such notices to such other address
in the United States as such addressee shall have specified by written notice
given as set forth above. All periods of notice shall be measured from the
deemed date of delivery.

         A notice shall be deemed to have been given, delivered and received for
the purposes of this Note upon the earliest of: (i) if sent by such certified or
registered mail, on the third Business Day following the date of postmark, or
(ii) if hand delivered at the specified address by such courier or overnight
delivery service, when so delivered or tendered for delivery during customary
business hours on a Business Day, or (iii) if so mailed, on the date of actual
receipt as evidenced by the return receipt, or (iv) if so delivered, upon actual
receipt, or (v) if facsimile transmission is a permitted means of giving notice,
upon receipt as evidenced by confirmation.

11. Governing Law and Consent to Jurisdiction.

         11.1. Substantial Relationship. It is understood and agreed that this
Note was delivered in the Commonwealth of Massachusetts, which Commonwealth the
parties agree has a substantial relationship to the parties and to the
underlying transactions embodied by this Note.

         11.2. Place of Delivery. Borrower agrees to furnish to Lender at
Lender's office in Boston, Massachusetts all further instruments, certifications
and documents to be furnished hereunder, if any.

         11.3. Governing Law. This Note and each of the other documents executed
in connection therewith, shall in all respects be governed, construed, applied
and enforced in accordance with the internal laws of the Commonwealth of
Massachusetts without regard to principles of conflicts of law, except insofar
as formation of the Borrower under Delaware law requires Delaware law to apply
with respect to matters of authorization to enter into the transaction
contemplated by this Note.

                                       6
<PAGE>

         11.4. Consent to Jurisdiction. THE BORROWER AGREES THAT ANY SUIT FOR
THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE
NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED ABOVE. THE
BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT COURT.

12. Waiver of Jury Trial.

         BORROWER AND LENDER MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, OR ANY
COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT,
COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF LENDER RELATING TO THE
ADMINISTRATION OF THIS NOTE OR ENFORCEMENT OF THIS NOTE, AND AGREE THAT NEITHER
PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A
JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW,
BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY
LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY
DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. BORROWER CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF LENDER HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR LENDER
TO ACCEPT THIS NOTE AND MAKE THE LOAN EVIDENCED BY THIS NOTE.

13. No Oral Change.

         This Note may only be amended, terminated, extended or otherwise
modified by a writing signed by the party against which enforcement is sought in
accordance with the terms and conditions hereof. In no event shall any oral
agreements, promises, actions, inactions, knowledge, course of conduct, course
of dealing, or the like be effective to amend, terminate, extend or otherwise
modify this Note.

14. Rights of the Holder.

         This Note, and the rights and remedies provided for herein, may be
enforced by Lender, the holder, or any subsequent holder hereof. Wherever the
context permits, each reference to the term "holder" herein shall mean and refer
to Lender, the holder, or the then subsequent holder of this Note.

                                       7
<PAGE>

15. Right to Pledge.

         Lender may at any time pledge all or any portion of its rights under
this Note to any of the twelve (12) Federal Reserve Banks organized under
Section 4 of the Federal Reserve Act, 12 U.S.C. Section 341. No such pledge or
enforcement thereof shall release Lender from its obligations under this Note.

16.      Assignment.

         Borrower may not assign this Note or its obligations hereunder without
the prior written consent of Lender in each instance.

17. Setoff. Subject to the terms of this Section 16, Borrower hereby grants to
the Lender, a continuing lien, security interest and right of setoff as security
for all of the obligations under this Note, upon and against all deposits,
credits, collateral and property, now or hereafter in the possession, custody,
safekeeping or control of Lender or any entity under the control of FleetBoston
Financial Corporation and its successors and assigns, or in transit to any of
them. If any payment is not made when due under this Note, after giving regard
to applicable grace periods, if any, or if the Lender makes demand for payment
in full hereunder, any such deposits, balances or other sums credited by or due
from Lender, any affiliate of Lender or FleetBoston Financial Corporation, or
from any such affiliate of Lender or FleetBoston Financial Corporation, to
Borrower may to the fullest extent not prohibited by applicable law at any time
or from time to time, without regard to the existence, sufficiency or adequacy
of any other collateral, and without notice or compliance with any other
condition precedent now or hereafter imposed by statute, rule of law or
otherwise, all of which are hereby waived, be set off, appropriated and applied
by Lender against any or all of Borrower's obligations under this Note
irrespective of whether demand shall have been made and although such
obligations may be unmatured, in such manner as Lender in its sole and absolute
discretion may determine. Within five (5) Business Days of making any such set
off, appropriation or application, Lender agrees to notify Borrower thereof,
provided the failure to give such notice shall not affect the validity of such
set off or appropriation or application. ANY AND ALL RIGHTS TO REQUIRE LENDER TO
EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH
SECURES THE NOTE, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH
DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER OR ANY GUARANTOR, ARE HEREBY
KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

                  [Remainder of page left intentionally blank]

                                       8

<PAGE>


         IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed
as of the date set forth above as a sealed instrument.

Witness:                              BORROWER:

                                      CEDAR SHOPPING CENTERS PARTNERSHIP, LP. A
                                      DELAWARE LIMITED PARTNERSHIP

Janet Paturzo                         BY ITS GENERAL PARTNER

                                      CEDAR SHOPPING CENTERS, INC.

                                              By:   /s/  Brenda J. Walker
                                                    ----------------------------
                                              Name:   Brenda J. Walker
                                              Title:    Vice President


                                       9
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>39
<FILENAME>ex10-09j.txt
<DESCRIPTION>EX10-09J.TXT
<TEXT>
<PAGE>

================================================================================

                              AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                          DELAWARE 1851 ASSOCIATES, LP,
                       A PENNSYLVANIA LIMITED PARTNERSHIP


                         DATED: AS OF DECEMBER 9TH, 2003

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                         PAGE NO.
                                                                                                         --------
<S>             <C>                                                                                            <C>
                                                             ARTICLE 1
                                                      FORMATION AND OFFICES

Section 1.1     Continuation....................................................................................2
Section 1.2     Name............................................................................................2
Section 1.3     Purposes........................................................................................2
Section 1.4     Powers..........................................................................................3
Section 1.5     Term............................................................................................3
Section 1.6     Principal Office................................................................................3
Section 1.7     Agent for Service of Process....................................................................3
Section 1.8     Additional Covenants............................................................................3

                                                            ARTICLE 2
                                                           DEFINITIONS

Section 2.1     Definitions.....................................................................................3

                                                            ARTICLE 3
                                                      CAPITAL CONTRIBUTIONS

Section 3.1     Capital Contributions..........................................................................12
Section 3.2     Redemption of the Preferred Interests..........................................................13
Section 3.3     Common Percentage Interests of Partners........................................................14
Section 3.4     Limitation on Liability of Limited Partners....................................................14
Section 3.5     No Withdrawal of Capital Contributions.........................................................15
Section 3.6     Return of Capital Contributions................................................................15
Section 3.7     Intentionally Omitted..........................................................................15
Section 3.8     Termination of Affiliate Loans.................................................................15
Section 3.9     Intentionally Omitted..........................................................................15
Section 3.10    Sums Paid Under Guarantees or Indemnities......................................................15

                                                            ARTICLE 4
                                                ALLOCATIONS OF PROFITS AND LOSSES

Section 4.1     Allocation of Profits..........................................................................15
Section 4.2     Allocation of Losses...........................................................................16
Section 4.3     Allocations to Reflect Priority Returns........................................................16
Section 4.4     Special Allocations............................................................................16
Section 4.5     Other Allocations..............................................................................17
Section 4.6     Tax Allocations: Code Section 704(c)...........................................................18
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>             <C>                                                                                            <C>
                                                            ARTICLE 5
                                                       CASH DISTRIBUTIONS

Section 5.1     Distribution of Available Net Cash Flow........................................................19
Section 5.2     Distribution of Capital Event Proceeds.........................................................19
Section 5.3     Excess Reserves................................................................................20
Section 5.4     Restrictions on Distributions..................................................................20
Section 5.5     Pre-Closing Claims.............................................................................20
Section 5.6     Transfer Taxes.................................................................................21

                                                            ARTICLE 6
                                          RIGHTS, OBLIGATIONS AND POWERS OF THE MEMBERS

Section 6.1     Management by Cedar GP; Duties and Powers of the Partners......................................21
Section 6.2     Restrictions on Powers of the Cedar GP.........................................................22
Section 6.3     Refinancing....................................................................................23
Section 6.4     Exculpation....................................................................................23
Section 6.5     Employment of Agents, Affiliate Transactions...................................................23
Section 6.6     Compensation of Partner........................................................................24
Section 6.7     Other Activities...............................................................................24

                                                            ARTICLE 7
                                              TRANSFERABILITY OF MEMBERS' INTERESTS

Section 7.1     Prohibited Transfers of Preferred Holders......................................................24
Section 7.2     Certain Transfers Prohibited...................................................................25
Section 7.3     Admission of a Substituted Partner.............................................................25
Section 7.4     Withdrawal of a Partner........................................................................25

                                                            ARTICLE 8
                                           DISSOLUTION AND LIQUIDATION OF THE COMPANY

Section 8.1     Events Causing Dissolution.....................................................................26
Section 8.2     Liquidating Trustee............................................................................26
Section 8.3     Liquidation....................................................................................26
Section 8.4     Termination....................................................................................27

                                                            ARTICLE 9
                                      BOOKS AND RECORDS, ACCOUNTING, REPORTS, TAX ELECTIONS

Section 9.1     Books of Account; Records......................................................................27
Section 9.2     Annual Financial Reports.......................................................................27
Section 9.3     Tax Returns and Advances.......................................................................28
Section 9.4     Tax Elections..................................................................................28
Section 9.5     Bank Accounts..................................................................................28
Section 9.6     Partnership Expenses...........................................................................29
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>             <C>                                                                                            <C>
                                                           ARTICLE 10
                                                    MISCELLANEOUS PROVISIONS

Section 10.1    Notices........................................................................................29
Section 10.2    Signatures; Amendments.........................................................................30
Section 10.3    Binding Provisions.............................................................................30
Section 10.4    Applicable Law.................................................................................30
Section 10.5    Waiver of Trial by Jury........................................................................30
Section 10.6    Counterparts...................................................................................30
Section 10.7    Separability of Provisions.....................................................................30
Section 10.8    Captions.......................................................................................30
Section 10.9    Partnership Property; No Partition.............................................................30
Section 10.10   No Benefit to Third Parties....................................................................31
Section 10.11   Pronouns.......................................................................................31
Section 10.12   Restatement....................................................................................31

Exhibit A       Land
Exhibit B       SPE Provisions

Exhibit 6.4(c)  Property Management Agreement
</TABLE>

                                       iii
<PAGE>

                              AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                          DELAWARE 1851 ASSOCIATES, LP,
                       A PENNSYLVANIA LIMITED PARTNERSHIP

        THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (as the same
may be amended from time to time, this "Agreement") OF DELAWARE 1851 ASSOCIATES,
LP, A PENNSYLVANIA LIMITED PARTNERSHIP (the "Partnership") is made and entered
into as of the ___ day of December, 2003, by and among Cedar-Columbus LLC, a
Delaware limited liability company ("Cedar GP"), CSC-Columbus LLC, a Delaware
limited liability company ("Cedar LP"), Welsh-Square, Inc., a Pennsylvania
corporation ("WSI"), Indenture of Trust of Bart Blatstein dated as of June 9,
1998, a Pennsylvania trust ("1998 Trust") and Irrevocable Indenture of Trust of
Barton Blatstein dated July 13, 1999, a Pennsylvania trust ("1999 Trust"; 1998
Trust and 1999 Trust are sometimes collectively referred to herein as "Original
LPs"; WSI and Original LPs are sometimes collectively referred to herein as the
"Preferred Holders").

                               W I T N E S S E T H

        WHEREAS, the Partnership was formed as a limited partnership pursuant to
the Pennsylvania Revised Uniform Limited Partnership Act (as it may be amended
from time to time, or any successor statute, the "Act") by the filing of the
Certificate of Limited Partnership of the Partnership with the Pennsylvania
Secretary of State on April 23, 1999 (as the same has been and may hereafter be
amended from time to time, the "Certificate");

        WHEREAS, pursuant to that certain Limited Partners Agreement of the
Partnership, dated April 21, 1999, by and between Original GP and The Blatstein
Family Trust II; as amended and corrected by that certain Amendment to Limited
Partners Agreement of the Partnership dated as of December 19, 2000 and that
certain Limited Partners Agreement of the Partnership executed on December 19,
2000 to be effective as of April 21, 1999; as further amended by that certain
Assignment, Assumption and Modification Agreement dated as of December 19, 2000;
and as further amended by that certain Amendment to Limited Partnership of the
Partnership, dated June 24, 2002 (collectively, the "Original Partnership
Agreement"), Original GP was the general partner and Original LPs were limited
partners in the Partnership;

        WHEREAS, the Partnership is the owner of certain real property commonly
known as Columbus Crossing Shopping Center and located at 1851 South Christopher
Columbus Boulevard in the City and County of Philadelphia and Commonwealth of
Pennsylvania, as more particularly described on Exhibit A attached hereto (the
"Land"), together with all buildings, improvements, fixtures, equipment and
personal property now or hereafter situated on the Land, together with the
fixtures, equipment and personal property attached or appurtenant to the Land
and such buildings (collectively, the "Property");

        WHEREAS, Preferred Holders and Cedar LP are parties to the Recap
Agreement (as that term is hereinafter defined);

<PAGE>

        WHEREAS, contemporaneously with the execution of this Agreement,
Preferred Holders' interests in the Partnership are being recapitalized into the
Preferred Interests (as that term is hereinafter defined);

        WHEREAS, contemporaneously with the execution of this Agreement, Cedar
GP and Cedar LP shall make the capital contributions more particularly set forth
herein, and, in consideration of the foregoing, Cedar GP shall become the
managing general partner of the Partnership and acquire 1 % of the common
interests of the Partnership and Cedar LP shall become a limited partner of the
Partnership and acquire 99% of the common interests of the Partnership; and

        WHEREAS, the Preferred Holders desire to admit Cedar GP and Cedar LP as
Partners of the Partnership, and the parties hereto desire to set forth the
amended and restated agreement of the parties.

        NOW, THEREFORE, in consideration of the premises and the mutual
agreements contained herein, the parties agree as follows:

                                    ARTICLE 1
                              FORMATION AND OFFICES

     Section 1.1    Continuation.

        (a)     The Partnership was formed as a limited partnership under the
provisions of the Act, and the parties hereto agree to continue the Partnership
under the Act on the terms and conditions set forth in this Agreement.

        (b)     The Partnership shall immediately, and from time to time
hereafter, as may be required by law, execute or cause to be executed all
amendments of the Certificate, and do all filing, recording and other acts as
may be appropriate under the Act and shall cause a copy of each such amendment
to be distributed to the Partners.

     Section 1.2    Name. All Partnership business shall be conducted in the
name of the Partnership as set forth above or such other name as the Partners
may select from time to time and which is in compliance with all applicable
laws.

     Section 1.3    Purposes.

        (a)     The Partnership's purpose shall be limited to owning, holding,
managing, operating, leasing, mortgaging, pledging, selling, assigning,
transferring and otherwise dealing with the Property. The Partnership shall
exercise all powers enumerated in the Act necessary or convenient to the
conduct, promotion or attainment of the business or purposes set forth herein.

        (b)     The Partnership shall not engage in any other business or
activity without the prior unanimous written consent of the Common Partners.

                                        2
<PAGE>

     Section 1.4    Powers. The Partnership shall have the power to do any
and all acts reasonably necessary, appropriate, proper, advisable, incidental or
convenient to or for the furtherance of the purposes and business described
herein and for the protection and benefit of the Partnership.

     Section 1.5    Term. The Partnership commenced on the date of the
filing of the Certificate and shall continue in existence until December 31,
2053 or such earlier time as may be determined in accordance with the terms of
this Agreement.

     Section 1.6    Principal Office. The principal office of the
Partnership shall be located at 1851 South Christopher Columbus Boulevard,
Philadelphia, Pennsylvania 19148 (it being agreed, however, that Preferred
Holders shall deliver to Cedar GP and Cedar LP, in accordance with Section 10.1
hereof and promptly after receipt of same, copies of all Notices related to the
Partnership or the Property that are received at their office), or at such other
place as Cedar GP may determine from time to time, and the Partnership shall
maintain records there as required by the Act.

     Section 1.7    Agent for Service of Process. The Partnership shall
maintain a registered agent and office in the Commonwealth of Pennsylvania. The
name and address of the registered agent of the Partnership in the Commonwealth
of Pennsylvania upon whom process may be served, and the address of the
registered office of the Partnership in the Commonwealth of Pennsylvania, is c/o
Cedar Shopping Centers Partnership, L.P., 524 Camp Hill Mall, 32nd Street and
Trindle Road, Camp Hill, Pennsylvania 17011, Attn: T. Richey. At any time, the
Partnership may designate another registered agent and/or office.

     Section 1.8    Additional Covenants. The Partnership shall comply with
the "separateness covenants" set forth on Exhibit B.

                                    ARTICLE 2
                                   DEFINITIONS

     Section 2.1    Definitions. Defined terms used in this Agreement shall,
unless the context otherwise requires, have the following meanings:

        "AAA" shall have the meaning set forth in Section 3.7(d) hereof.

        "Acquisition Loan" shall have the meaning set forth in Section 3.2(c)
hereof.

        "Act" shall have the meaning set forth in the recitals.

        "Additional Capital Contribution" shall mean any Capital Contribution
made by a Partner, other than the Cedar Group Initial Capital.

        "Adjusted Capital Account" shall mean, with respect to any Partner, the
balance, if any, in such Partner's Capital Account as of the end of the relevant
Fiscal Year, after giving effect to the following adjustments:

                                        3
<PAGE>

                (a)    Credit to such Capital Account any amounts which such
     Partner is obligated to restore pursuant to the terms of this Agreement or
     is deemed to be obligated to restore pursuant to Treasury Regulations
     Section 1.704-1(b)(2)(ii)(c) and the penultimate sentences of Treasury
     Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

                (b)    Debit to such Capital Account the items described in
     paragraphs (4), (5) and (6) of Treasury Regulations Section
     1.704-1(b)(2)(ii)(d).

     The foregoing definition of Adjusted Capital Account is intended to comply
with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations
to the extent relevant thereto and shall be interpreted consistently therewith.

        "Adjusted Preferred Interests" shall mean the Preferred Interests,
reduced by (i) the aggregate amount of distributions to Preferred Holders
pursuant to Section 5.2(b)(1) hereof and (ii) distributions and other adjustment
pursuant to Section 3.2 hereof.

        "Adjustment Demand" shall have the meaning set forth in Section
5.5(b)(2).

        "Affiliate" shall mean, when used with reference to a specified Person,
(i) any Person directly or indirectly controlling, controlled by (as manager or
otherwise), or under common control with the specified Person, (ii) a Person
owning or controlling, directly or indirectly, ten percent (10%) or more of the
outstanding voting securities of such specified Person, (iii) any person related
by blood or by marriage (including relatives by adoption) to such Person, the
estate of such Person and such Person's heirs and descendants, (iv) any officer
or director of such specified Person and (v) if such other Person is an officer
or director, any company for which such Person acts in such capacity.

        "Agreement" shall mean this Agreement, as same may be amended from time
to time.

        "Available Net Cash Flow" shall have the meaning set forth in Section
5.1 (a) hereof.

        "Bankruptcy" or "Bankrupt" as to any Person shall mean the filing of a
petition for relief as to any such Person as debtor or bankrupt under the
Bankruptcy Code of 1978 or like provision of law (except if such petition is
filed by a Person other than the Person that is the debtor or bankrupt, such
filing is contested by the Person that is the debtor or bankrupt, and such
petition has been dismissed within one hundred twenty (120) days); insolvency of
such Person as finally determined by a court proceeding (except if such
adjudication is stayed or dismissed within one hundred twenty (120) days);
filing by such Person of a petition or application to accomplish the same or for
the appointment of a receiver or a trustee for such Person or a substantial part
of such Person's assets; or commencement of any proceedings relating to such
Person under any other reorganization, arrangement, insolvency, adjustment of
debt or liquidation law of any jurisdiction, whether now in existence or
hereafter in effect, either by such Person or by another, provided that if such
proceeding is commenced by another, such Person indicates such Person's approval
of such proceeding, consents thereto or acquiesces therein, or

                                        4
<PAGE>

such proceeding is contested by such Person and has not been finally dismissed
within one hundred twenty (120) days.

        "Business Day" shall mean any day other than a Saturday, Sunday or any
other day on which banks in New York or Pennsylvania are required or permitted
to be closed.

        "Capital Account" shall mean, with respect to any Partner, the Capital
Account maintained for such Partner in accordance with the provisions of
Treasury Regulations Section 1.704-1(b)(2)(iv) and the following provisions:

        (a)     To each Partner's Capital Account there shall be credited such
Partner's Capital Contributions, such Partner's share of Profits, and any items
in the nature of income or gain that are specially allocated to such Partner
pursuant to Section 4.3 and Section 4.4 hereof, and the amount of any
Partnership liabilities that are assumed by such Partner (other than liabilities
that are secured by any Partnership property distributed to such Partner).

        (b)     To each Partner's Capital Account there shall be debited the
amount of cash and the Gross Asset Value of any Partnership property distributed
to such Partner pursuant to any provision of this Agreement (net of liabilities
secured by such distributed property that such Partner is considered to assume
or take subject to under Code Section 752), such Partner's share of Losses, and
any items in the nature of expenses or losses that are specially allocated to
such Partner pursuant to Section 4.3 and Section 4.4 hereof, and the amount of
any liabilities of such Partner that are assumed by the Partnership (other than
liabilities that are secured by any property contributed by such Partner to the
Partnership).

        (c)     In the event any interest in the Partnership is transferred in
accordance with the terms of this Agreement, the transferee shall succeed to the
Capital Account of the transferor to the extent it relates to the transferred
interest. In the case of a sale or exchange of an interest in the Partnership at
a time when an election under Code Section 754 is in effect, the Capital Account
of the transferee Partner shall not be adjusted to reflect the adjustments to
the adjusted tax bases of Partnership property required under Code Sections 754
and 743, except as otherwise permitted by Treasury Regulations Section
1.704-1(b)(2)(iv)(m).

        (d)     In determining the amount of any liability for purposes of
clauses (a) and (b) of this definition of Capital Account, there shall be taken
into account Code Section 752(c) and the Treasury Regulations promulgated
thereunder, and any other applicable provisions of the Code and Regulations.

        (e)     In the event the Gross Asset Values of Partnership assets are
adjusted pursuant to clauses (b) and (d) of the definition of Gross Asset Value,
the Capital Accounts of all Partners shall be adjusted simultaneously to reflect
the manner in which unrealized income, gain, loss and deduction inherent in all
Partnership assets (that has not been previously reflected in the Capital
Accounts) would be allocated pursuant to Article 4 if there were a taxable
disposition of Partnership property at fair market value. Similarly, in the
event of a distribution of Partnership assets to a Partner (whether in
connection with a liquidation or otherwise), the Capital Accounts shall be
adjusted to reflect the manner in which unrealized income, gain, loss and
deduction inherent in such distributed assets (not previously reflected in
Capital Accounts) would be

                                        5
<PAGE>

allocated pursuant to Article 4 if there were a taxable disposition of such
distributed assets at fair market value.

        (f)     The foregoing provisions and the other provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply
with Treasury Regulations Sections 1.704-1(b) and 1.704-2, and shall be
interpreted and applied in a manner consistent with such Regulations. In the
event that Cedar GP shall determine that it is prudent to modify the manner in
which the Capital Accounts, or any debits or credits thereto, are computed in
order to comply with such Regulations or to reflect the intention of the parties
hereto, Cedar GP may make such modification, provided that it is not likely to
have a material effect on the amounts distributable to any Partner upon the
dissolution of the Partnership.

        "Capital Contribution" shall mean, with respect to any Partner, the
amount of money and the initial Gross Asset Value of any property contributed or
deemed contributed by such Partner to the Partnership (net of any liabilities
secured by such property or to which such property is otherwise subject). Any
reference in this Agreement to the Capital Contribution of a Partner shall
include the Capital Contribution made by any predecessor of a Partner.

        "Capital Event Proceeds" shall have the meaning set forth in Section
5.2(a) hereof.

        "Cedar GP" shall have the meaning set forth in the preamble.

        "Cedar Group" shall mean Cedar GP and Cedar LP and any party that shall
acquire all or any portion of the Partnership Interests that were originally
owned by Cedar GP and Cedar LP; provided, however, if Preferred Holders or a
member of the Preferred Group shall acquire the Partnership Interest of a member
of the Cedar Group, Preferred Holders or such member of the Preferred Group
shall not become a member of the Cedar Group.

        "Cedar LP" shall have the meaning set forth in the preamble.

        "Cedar Group Initial Capital" shall mean $______________, said amount
representing the sum of all legal fees, title insurance premiums and other
closing costs and adjustments paid by Cedar Group in connection with the
Closing, and any other amount deemed to be added to, and part of, the Cedar
Group Initial Capital pursuant to Section 3.2 hereof.

        "Certificate" shall have the meaning set forth in the recitals.

        "Closing" shall have the meaning set forth in the Recap Agreement.

        "Code" shall mean the Internal Revenue Code of 1986, as amended, or any
corresponding provision or provisions of succeeding law.

        "Common Partners" shall mean, collectively, Cedar GP, Cedar LP and any
Person or Persons who, at the time of reference thereto, has been admitted as a
successor Common Partner or as an additional Common Partner and, in the case of
any of the foregoing, has not

                                       6
<PAGE>

withdrawn from the Partnership, in each such Person's capacity as a Common
Partner. "Common Partner" shall mean any one of the Common Partners.

        "Common Percentage Interest" shall mean the percentage of ownership
interest in the Partnership of each Partner, excluding the Preferred Interests.
The initial Common Percentage Interests are set forth in Section 3.3 hereof.

        "Delivering Party" shall have the meaning set forth in Section 3.7(d)
hereof.

        "Depreciation" shall mean, for each Fiscal Year or other period, an
amount equal to the depreciation, amortization, or other cost recovery deduction
allowable with respect to an asset for such Fiscal Year or other period, except
that if the Gross Asset Value of an asset differs from its adjusted basis for
federal income tax purposes at the beginning of such Fiscal Year or other
period, Depreciation shall be an amount which bears the same ratio to such
beginning Gross Asset Value as the federal income tax depreciation,
amortization, or other cost recovery deduction for such Fiscal Year or other
period bears to such beginning adjusted tax basis.

        "Dissolution Event" shall have the meaning set forth in Section 8.1
hereof.

        "Distribution Sections" shall have the meaning set forth in Section
3.7(b) hereof.

        "Entity" shall mean any general partnership, limited partnership,
limited liability company, corporation, joint venture, trust, business trust,
cooperative or association.

        "Fiscal Year" shall mean the calendar year, except that the last Fiscal
Year of the Partnership shall end on the date on which the Partnership shall
terminate and commence on the January 1 immediately preceding such date of
termination.

        "Governmental Entity" shall mean the United States, the Commonwealth of
Pennsylvania, any other state that shall have jurisdiction over the Partnership
and any Partner, any municipality, and political subdivision of any of the
foregoing, and any agency, authority, department, court, commission or other
legal entity of any of the foregoing.

        "Gross Asset Value" shall mean, with respect to any asset, the asset's
adjusted basis for federal income tax purposes, except as follows:

        (a)     The initial Gross Asset Value of any asset contributed by a
Partner to the Partnership shall be the gross fair market value of such asset,
as determined by the Partners;

        (b)     The Gross Asset Values of all Partnership assets shall be
adjusted to equal their respective gross fair market values, as reasonably
determined by Cedar GP, as of the following times: (i) the acquisition of an
interest or an additional interest in the Partnership by any new or existing
Partner in exchange for more than a de minimis Capital Contribution; (ii) the
distribution by the Partnership to a Partner of more than a de minimis amount of
property or money as consideration for an interest in the Partnership; and (iii)
the liquidation of the Partnership within the meaning of Treasury Regulations
Section 1.704-1(b)(2)(ii)(g); provided, however, that adjustments pursuant to
clauses (i) and (ii) above shall be made only if Cedar GP

                                        7
<PAGE>

shall reasonably determine that such adjustments are necessary or appropriate to
reflect the relative economic interests of the Partners;

        (c)     The Gross Asset Value of any Partnership asset distributed to a
Partner shall be adjusted to the gross fair market value of such asset on the
date of distribution, as determined under Section 5.4 hereof;

        (d)     The Gross Asset Values of Partnership assets shall be increased
(or decreased) to reflect any adjustments to the adjusted basis of such assets
pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent
that such adjustments are taken into account in determining Capital Accounts
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m); provided,
however, that Gross Asset Values shall not be adjusted pursuant to this clause
(d) to the extent Cedar GP determines that an adjustment pursuant to clause (b)
hereof is necessary or appropriate in connection with a transaction that would
otherwise result in an adjustment pursuant to this clause (d); and

        (e)     If the Gross Asset Value of an asset has been determined or
adjusted pursuant to clauses (a), (b), or (d), such Gross Asset Value shall
thereafter be adjusted by the Depreciation taken into account with respect to
such asset for purposes of computing Profits and Losses.

        "Group" shall mean the Preferred Group or the Cedar Group.

        "Indirect Interest" shall mean an ownership interest (whether direct or
indirect) in a Partner (as opposed to a Partner's ownership interest in the
Partnership).

        "Indirect Owner" shall mean a Person holding an Indirect Interest.

        "Land" shall have the meaning set forth in the recitals.

        "Lender" shall mean any unaffiliated lender that shall provide a loan to
the Partnership.

        "Liquidating Trustee" shall have the meaning set forth in Section 8.2
hereof.

        "Loan" shall mean any loan or loans made to the Partnership, evidenced
and/or contemplated by the Loan Documents.

        "Loan Documents" shall mean the note(s), mortgage(s), loan agreement(s)
and other documents delivered by the Partnership or a Guarantor to a Lender in
connection with a Loan.

        "Net Expenditures" shall mean the Partnership's total direct and
indirect expenditures incurred in connection with the transaction to purchase
the Redemption Property, including without limitation any down payments (until
such time as such payments are either refunded or applied), brokers fees,
transfer taxes, loan fees (to the extent not deducted from loan proceeds), legal
fees

                                        8
<PAGE>

of the counsel designated by Preferred Holders and the reasonable legal fees of
the counsel designated by the Partnership to review the purchase transaction,
less any amounts funded by Preferred Holders and any proceeds from any
Acquisition Loans.

        "Nonrecourse Deductions" shall have the meaning set forth in Treasury
Regulations Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for a
Fiscal Year shall equal the excess, if any, of the net increase, if any, in the
amount of Partnership Minimum Gain during that Fiscal Year, over the aggregate
amount of any distributions during that Fiscal Year of proceeds of a Nonrecourse
Liability that are allocable to an increase in Partnership Minimum Gain,
determined according to the provisions of Treasury Regulations Section
1.704-2(c).

        "Nonrecourse Liability" shall have the meaning set forth in Treasury
Regulations Section 1.704-2(b)(3).

        "Notices" shall have the meaning set forth in Section 10.1 hereof.

        "Operating Documents" shall mean all contracts and agreements of all
kinds entered into by or on behalf of the Partnership in connection with the
business purposes thereof.

        "Original LPs" shall have the meaning set forth in the preamble.

        "Original Partnership Agreement" shall have the meaning set forth in the
recitals.

        "Outside Date" shall mean the tenth (10th) anniversary of the date of
this Agreement.

        "Partner Nonrecourse Debt" has the meaning set forth in Treasury
Regulations Section 1.704-2(b)(4).

        "Partner Nonrecourse Debt Minimum Gain" shall mean an amount, with
respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain
that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse
Liability, determined in accordance with Treasury Regulations Section
1.704-2(i)(2) and (3).

        "Partner Nonrecourse Deductions" shall have the meaning set forth in
Treasury Regulations Section 1.704-2(i)(2). For any Fiscal Year, the amount of
Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt equals
the excess, if any, of the net increase, if any, in the amount of the Partner
Nonrecourse Debt Minimum Gain over the aggregate amount of any distributions
during such Year to the Partner that bears the economic risk of loss for such
Partner Nonrecourse Debt to the extent such distributions are from proceeds of
such Partner Nonrecourse Debt and are allocable to an increase in Partner
Nonrecourse Debt Minimum Gain, determined according to the provisions of
Treasury Regulations Section 1.704-2(i)(2).

        "Partners" shall mean, collectively, Cedar GP, Cedar LP, the Preferred
Holders, and any Person or Persons who, at the time of reference thereto, has
been admitted as a successor Partner or as an additional Partner and, in the
case of any of the foregoing, has not withdrawn

                                        9
<PAGE>

from the Partnership, in each such Person's capacity as a Partner. "Partner"
shall mean any one of the Partners.

        "Partnership" shall mean Delaware 1851 Associates, LP, a Pennsylvania
limited partnership, as the same may from time to time be constituted, and any
successor limited partnership.

        "Partnership Accountants" shall mean such accountants that shall be
selected by Cedar GP to be the accountants for the Partnership.

        "Partnership Interest" shall mean the entire ownership interest of a
Partner in the Partnership at any particular time, including the rights and
obligations of such Partner under this Agreement.

        "Partnership Minimum Gain" shall have the meaning set forth in Treasury
Regulations Section 1.704-2(d).

        "Person" shall mean any individual or Entity, and the heirs, executors,
administrators, legal representatives, successors and assigns of such Person
where the context so permits.

        "Pre-Closing Claims" shall have the meaning set forth in Section 5.5(a)
hereof.

        "Preferred Group" shall mean Preferred Holders and any party that shall
acquire all or any portion of the Partnership Interests that were originally
owned by Preferred Holders; provided, however, if Cedar GP, Cedar LP or a member
of the Cedar Group shall acquire the Partnership Interest of a member of the
Preferred Group, Cedar GP, Cedar LP or such member of the Cedar Group shall not
become a member of the Preferred Group.

        "Preferred Holders" shall have the meaning set forth in the preamble.

        "Preferred Interests" shall mean the preferred limited partnership
interests in the Partnership of the Preferred Holders in an amount equal to Six
Million Six Hundred Seventeen Thousand ($6,617,000) Dollars.

        "Preferred Priority Return" shall mean an amount equal to 6.5% per
annum, cumulative, compounded annually (prorated for any partial year) of the
Adjusted Preferred Interests existing from time to time during the period to
which the Preferred Priority Return relates.

        "Profits" and "Losses" shall mean, for each Fiscal Year or other period,
an amount equal to the Partnership's taxable income or loss for such Fiscal Year
or period (for this purpose, all items of income, gain, loss or deduction
required to be stated separately pursuant to Code Section 703(a)(1) shall be
included in taxable income or loss and each item of income, gain, expense,
deduction and loss shall be allocable to the Partners in accordance herewith),
with the following adjustments for purposes of adjusting Capital Accounts and
maintaining the same in accordance with Treasury Regulations Section
1.704-1(b)(2)(iv):

                                       10
<PAGE>

        (a)     Any income of the Partnership that is exempt from federal income
tax (except for rental income accrued on the Partnership's financial statement
on a straight line basis for GAAP purposes) and not otherwise taken into account
in computing Profits or Losses pursuant to this definitional section shall be
added to such taxable income or loss;

        (b)     Any expenditures of the Partnership described in Code Section
705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to
Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into
account in computing Profits or Losses, shall be subtracted from such taxable
income or loss;

        (c)     In the event the Gross Asset Value of any Partnership asset is
adjusted pursuant to subsections (b), (c) or (d) of the definition of "Gross
Asset Value", the amount of such adjustment shall be taken into account as gain
or loss from the disposition of such asset for purposes of computing Profits or
Losses;

        (d)     Gain or loss resulting from any disposition of Partnership
property with respect to which gain or loss is recognized for federal income tax
purposes shall be computed by reference to the Gross Asset Value of the property
disposed of, notwithstanding that the adjusted tax basis of such property
differs from its Gross Asset Value;

        (e)     In lieu of the depreciation, amortization and other cost
recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation for such Fiscal Year or other
period, computed in accordance with the definition of Depreciation; and

        (f)     Notwithstanding any other provision of this definitional
section, any items which are specially allocated pursuant to Section 4.3 and
Section 4.4 hereof shall not be taken into account in computing Profits or
Losses.

        "Property" shall have the meaning set forth in the recitals.

        "Property Management Agreement" shall have the meaning set forth in
Section 6.5(c) hereof.

        "Recap Agreement" shall mean that certain agreement, dated as of October
2, 2003, between the Partnership, Preferred Holders and Cedar LP, as amended by
that certain Amendment to Recapitalization Agreement, dated as of November 3,
2003, between the Partnership, Preferred Holders and Cedar LP, and that certain
Second Amendment to Recapitalization Agreement, dated as of December 9th, 2003,
between the Partnership, Preferred Holders and Cedar LP.

        "Recapitalization" shall mean, collectively, (i) the admission of the
Cedar Group to the Partnership, and (ii) the recapitalization of Preferred
Holders' entire interest in the Partnership.

        "Recipient Party" shall have the meaning set forth in Section 3.7(d)
hereof.

                                       11
<PAGE>

        "Redemption Price" shall mean an amount equal to the balance of the
Preferred Interests, including any accrued and unpaid Preferred Priority Return,
immediately prior to the redemption of the Preferred Interests, less any Net
Expenditures incurred by the Partnership not yet debited against the balance of
the Preferred Interests.

        "Redemption Property" shall have the meaning set forth in Section 3.2(c)
hereof.

        "Repayment Capital Contribution" shall have the meaning set forth in
Section 3.2(b) hereof.

        "Reserves" shall mean amounts allocated to reserves maintained for
working capital or for contingencies of the Partnership.

        "Sale" shall mean a sale or other disposition of all or any portion of
the Property (other than pursuant to an involuntary conversion, foreclosure or
deed in lieu of foreclosure given to an unrelated third party or a tax-free
exchange that would not result in the recognition of gain by the Preferred
Holders).

        "SEC" shall have the meaning set forth in Section 9.2 hereof.

        "Substituted Partner" shall mean a person who is admitted to the
Partnership as a Substituted Partner in accordance with Section 7.3 hereof.

        "Tax Matters Partner" shall have the meaning set forth in Section 9.4
hereof.

        "Transfer" shall have the meaning set forth in Section 7.1(a) hereof.

        "WSI" shall have the meaning set forth in the Preamble.

                                    ARTICLE 3
                              CAPITAL CONTRIBUTIONS

     Section 3.1    Capital Contributions.

        (a)     Upon the execution of this Agreement, the Cedar Group shall be
deemed to have contributed to the capital of the Partnership the Cedar Group
Initial Capital.

        (b)     Following the payments set forth in Section 3.1(a):

                (1)     Cedar GP's Capital Account as of the date of this
Agreement shall be equal to $__________, said amount representing 1% of the
Cedar Group Initial Capital.

                (2)     Cedar LP's Capital Account as of the date of this
Agreement shall be equal to $__________, said amount representing 99% of the
Cedar Group Initial Capital.

                (3)     Preferred Holders' Capital Account as of the date of
this Agreement shall be equal to Six Million Six Hundred Seventeen Thousand
($6,617,000) Dollars.

                                       12
<PAGE>

        (c)     Except as set forth in this Agreement, no Partner shall be
required or obligated to contribute any capital to the Partnership or to lend
any funds to the Partnership. In no event shall Preferred Holders be required or
entitled to contribute any capital to the Partnership or to lend any funds to
the Partnership, and no event or action, other than pursuant to Section 3.2,
shall cause the reduction or diminution of the Preferred Interests.

        (d)     Additional Capital Contributions. If available cash and
available working capital are insufficient for the operation of the Partnership,
Cedar GP shall have the right to request Additional Capital Contributions from
the Common Partners, and the Common Partners agree that any such Additional
Capital Contributions that shall be required by the Company shall be made by the
Common Partners in proportion to their respective Common Percentage Interests.
Any Additional Capital Contributions made by a Common Partner pursuant to this
Section 3.1(d) shall not increase such Common Partner's Common Percentage
Interest.

     Section 3.2    Redemption of the Preferred Interests.

        (a)     The Partnership shall redeem the Preferred Interests for cash or
property (or a combination thereof), at Preferred Holders' election at any time
after the date of this Agreement, in an amount equal to the Redemption Price.
Preferred Holders may elect to have the Preferred Interests redeemed in part,
provided that (i) Preferred Holders may elect a redemption of the Preferred
Interests on no more than four (4) separate occasions, (ii) Preferred Holders
must elect to have the Preferred Interests redeemed in full on the fourth (4th)
election, if made, and (iii) the balance of the Preferred Interests (including
any accrued and unpaid Preferred Priority Return) shall be decreased by (1) any
cash paid by the Partnership in redemption of the Preferred Interests, (2) the
Net Expenditures paid by the Partnership in connection with any property
distributed by the Partnership in redemption of the Preferred Interests, and (3)
any other reduction required pursuant to this Agreement. Any payments made
pursuant to clause (iii) of this Section 3.2(a) shall be applied first in
reduction of the Preferred Interests and then in reduction of the Preferred
Priority Return.

        (b)     Upon Preferred Holders' election to redeem all or a portion of
the Preferred Interests (and Preferred Holders having obtained the consent of
the Cedar Group to the extent such consent is required pursuant to the terms of
this Agreement), each member of the Cedar Group shall be required to contribute
to the capital of the Partnership, pari passu in accordance with such member's
Common Interest Percentage, an amount equal to the Preferred Interests being
redeemed at such time (any such Capital Contribution, a "Repayment Capital
Contribution"). The Repayment Capital Contribution that shall be made by Cedar
Group shall be deemed to be added to, and be part of, the Cedar Group Initial
Capital.

        (c)     If Preferred Holders shall elect to receive property (the
"Redemption Property") in redemption of the Preferred Interests, the Partnership
shall be obligated to purchase the Redemption Property designated by Preferred
Holders and to borrow money in connection therewith, provided that (i) any loan
is arranged for, or provided, by Preferred Holders (the "Acquisition Loan"),
(ii) either (x) the Partnership has no obligations under the Acquisition Loan,
or (y) the Acquisition Loan is secured by the Redemption Property and is
nonrecourse to the Partnership, (iii) the Partnership shall not be obligated to
incur Net Expenditures in excess of

                                       13
<PAGE>

the Redemption Price, unless Preferred Holders fund the balance of any
difference, (iv) Preferred Holders shall deliver or cause to be delivered any
and all guarantees or indemnities that may be required in connection with such
Acquisition Loan, (v) Preferred Holders shall deliver an amount equal to the
transfer, stamp or similar taxes payable in connection with the purchase of the
Redemption Property by the Partnership and the subsequent distribution of the
Redemption Property by the Partnership, and (vi) the Lender consents to, or has
preapproved in accordance with Section 6.3, the acquisition by the Partnership
of the Redemption Property. Preferred Holders may fund any additional monies
needed to purchase the Redemption Property in any reasonable manner selected by
Preferred Holders and reasonably approved by Cedar GP (e.g., through a third
party escrow arrangement). In connection with the purchase of the Redemption
Property, the Partnership shall help Preferred Holders to create a separate
legal entity through which to purchase the Redemption Property, the Partnership
shall retain counsel designated by Preferred Holders and reasonably satisfactory
to the Partnership, and the Partners shall cooperate in obtaining from the
Lender (in the event such transaction was not preapproved in accordance with
Section 6.3) its consent to the acquisition by the Partnership of the Redemption
Property.

        (d)     The Partnership shall not have (i) any unreimbursed liability
with respect to the Redemption Property or the transaction pursuant to which
such Redemption Property is acquired or attempted to be acquired if such
transaction does not close for any reason (other than Net Expenditures not in
excess of the Redemption Price), or (ii) any obligation to incur Net
Expenditures in excess of the Redemption Price. In the event the Redemption
Property is not purchased for any reason, the balance of the Preferred Interests
(including any accrued and unpaid Preferred Priority Return) shall be reduced by
the amount of the Net Expenditures incurred in connection with the transaction
to purchase such Redemption Property in lieu of any reimbursement pursuant to
this Section 3.2(d). Such Net Expenditures shall be applied first in reduction
of the Preferred Interests and then in reduction of the Preferred Priority
Return.

        (e)     The Partnership may redeem the Preferred Interests (including
any accrued but unpaid Preferred Priority Return) in full, but not in part, for
an amount of cash equal to the Redemption Price at any time from and after (i)
the Outside Date, or (ii) the date that Preferred Holders shall commence an
action against any of the other Partners with respect to the Partnership or its
assets, other than to enforce its rights under this Agreement.

     Section 3.3    Common Percentage Interests of Partners.

        (a)     Upon the execution of this Agreement:

                (1)     Cedar GP's Common Percentage Interest shall be 1.0%; and

                (2)     Cedar LP's Common Percentage Interest shall be 99.0%.

        (b)     The Common Percentage Interests of the Partners shall be
adjusted to account for admissions, transfers and conveyances pursuant to
Article 7 hereof.

     Section 3.4    Limitation on Liability of Limited Partners. The liability
of each Partner, other than Cedar GP or any successor general partner of the
Partnership, shall be limited to such Partner's Capital Contributions and
Additional Capital Contributions, and no Partner, other than

                                       14
<PAGE>

Cedar GP or any successor general partner of the Partnership, shall, subject to
the provisions of the Act, have any personal liability in respect of any
liabilities or obligations of the Partnership or the Partners, beyond the amount
that it shall, in accordance with this Agreement, contribute (or be required to
contribute) to the capital of the Partnership.

     Section 3.5    No Withdrawal of Capital Contributions. Except upon
dissolution and liquidation of the Partnership, no Partner shall have the right
to withdraw, reduce or demand the return of its Capital Contribution, or any
part thereof, or any distribution thereon. Except as otherwise provided herein,
no Partner shall have the right to receive property other than cash in
connection with a distribution or return of capital. Except as otherwise
provided in this Agreement, no Partner shall be entitled to receive interest on
such Partner's Capital Contributions to the Partnership.

     Section 3.6    Return of Capital Contributions.

        (a)     Except upon dissolution and liquidation of the Partnership or as
provided in Article 5 hereof, there is no agreement, nor time set, for the
return of any Capital Contribution or Additional Capital Contribution of any
Partner.

        (b)     None of the Partners, nor any of their respective Affiliates,
nor any officer, director, shareholder, employee or agent of any of the Partners
or their Affiliates, shall be personally liable for the return or repayment of
any Capital Contribution or Additional Capital Contribution.

     Section 3.7    Intentionally Omitted.

     Section 3.8    Termination of Affiliate Loans. As of the date hereof,
Preferred Holders shall have caused any sums owed by the Partnership to any
Affiliate of Preferred Holders to be repaid in full such that no balance is
outstanding with respect to any such sums.

     Section 3.9    Intentionally Omitted.

     Section 3.10   Sums Paid Under Guarantees or Indemnities. If the Preferred
Owners or any Affiliate of the Preferred Owners shall make a payment under any
guaranty or indemnity on account of an event that occurred prior to the date of
this Agreement, the party making such payment shall not be entitled to any
reimbursement by any of the other Partners or the Partnership on account of such
payment, and such payment shall not increase the Capital Account of the
Preferred Owners, and such payment shall not be deemed to be a Capital
Contribution.

                                    ARTICLE 4
                        ALLOCATIONS OF PROFITS AND LOSSES

     Section 4.1    Allocation of Profits. After giving effect to the special
allocations set forth in Section 4.3 and Section 4.4 hereof, Profits for any
Fiscal Year shall be allocated to the Common Partners in proportion to their
respective Common Percentage Interests.

                                       15
<PAGE>

     Section 4.2    Allocation of Losses. After giving effect to the special
allocations set forth in Section 4.3 and Section 4.4 hereof, Losses for any
Fiscal Year shall be allocated to the Common Partners in proportion to their
respective Common Percentage Interests.

     Section 4.3    Allocations to Reflect Priority Returns. For each Fiscal
Year of the Partnership, before any allocations of Profits and Losses shall be
made to the Partners pursuant to Section 4.1 or Section 4.2, items of gross
income and gain of the Partnership shall be allocated to Preferred Holders in an
amount equal to the excess, if any, of (i) the accrued Preferred Priority Return
for the current Fiscal Year and all prior Fiscal Years, whether or not paid,
over (ii) the cumulative amount of items of gross income or gain allocated to
Preferred Holders pursuant to this Section 4.3 for the current Fiscal Year and
all prior Fiscal Years.

     Section 4.4    Special Allocations.

        (a)     Partnership Minimum Gain Chargeback. Notwithstanding any other
provision of this Article 4 and except as otherwise provided in Section
1.704-2(f) of the Treasury Regulations, if there is a net decrease in
Partnership Minimum Gain during any Fiscal Year of the Partnership, each Partner
shall be specially allocated items of Partnership income and gain for such year
(and, if necessary, subsequent years) in an amount equal to such Partner's share
of the net decrease in Partnership Minimum Gain, as determined under Treasury
Regulations Section 1.704-(2)(g). The items to be so allocated shall be
determined in accordance with Treasury Regulations Section 1.704-2(f). This
Section 4.4(a) is intended to comply with the minimum gain chargeback
requirement in such Section of the Treasury Regulations and shall be interpreted
consistently therewith.

        (b)     Partner Minimum Gain Chargeback. Notwithstanding any other
provision of this Article 4, if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain attributable to a Partner Nonrecourse Debt, then, except as
otherwise provided in Treasury Regulations Section 1.704-2(i), each Partner who
has a share of the Partner Nonrecourse Debt Minimum Gain attributable to such
Partner Nonrecourse Debt, determined in accordance with Treasury Regulations
Section 1.704-2(i), shall be specially allocated items of Partnership income and
gain for such year (and, if necessary, subsequent years) in an amount equal to
such Partner's share of the net decrease in Partner Nonrecourse Debt Minimum
Gain attributable to such Partner Nonrecourse Debt, determined in accordance
with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the
previous sentence shall be made in proportion to the respective amounts required
to be allocated to each Partner pursuant thereto. The items to be allocated
shall be determined in accordance with Treasury Regulations Section
1.704-2(i)(4) and (j)(2). This Section 4.4(b) is intended to comply with the
minimum gain chargeback requirement in Section 1.704-2(i)(4) of the Treasury
Regulations and shall be interpreted consistently therewith.

        (c)     Qualified Income Offset. In the event any Partner unexpectedly
receives any adjustments, allocations, or distributions described in Treasury
Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership
income and gain shall be specially allocated to such Partner in an amount and
manner sufficient to eliminate, to the extent required by the Treasury
Regulations, any deficit balance in such Partner's Adjusted Capital Account as
quickly

                                       16
<PAGE>

as possible, provided that an allocation pursuant to this Section 4.4(c)
shall be made only if and to the extent that such Partner would have a deficit
balance in its Adjusted Capital Account after all other allocations provided for
in this Section have been tentatively made as if this Section 4.4(c) were not in
the Agreement.

        (d)     Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal
Year or portion thereof shall be allocated solely to the Cedar Group.

        (e)     Partner Nonrecourse Deductions. Any Partner Nonrecourse
Deductions for any Fiscal Year of the Company or portion thereof shall be
allocated to the Partner who bears the economic risk of loss with respect to the
nonrecourse debt to which such Partner Nonrecourse Deductions are attributable,
in accordance with Treasury Regulations Section 1.704-2(i)(1).

        (f)     Excess Non-Recourse Liabilities. The "excess non-recourse
liabilities" of the Partnership within the meaning of Treasury Regulations
Section 1.752-3(a)(3) shall be allocated to the Common Partners pro rata in
accordance with their respective Common Percentage Interests.

        (g)     Deficit Restoration Obligation. Cedar LP shall have the right to
provide the Partnership with an unconditional obligation to restore the deficit
balance, if any, in its Adjusted Capital Account. Cedar LP shall have the right
to satisfy such obligation by contributing to the Partnership its right to
receive any amounts owed to Cedar LP by any other Partner.

        (h)     Loss Allocation Limitation. Notwithstanding the provisions of
Section 4.2 hereof, Losses (or items of loss) allocated pursuant to Section 4.2
hereof shall not exceed the maximum amount of Losses (or items of loss) that can
be so allocated without causing any Partner to have a deficit balance in its
Adjusted Capital Account at the end of any Fiscal Year. In the event some but
not all of the Partners would have deficit balances in their Adjusted Capital
Accounts as a result of an allocation of Losses (or items of loss) pursuant to
Section 4.2 hereof, the limitation set forth in this Section 4.4(h) shall be
applied on a Partner by Partner basis so as to allocate the maximum permissible
Losses (or items of loss) to each Partner under Treasury Regulations Section
1.704-1(b)(2)(ii)(d). All Losses (or items of loss) in excess of the limitation
set forth in this Section 4.4(h) shall be allocated to other Partners in
accordance with the provisions of Section 4.2, provided that no Losses (or items
of loss) shall be allocated to any Partners who are not permitted to be
allocated any Losses (or items of loss) under this Section 4.4(h).

     Section 4.5    Other Allocations.

        (a)     If the respective interests of the existing Partners in the
Partnership change or if a Partnership Interest is transferred to any other
Person, then, for the Fiscal Year of transfer, all income, gains, losses,
deductions, tax credits and other tax incidents resulting from the operations of
the Partnership shall be allocated between transferor and transferee, as
reasonably determined by Cedar GP using any method permissible under Section 706
of the Code. A transferee of an interest in the Partnership shall succeed to the
Capital Account of the transferor

                                       17
<PAGE>

Partner to the extent it relates to the transferred interest. With respect to
the change in ownership of the Partnership resulting from the Recapitalization,
the Partnership shall use the closing of the books method described in Section
706(c) of the Code or such other method selected by Cedar GP.

        (b)     For each Fiscal Year, items of Partnership income, gain, loss,
deduction and expenses shall be allocated for federal, state and local purposes
among the Partners in the same manner as the Profits and Losses or other gains
or losses to which such items relate were allocated pursuant to Section 4.1,
Section 4.2, Section 4.3 and Section 4.4 hereof.

     Section 4.6    Tax Allocations: Code Section 704(c).

        (a)     In accordance with Code Section 704(c) and the Treasury
Regulations thereunder, income, gain, loss, and deduction with respect to any
property contributed to the capital of the Partnership shall, solely for tax
purposes, be allocated among the Partners so as to take account of any variation
between the adjusted basis of such property to the Partnership for federal
income tax purposes and its initial Gross Asset Value.

        (b)     In the event the Gross Asset Value of any Partnership asset is
adjusted pursuant to any provision of this Agreement in accordance with the
definition of Gross Asset Value, subsequent allocations of income, gain, loss
and deduction with respect to such Partnership asset shall take into account any
variation between the adjusted basis of such Partnership asset for federal
income tax purposes and its Gross Asset Value in the same manner as under Code
Section 704(c) and the Treasury Regulations thereunder.

        (c)     Consistent with Section 4.6(b) hereof, immediately prior to the
execution of this Agreement the Gross Asset Value of the Property has been
adjusted to equal Twenty Four Million One Hundred Seventeen Thousand
($24,117,000) Dollars. For purposes of this Agreement, based on the
Partnership's tax basis as of the date of this Agreement, the tax basis of the
Property is Sixteen Million Two Hundred Thousand ($16,200,000) Dollars. The
Partners agree to account for the resulting variation between the Gross Asset
Value of the Property and its tax basis using "the traditional method with
curative allocations" contemplated by Treasury Regulations Section
1.704-3(c)(3)(iii)(B). Thus, notwithstanding anything to the contrary in this
Agreement, the Partners agree that upon a taxable disposition of the Property
(i) to the extent of Twenty Four Million One Hundred Seventeen Thousand
($24,117,000) Dollars of consideration, the Cedar Group shall not be allocated
taxable income or gain attributable to such disposition in an amount that
exceeds the total amount of tax depreciation deductions allocated to the Cedar
Group in the current Fiscal Year and all prior Fiscal Years from the Property
(not including for this purpose any tax depreciation attributable to
improvements made to the Property after the date this Agreement has been
executed), and (ii) taxable income or gain attributable to such disposition on
account of consideration in excess of Twenty Four Million One Hundred Seventeen
Thousand ($24,117,000) Dollars, if any, shall be allocated to the Cedar Group.

        (d)     Any elections or other decisions relating to the allocations
required under this Section 4.6 shall be made by Cedar GP; provided, however,
that any such election or decision that is not otherwise contemplated by this
Agreement and which increases, other than to a de minimis extent, the tax
obligation of the Preferred Holders (as compared to what such

                                       18
<PAGE>

obligation would have been absent such election) shall require the consent of
the Preferred Holders (not to be unreasonably withheld, conditioned, or
delayed). Allocations pursuant to this Section 4.6 are solely for purposes of
Federal, state, and local taxes and shall not affect, or in any way be taken
into account in computing, any Partner's Capital Account or share of Profits and
Losses, other items, or distributions pursuant to any provision of this
Agreement.

                                    ARTICLE 5
                               CASH DISTRIBUTIONS

     Section 5.1    Distribution of Available Net Cash Flow.

        (a)     As used in this Agreement, the term "Available Net Cash Flow"
means the gross cash proceeds from Partnership operations, including all
refinancings of all or any portion of the Property and/or any other property of
the Partnership and, in connection with a partial casualty or condemnation, the
proceeds of condemnation proceedings or settlement of any insurance claims
resulting in insurance proceeds not used in repair or restoration of the
Property that, in each instance, shall not be required to be paid to a Lender,
less (1) all costs incurred by the Partnership in connection with the
refinancing or restoration of the Property and (2) any portion thereof used to
establish Reserves, all as determined by Cedar GP, for certain expenses and
liabilities of the Partnership, including, without limitation, debt payments
(including interest and principal) on Loans, capital improvements, repairs,
replacements, contingencies, real estate taxes and leasing commissions, all as
determined in accordance with this Agreement. Available Net Cash Flow shall not
be reduced by depreciation, cost recovery deductions or similar allowances.
Available Net Cash Flow shall not be deemed to include any Capital Event
Proceeds or any expenses related thereto.

        (b)     Available Net Cash Flow, if any, shall be distributed or paid,
as applicable, at such times as Cedar GP may determine, in the following order
of priority:

                (1)     First, to Preferred Holders, until Preferred Holders
have received an aggregate amount of distributions under this Section 5.1(b)(1)
and Section 5.2(b)(2) below equal to the Preferred Priority Return (as adjusted
for distributions and other adjustments under Section 3.2 above);

                (2)     Second, pari passu to the Common Partners in proportion
to their respective Common Percentage Interests.

     Section 5.2    Distribution of Capital Event Proceeds.

        (a)     As used in this Agreement, the term "Capital Event Proceeds"
shall mean the net cash proceeds from all sales and other dispositions (other
than in the ordinary course of business) including, in connection with a total
casualty or condemnation in which no repair or restoration is contemplated, the
proceeds of condemnation proceedings or settlement of any insurance claims
resulting in insurance proceeds, shall not be required to be paid to a Lender,
less, in each instance, (1) all costs incurred by the Partnership in connection
with the sale, refinancing or restoration of the Property and (2) any portion
thereof used to establish Reserves, all as determined by Cedar GP. Capital Event
Proceeds shall include all principal and interest

                                       19
<PAGE>

payments with respect to any note or other obligation received by the
Partnership in connection with sales and other dispositions (other than in the
ordinary course of business) of Partnership property.

        (b)     Any Capital Event Proceeds shall be distributed promptly after
the receipt thereof, in the following order of priority:

                (1)     First, to Preferred Holders until Preferred Holders have
received an amount of distributions under this Section 5.2(b)(1) equal to the
Adjusted Preferred Interests;

                (2)     Second, to Preferred Holders, until Preferred Holders
have received an aggregate amount of distributions under this Section 5.2(b)(2)
and Section 5.1(b)(1) above equal to the Preferred Priority Return (as adjusted
for distributions and other adjustments under Section 3.2 above);

                (3)     Third, pari passu to the Common Partners in proportion
to their respective Common Percentage Interests.

     Section 5.3    Excess Reserves. Any Reserves established by the
Partnership, which were established from Available Net Cash Flow, and which
Cedar GP determines shall no longer be required by the Partnership, shall be
distributed to the Partners pursuant to the provisions of Section 5.1 (b)
hereof, and any Reserves established by the Partnership which were established
from Capital Event Proceeds, and which Cedar GP determines shall no longer be
required by the Partnership, shall be distributed to the Partners pursuant to
the provisions of Section 5.2(b) hereof.

     Section 5.4    Restrictions on Distributions. A Partner shall have no
right to demand and receive any distribution from the Partnership in any form
other than cash. No Partner may be compelled to accept a distribution of an
asset in kind from the Partnership to the extent that the percentage of the
asset distributed to such Partner exceeds the percentage in which such Partner
is then entitled to share in distributions from the Partnership. Any in-kind
distributions of Partnership property shall be valued by an established,
reputable, independent and qualified appraiser.

     Section 5.5    Pre-Closing Claims. The Partnership may pursue (including
the commencement of a plenary action) or defend any claims relating to the
period prior to the date of this Agreement (collectively, the "Pre-Closing
Claims"). The Preferred Holders shall cooperate in the prosecution of any such
Pre-Closing Claims. Subject to Preferred Holder's rights to contest a
Pre-Closing Claim as hereinafter set forth, in the event that the Partnership
shall owe money on account of a Pre-Closing Claim, and Cedar GP shall give
notice thereof on or before the date which is one (1) year after the date of
this Agreement, Preferred Holders shall make such payment within Ten (10)
Business days after receipt of notice from Cedar GP. Any payment by Preferred
Holders made pursuant to this Section 5.5(b)(1) shall not increase the Capital
Account of Preferred Holders, such payment shall not be deemed to be a Capital
Contribution, and any expense to which such payments relate shall be deemed to
be expenses of Preferred Holders. Upon prior notice to the Cedar GP (given
within Ten (10) business days after such notice from Cedar GP), the Preferred
Holders shall be entitled, at their sole cost and

                                       20
<PAGE>

expense, to contest any such Pre-Closing Claim, provided, however, that during
the pendency of such Pre-Closing Claim (A) neither the Property nor any portion
thereof or interest therein would be in imminent danger of being sold, forfeited
or lost, and (B) neither Property nor any interest therein would be subject to
the imposition of any lien as a result of the failure to comply with a
requirement prior to and while such contest is proceeding, unless Preferred
Holders shall cause any such lien, promptly after obtaining knowledge of the
existence of the lien, to be discharged of record by payment, deposit, bond or
otherwise.

     Section 5.6    Transfer Taxes.

        (a)     To the extent Preferred Holders elect to receive Redemption
Property in redemption of their interests, all transfer, stamp or other similar
taxes in connection with the purchase and subsequent distribution of the
Redemption Property, if any, including any tax that is imposed on Transfers by
any Partner or by any Indirect Owner that is aggregated with the purchase and
distribution of the Redemption Property, shall be the obligation of Preferred
Holders, without regard to whether same is assessed against Preferred Holders,
the Partnership or any other Partner.

        (b)     Each Partner shall be solely liable for any real property and
controlling interest transfer taxes that result from a Transfer of such
Partner's interest in the Partnership (or of the interest of an Indirect Owner
of such Partner), including any tax that is imposed on Transfers that are
aggregated with such Transfers, without regard to whether same is assessed
against such Partner, the Partnership or any other Partner.

                                    ARTICLE 6
                  RIGHTS, OBLIGATIONS AND POWERS OF THE MEMBERS

     Section 6.1    Management by Cedar GP; Duties and Powers of the Partners.

        (a)     Subject to the provisions of this Article 6, Cedar GP shall have
the right and power to conduct the business and affairs of the Partnership and
to do all things necessary to carry on the business of the Partnership, and is
hereby authorized to take any action of any kind and to do anything and
everything Cedar GP deems necessary or appropriate in accordance with the
provisions of this Agreement and applicable law. Subject to the provisions of
this Article 6, Cedar GP will have full power and authority to execute and
deliver in the name of and on behalf of the Partnership such documents or
instruments as Cedar GP deems appropriate for the conduct of the Partnership's
business in accordance with this Agreement. No person, firm or corporation
dealing with the Partnership will be required to inquire into the authority of
Cedar GP to take any action or make any decision. Cedar GP shall be required to
devote to the conduct of the operations of the Partnership only such time and
attention as shall be necessary to accomplish the purposes, and to conduct
properly the operations, of the Partnership. In performing its obligations under
this Section 6.1, Cedar GP shall not be required at any time to expend funds
other than those of the Partnership.

        (b)     Without limiting the generality of the foregoing, but subject to
the specific limitations of this Agreement, Cedar GP is authorized on behalf of
the Partnership, without the consent of any Partner, to:

                                       21
<PAGE>

                (1)     expend the capital and revenues of the Partnership in
furtherance of the Partnership's operations and pay in accordance with the
provisions of this Agreement all debts and obligations of the Partnership, to
the extent that funds of the Partnership are available therefor;

                (2)     take such actions as shall be required for the
Partnership to comply with the Loan Documents;

                (3)     execute, deliver and thereafter amend the Loan
Documents;

                (4)     lease the Property (other than pursuant to a lease which
would constitute a taxable sale for federal income tax purposes);

                (5)     establish and maintain separate bank accounts in the
name of, and on behalf of, the Partnership;

                (6)     bring and defend, actions at law or in equity;

                (7)     make investments in United States treasury securities
and certificates of deposit in federally insured banks, pending disbursement of
the Partnership's funds or to provide a source from which to meet contingencies;

                (8)     enter into and/or terminate agreements and contracts
with third parties, and give receipts, releases and discharges with respect to
all of the foregoing and any matters incident thereto;

                (9)     maintain, at the expense of the Partnership, adequate
records and accounts of all operations and expenditures;

                (10)    purchase, at the expense of the Partnership, liability,
casualty and other insurance and bonds to protect the Partnership's properties,
operations, members and employees and to protect (to the extent required
thereby, and as customary and reasonable) Cedar GP and its respective control
persons, officers, directors and employees;

                (11)    execute and deliver any and all agreements, documents
and other instruments necessary or incidental to the conduct of the operations
of the Partnership and of the Property; and

                (12)    do and perform all such other things as may be in
furtherance of the Partnership's business purposes described in Section 1.3
hereof subject to the limitations set forth herein.

     Section 6.2    Restrictions on Powers of the Cedar GP. Notwithstanding
anything to the contrary contained in Section 6.1 above, the Partnership shall
not consummate a Sale prior to the Outside Date, without the consent of
Preferred Holders.

                                       22
<PAGE>

     Section 6.3    Refinancing. In connection with any financing of the
Property, Cedar Group shall undertake in good faith to obtain from the
prospective Lender its preapproval to the acquisition by the Partnership, or an
affiliate thereof, of Replacement Property in connection with a redemption of
the Preferred Interests. Preferred Holders, in cooperation with Cedar Group,
shall have the right to endeavor to obtain such preapproval from such
prospective Lender; provided, however, if such prospective Lender shall not
grant such preapproval, the Partnership may, nevertheless, accept financing from
such prospective Lender.

     Section 6.4    Exculpation. No Partner or any of its Affiliates, nor any of
their respective officers, directors, partners, shareholders, members, employees
or agents, shall be liable, in damages or otherwise, to the Partnership or to
any of the other Partners, for any act or omission performed or omitted by such
Partner pursuant to the authority granted by this Agreement, except if such act
or omission results from (a) the negligence, misconduct or bad faith of a
Partner, its Affiliates or their respective officers, directors, partners,
shareholders, members, employees or agents or (b) a Partner acting beyond the
scope of authority granted by this Agreement. To the extent permitted by the
Act, the Partnership shall indemnify, defend and hold harmless each Partner, its
Affiliates and their respective officers, directors, partners, shareholders,
members, employees and agents, from and against any and all claims or
liabilities of any nature whatsoever, including reasonable attorneys' fees,
arising out of or in connection with any action taken or omitted by such Partner
pursuant to the authority granted by this Agreement, except where attributable
to (i) the negligence, misconduct or bad faith of such Partner, its Affiliates
or their respective officers, directors, partners, shareholders, members,
employees or agents or (ii) a Partner acting beyond the scope of authority
granted by this Agreement. Each Partner shall be entitled to rely in good faith
on the advice of counsel, public accountants or other independent experts
experienced in the matter at issue, and any act or omission of a Partner
pursuant to such advice shall in no event subject the Partner to liability to
the Partnership or any Partner. Any indemnity provided under this Section 6.4
shall be paid out of and to the extent of the assets of the Partnership only,
and no Partner shall have any personal obligation with respect thereto.

     Section 6.5    Employment of Agents, Affiliate Transactions.

        (a)     Cedar GP may employ or cause to be employed, on behalf of the
Partnership, such firms or corporations as it shall deem advisable for the
operation of the Partnership and on such terms and for such compensation as
Cedar GP shall determine, provided such terms and services are reasonably
necessary and customary.

        (b)     Except as expressly provided in this Agreement, no Partner or
any Affiliate of a Partner shall enter into any agreement or other arrangement
for the furnishing to or by the Partnership, of goods or services (including any
construction work) with any Person which is an Affiliate of such Partner or any
partner, shareholder or other owner of an equity interest in such Partner unless
such agreement or arrangement has been approved by Cedar GP after the nature of
the relationship or affiliation and the terms of such agreement or arrangement
have been disclosed in writing.

                                       23
<PAGE>

        (c)     The Partners hereby acknowledge and confirm that,
contemporaneously with the execution of this Agreement, Cedar Shopping Centers
Partnership, L.P., is entering into a property management and leasing agreement
with the Partnership, in substantially the form set forth in Exhibit 6.4(c)
attached hereto and made a part hereof (the "Property Management Agreement"),
with Cedar Shopping Centers Partnership, L.P., as the managing and leasing agent
for the Property.

     Section 6.6    Compensation of Partner. Except as otherwise expressly
provided herein, the Partners shall not be entitled to any salary or other
compensation from the Partnership except for their respective cash distributions
as set forth in the Distribution Sections.

     Section 6.7    Other Activities. Any Partner (including any Affiliate of
the Partners) may engage in or possess an interest in other business ventures of
any nature or description, independently or with others, whether presently
existing or hereafter created, including those in competition with the
operations of the Partnership, and neither the Partnership nor any Partner
(including any of the Partners or any Affiliate of the Partners) shall have any
rights in or to such independent ventures or the income or profits derived
therefrom.

                                    ARTICLE 7
                      TRANSFERABILITY OF MEMBERS' INTERESTS

     Section 7.1    Prohibited Transfers of Preferred Holders.

        (a)     Preferred Holders may not, directly or indirectly, sell, assign,
transfer or otherwise dispose of (collectively, "Transfer") all or any part of
its Partnership Interest, whether voluntarily or by foreclosure, assignment in
lieu thereof or other enforcement of a pledge, hypothecation or collateral
assignment, without the prior written consent of Cedar GP, which consent can be
withheld in Cedar GP's sole discretion. There shall be no restriction on the
ability of any member of the Cedar Group to, directly or indirectly, Transfer
all or any part of its Partnership Interest.

        (b)     Notwithstanding the foregoing or any other provisions of this
Article 7, Preferred Holders may not, directly or indirectly, pledge,
hypothecate or collaterally assign all or any portion of its Partnership
Interest, or the proceeds thereof or distributions on account thereof, without
the prior written consent of Cedar GP, which consent can be withheld in Cedar
GP's sole discretion. Subject to the terms of Section 7.2 below, there shall be
no restriction on the ability of any member of the Cedar Group to, directly or
indirectly, pledge, hypothecate or collaterally assign all or any portion of its
Partnership Interest, or the proceeds thereof or distributions on account
thereof, and a foreclosure resulting from any such pledge, hypothecation or
assignment shall be permitted under the terms of this Agreement. Notwithstanding
the foregoing, in no event shall any member of the Cedar Group, without the
consent of the Preferred Holders (which consent shall not be unreasonably
withheld, conditioned, or delayed), transfer its entire Partnership Interests,
if the assignee is not at least as qualified as the Cedar Group, both with
respect to its financial capabilities and its operational expertise.

                                       24
<PAGE>

        (c)     For purposes of this Agreement, any sale, assignment, transfer
or other disposition of the capital stock or other equity interest in any
Partner or the issuance of capital stock or additional partnership interests or
membership interests shall constitute a Transfer.

     Section 7.2    Certain Transfers Prohibited. Notwithstanding the provisions
of Section 7.1 hereof to the contrary, no Transfer by a Partner shall be
permitted which would result in (i) the violation of the terms of any Loan
Document or other agreement to which the Partnership is a party or by which its
assets are affected, including, without limitation, the Operating Documents, or
(ii) the termination of the Partnership as a limited partnership pursuant to the
terms of the Act or, unless otherwise agreed, within the meaning of Section 708
of the Code, or (iii) the violation of any applicable law.

     Section 7.3    Admission of a Substituted Partner.

        In the event that a Partner shall Transfer its Partnership Interest
pursuant to, and in accordance with, the terms of this Agreement, the transferee
thereof shall become a substituted partner ("Substituted Partner") only upon
receipt by the Partnership of all of the following (as determined by Cedar GP):

                (i)     the transferee's acceptance of, and agreement to pay all
costs of such Transfer and to be bound by, all of the terms and provisions of
this Agreement, in form and substance satisfactory to the Partnership;

                (ii)    evidence reasonably satisfactory to Cedar GP of the
authority of such Substituted Partner to become a Partner and to be bound by all
of the terms and conditions of this Agreement;

                (iii)   the written agreement of the Substituted Partner to
continue the business of the Partnership in accordance with the terms and
provisions of this Agreement;

                (iv)    such other documents or instruments as may reasonably be
required under the Act or otherwise in order to effect the admission of the
Substituted Partner as a Partner under this Agreement; and

                (v)     evidence reasonably satisfactory to Cedar GP that such
Transfer (A) would not violate (1) any Federal and state securities laws and
rules and regulations of the Securities and Exchange Commission, state
securities commissions, and any other Governmental Entity with jurisdiction over
such disposition, (2) any of the Operating Documents or (3) any Loan Documents,
(B) would not jeopardize the Partnership's classification for Federal income tax
purposes as a partnership, and (C) would not affect the Partnership's existence
as a limited partnership under the Act.

     Section 7.4    Withdrawal of a Partner. A Partner may not voluntarily
withdraw or resign from the Partnership, retire or dissolve, except pursuant to
a Transfer of all of such Partner's Partnership Interest as a Partner in
accordance with this Article 7. Resignation from the Partnership shall not
entitle a Partner to receive the fair value of his Partnership Interest or any
other distributions from the Partnership.

                                       25
<PAGE>

                                    ARTICLE 8
                   DISSOLUTION AND LIQUIDATION OF THE COMPANY

     Section 8.1    Events Causing Dissolution.

        The Partnership shall dissolve and its affairs wound up upon the
happening of any of the following events (each of the following being herein
reference to as a "Dissolution Event"):

        (a)     the sale or disposition of all or substantially all of the
Property (unless replacement property is acquired by the Partnership in
connection with a tax-free exchange);

        (b)     the dissolution of the Partnership by the unanimous written
agreement of the Partners;

        (c)     December 31, 2053;

        (d)     the entry of a decree of judicial dissolution under the Act;

        (e)     the happening of any event which makes it unlawful for the
Partnership business to be continued; and

        (f)     the occurrence of any event which requires dissolution of a
limited partnership under the Act.

     Section 8.2    Liquidating Trustee. Upon dissolution of the Partnership,
Cedar GP will act as the "Liquidating Trustee".

     Section 8.3    Liquidation. As soon as possible after dissolution of
the Partnership, the Liquidating Trustee will wind up the Partnership's business
and affairs as follows:

        (a)     The Liquidating Trustee will prepare or cause to be prepared and
delivered to each Partner an accounting with respect to all Partnership accounts
and the Capital Account of each Partner and with respect to the Partnership's
assets and liabilities and its operations from the date of the last previous
audit of the Partnership delivered to the Partners to the date of dissolution.

        (b)     The Liquidating Trustee will liquidate all Partnership assets
which, in its sole discretion, it determines may be sold for such assets' fair
market value or where it determines such liquidation is otherwise in the best
interests of the Partners.

        (c)     In settling accounts after dissolution, the assets of the
Partnership shall be distributed as follows:

                (i)     to creditors, including, to the extent not prohibited by
law, Partners who are creditors, in satisfaction of liabilities of the
Partnership;

                                       26
<PAGE>

                (ii)    pay all expenses incurred in connection with the
termination, liquidation and dissolution of the Partnership and distribution of
its assets as herein provided;

                (iii)   to the establishment of Reserves for contingencies or
unforeseen liabilities and obligations of the Partnership, which Reserves shall
be paid over to a bank or other party chosen by the Partners, to be held in
escrow for payment of such contingent or unforeseen liabilities; and

                (iv)    to the Partners in accordance with the provisions of
Section 5.2(b) hereof.

        At the expiration of such time period as the Partners shall deem
advisable, the remaining balance of any Reserve established in accordance with
clause (iii) shall be distributed in the manner set forth in clause (iv).

        (d)     If the Liquidating Trustee and all of the Partners shall
determine that it is in the best interest of the Partners to distribute certain
Partnership assets in kind, such assets will be distributed subject to such
liens, encumbrances, restrictions, contracts, obligations, commitments or
undertakings as existed with respect to such asset prior to the dissolution of
the Partnership and have not been discharged by payments made pursuant to
Section 8.3(c)(i) hereof.

     Section 8.4    Termination. Upon completion of the distribution of the
Partnership property as provided in this Article 8, the Partnership shall be
terminated, and Cedar GP or other agent appointed as set forth in Section 8.2
hereof in charge of winding-up the Partnership's business (or such other persons
as the Act may require) shall file articles of dissolution with the Secretary of
State of the Commonwealth of Pennsylvania, cancel any applications to do
business or similar filings made in foreign jurisdictions and take such other
actions as may be necessary to terminate the Partnership.

                                    ARTICLE 9
              BOOKS AND RECORDS, ACCOUNTING, REPORTS, TAX ELECTIONS

     Section 9.1    Books of Account; Records. At all times during the
continuance of the Partnership, Cedar GP shall keep, or cause to be kept, full
and true books of account in which shall be entered, fully and accurately, all
transactions of the Partnership. All of said books of account, together with a
certified copy of the Certificate, any amendments thereto, and an executed copy
of such other instruments as the Partners may execute to carry out and give
effect to the provisions of this Agreement shall at all times be maintained at
the principal office of the Partnership, or at such other office of the
Partnership as may be designated for such purpose by Cedar GP, and each Partner
may, at any time during reasonable business hours, at its own expense, inspect,
examine and make photocopies of the books and records of the Partnership or
cause them to be examined by its representative, or by an attorney and/or a
certified public accountant designated by such Partner.

     Section 9.2    Annual Financial Reports. Cedar GP shall cause to be
delivered to the Partners, (A) within one hundred twenty (120) days after the
expiration of each Fiscal Year of the Partnership, annual reports of the
Partnership, including (i) an annual balance sheet and profit and loss statement
and statement regarding sources and uses of funds, which statements shall be

                                       27
<PAGE>

audited by the Partnership Accountants if so required by the Loan Documents,
(ii) a statement showing the distributions to the Partners and the allocation
among the Capital Accounts of the Partners of taxable income, gains, losses,
deductions, credits and other relevant items of the Partnership for such Fiscal
Year, and (iii) a statement setting forth the amount of Available Net Cash Flow
and Capital Event Proceeds for the just completed Fiscal Year, which statement
shall be audited by the Partnership Accountants if so required by the Loan
Documents, and (B) such other financial statements as may be prepared by the
Partnership to fulfill Securities and Exchange Commission ("SEC") requirements
if, as and when such financial statements may be required by the SEC.

     Section 9.3    Tax Returns and Advances. Cedar GP shall cause all
income tax and information returns for the Partnership to be prepared by the
Partnership Accountants. Cedar GP shall cause such tax and information returns
to be timely filed with the appropriate authorities, shall use reasonable
efforts to provide such tax returns in a timely manner to the Partners with the
necessary information with respect to the operation of the Partnership
(including K-1 Information Returns for the respective Partners) to allow the
Partners to file their respective tax returns, and shall provide to the Partners
such other tax information as may be prepared by the Partnership to fulfill SEC
requirements if, as and when such tax information may be required by the SEC.
Copies of such tax and information returns (including K-1 Information Returns
for the respective Partners) shall also be kept at the principal office of the
Partnership where they shall be available for inspection by the Partners and
their representatives during normal business hours.

     Section 9.4    Tax Elections. Cedar GP shall make any and all elections for
Federal, state, and local tax purposes, including, without limitation, an
election under Section 754 of the Code upon a redemption of all or a portion of
the Preferred Interests; provided, however, in connection with any Transfer of a
Partnership Interest, Cedar GP shall cause the Partnership, at the written
request of the transferor or the transferee, on behalf of the Partnership and at
the time and in the manner provided in Treasury Regulations Section 1.754-1(b),
to make an election to adjust the basis of the Partnership's property in the
manner provided in Sections 734(b) and 743(b) of the Code, and, provided
further, that any such election to be made by Cedar GP that is not otherwise
contemplated by this Agreement and which increases the tax obligation, other
than to a de minimis extent, of the Preferred Holders (as compared to what such
obligation would have been absent such election), shall require the consent of
the Preferred Holders (not to be unreasonably withheld, conditioned, or
delayed). Cedar GP is designated as the "Tax Matters Partner" (as defined in the
Code) of the Partnership and is authorized and required to represent the
Partnership (at the expense of the Partnership) in connection with all
examinations of the affairs of the Partnership by any Federal, state, or local
tax authorities, including any resulting administrative and judicial
proceedings, and to expend funds of the Partnership for professional services
and costs associated therewith.

     Section 9.5    Bank Accounts. The funds of the Partnership (other than
those deposited in non-interest bearing checking accounts to pay current
expenses of the Partnership) shall be invested or deposited in interest bearing
accounts in such banks as Cedar GP shall determine, which investments and
accounts shall be in the name of the Partnership, and withdrawals from such
accounts shall only be made by such persons as Cedar GP may designate.

                                       28
<PAGE>

     Section 9.6    Partnership Expenses. The Partnership shall pay all usual
and customary expenses incurred in connection with the conduct of the
Partnership's business and the administration of its affairs.

                                   ARTICLE 10
                            MISCELLANEOUS PROVISIONS

     Section 10.1   Notices. All notices, demands, requests or other
communications (collectively, "Notices") which may be or are required to be
given, served, or sent by any party to any other party pursuant to this
Agreement shall be in writing and shall be hand delivered or mailed by
first-class, registered or certified mail, return receipt requested, postage
prepaid, or transmitted by facsimile (with the original to be sent the same day
by Federal Express or other recognized overnight delivery service) or by Federal
Express or other recognized overnight delivery service addressed to the
recipient at its address set forth below (or at such other address as the
recipient may theretofore have designated in writing). Each Notice which shall
be hand delivered or mailed in the manner described shall be deemed sufficiently
given, served, sent, received, or delivered for all purposes on the first
Business Day following the day the Notice is delivered to the addressee (with
the return receipt, the delivery receipt, or the affidavit of messenger being
deemed conclusive (but not exclusive) evidence of such delivery) or the first
Business Day following the day that delivery of the Notice is refused by the
addressee upon presentation. Each Notice which shall be faxed in the manner
described above shall be deemed sufficiently given, served, sent, received, or
delivered for all purposes on the first Business Day following the date of such
facsimile. Subject to the above, all Notices shall be addressed as follows:

TO THE PARTNERSHIP     c/o Cedar Shopping Centers Partnership, L.P.
OR GENERAL PARTNER     44 South Bayles Avenue
OR LIMITED PARTNER:    Port Washington, New York 11050
                       Attention: Mr. Leo S. Ullman
                       Telecopier: (516) 767-6497

with a copy to:        Stroock & Stroock & Lavan LLP
                       180 Maiden Lane
                       New York, New York 10038
                       Attention: Mark A. Levy, Esq.
                       Telecopier: (212) 806-6006

TO PREFERRED HOLDERS:  c/o Tower Investments, Inc.
                       One Reed Street
                       Philadelphia, Pennsylvania 19147
                       Attention: Mr. Bart Blatstein and Brian K. Friedman, Esq.
                       Telecopier: (215) 755-8666

with a copy to:        Mr. Robert C. Jacobs
                       1700 Walnut Street, Suite 200
                       Philadelphia, Pennsylvania 19103
                       Telecopier: (215) 545-1559

                                       29
<PAGE>

     Section 10.2   Signatures; Amendments. No amendment, change or alteration
of this Agreement will be binding unless it is in writing and signed by Cedar GP
and Cedar LP. Notwithstanding, no amendment, change or alteration of this
Agreement that would result in any negative tax or other financial consequence
(other than consequences of a de minimis nature) will be binding upon Preferred
Holders, unless it is in writing and signed by Cedar GP, Cedar LP and Preferred
Holders. Any amendment of this Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same document.

     Section 10.3   Binding Provisions. The covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, the heirs, executors,
administrators, personal representatives, and permitted successors and assigns
of the respective parties hereto.

     Section 10.4   Applicable Law. This Agreement shall be construed according
to and governed by the laws of the Commonwealth of Pennsylvania, excluding any
conflict of laws rules. To the extent permitted by applicable law, the
provisions of this Agreement shall override the provisions of the Act to the
extent of any inconsistency or contradiction between them. It is the intent of
the Partners upon execution hereof that this Agreement shall be deemed to have
been prepared by all of the parties to the end that no Partner shall be entitled
to the benefit of any favorable interpretation or construction of any term or
provision hereof under any rule or law.

     Section 10.5   Waiver of Trial by Jury. THE PARTNERS HEREBY WAIVE TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER ARISING IN TORT OR
CONTRACT) BROUGHT BY ANY PARTNER AGAINST ANOTHER ON ANY MATTER ARISING OUT OF OR
IN ANY WAY CONNECTED WITH THIS AGREEMENT.

     Section 10.6   Counterparts. This Agreement may be executed in several
counterparts, all of which together shall constitute one agreement binding on
all parties hereto, notwithstanding that all the parties have not signed the
same counterpart.

     Section 10.7   Separability of Provisions. Each provision of this Agreement
shall be considered separable and if, for any reason, any provision or
provisions hereof are determined to be invalid and contrary to any existing or
future law, such invalidity shall not impair the operation of or affect those
portions of this Agreement which are valid.

     Section 10.8   Captions. Article and Section titles and any table of
contents are for convenience of reference only and shall not control or alter
the meaning of this Agreement as set forth in this text.

     Section 10.9   Partnership Property; No Partition. No Partner or successor
in interest to any Partner may have any property of the Partnership partitioned,
or file a complaint or institute any proceeding at law or in equity to have the
property partitioned, and each Partner for itself, its successors,
representatives, and assigns, hereby waives any right to proceed under any
applicable law or otherwise to partition any Partnership property. Any creditor
of a Partner shall have recourse only against such Partner's interest in the
Partnership, but such creditor shall not have

                                       30
<PAGE>

any recourse against the property of the Partnership. A Partner's Partnership
Interest shall be personal property for all purposes.

     Section 10.10  No Benefit to Third Parties. It is the intention of the
Partners that no Person other than the Partners and the Partnership is or shall
be entitled to bring any action to enforce any provision of this Agreement
against any Partner or the Partnership and that the covenants, undertakings and
agreements set forth in this Agreement shall be solely for the benefit of, and
shall be enforceable only by, the Partners (or their respectively successors and
assigns as permitted hereunder) and the Partnership.

     Section 10.11  Pronouns. All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, and neuter, singular and plural, as
the identity of the party or parties may require.

     Section 10.12  Restatement. This Agreement amends, restates and supersedes
in its entirety the Original Partnership Agreement, and the Partners agree that
this Agreement is a valid amendment and restatement of the Original Partnership
Agreement.

                            [Signature Page Follows]

                                       31
<PAGE>

        IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written.

                                CEDAR-COLUMBUS LLC

                                     By:  CEDAR SHOPPING CENTERS
                                          PARTNERSHIP, L.P.,
                                          its member

                                          By:  CEDAR SHOPPING CENTERS, INC.
                                               its general partner

                                               By:  /s/  Brenda J. Walker
                                                    ----------------------------
                                                    Name:  Brenda J. Walker
                                                    Title: Vice President

                                CSC-COLUMBUS LLC

                                     By:  CEDAR SHOPPING CENTERS
                                          PARTNERSHIP, L.P.,
                                          its member

                                          By:  CEDAR SHOPPING CENTERS, INC.
                                               its general partner

                                               By:  /s/  Brenda J. Walker
                                                    ---------------------------
                                                    Name:  Brenda J. Walker
                                                    Title: Vice President

                                WELSH-COLUMBUS LLC

                                     By:  /s/  Bart Blatstein
                                          -------------------------------------
                                          Name:  Bart Blatstein
                                          Title: President

<PAGE>

                                INDENTURE OF TRUST OF BART BLATSTEIN
                                DATED AS OF JUNE 9, 1998

                                     By:  /s/  Jil Blatstein
                                          --------------------------------------
                                          Name:  Jil Blatstein
                                          Title: Co-Trustee

                                     By:  /s/  Brian K. Friedman
                                          --------------------------------------
                                          Name:  Brian K. Friedman
                                          Title: Co-Trustee

                                     By:  /s/  Joseph W. Seidle
                                          --------------------------------------
                                          Name:  Joseph W. Seidle
                                          Title: Co-Trustee

                                IRREVOCABLE INDENTURE OF TRUST OF
                                BARTON BLATSTEIN DATED JULY 13, 1999

                                     By:  /s/  Brian K. Friedman
                                          --------------------------------------
                                          Name:  Brian K. Friedman
                                          Title: Co-Trustee

                                     By:  /s/  Joseph W. Seidle
                                          --------------------------------------
                                          Name:  Joseph W. Seidle
                                          Title: Co-Trustee

                                        2
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>40
<FILENAME>ex10-10b.txt
<DESCRIPTION>EX10-10B.TXT
<TEXT>
<PAGE>

                        FIRST AMENDMENT TO LOAN AGREEMENT

        This FIRST AMENDMENT TO LOAN AGREEMENT (hereinafter, the "First
Amendment") is dated as of June 16th, 2004, by and among FLEET NATIONAL BANK, a
national banking association having an address at 100 Federal Street, Boston,
Massachusetts 02110, as Administrative Agent (hereinafter, the "Administrative
Agent"), FLEET NATIONAL BANK, COMMERZBANK AG NEW YORK BRANCH, a lending
institution having an address at 2 World Financial Center, New York, New York
10281, PB CAPITAL CORPORATION, a lending institution having an address at 590
Madison Avenue, New York, New York 10022, MANUFACTURERS AND TRADERS TRUST
COMPANY, a lending institution having an address at One M & T Plaza, Buffalo,
New York 14240, SOVEREIGN BANK, a lending institution having an address at 75
State Street, Boston, Massachusetts 02109, RAYMOND JAMES BANK, FSB, a lending
institution having an address at 710 Carillon Parkway, St. Petersburg, Florida
33716, CITIZENS BANK, a lending institution having an address at 3025 Chemical
Road 194-0245, Suite 245, Plymouth Meeting, Pennsylvania 19462, and the other
lending institutions which are or may hereafter become parties to the Loan
Agreement (as defined below), as the Lenders (collectively, the "Lenders"), and
CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a Delaware limited partnership having
an address at 44 South Bayles Avenue, Port Washington, New York 11050, as the
Borrower (hereinafter, the "Borrower").

        All capitalized terms not otherwise defined herein shall have the same
meaning ascribed to such terms and set forth under the Loan Agreement.

                                   BACKGROUND

        WHEREAS, the Administrative Agent, Lenders and Borrower have entered
into a certain loan arrangement (hereinafter, the "Loan Arrangement") evidenced
by, among other documents, instruments and agreements, that certain Loan
Agreement dated as of January 30, 2004 (hereinafter, the "Loan Agreement'), and
those certain promissory notes dated as of January 30, 2004 executed by the
Borrower in favor of the Lenders in the original aggregate principal amount of
$100,000,000.00 (hereinafter, individually and collectively, the "Note"); and

        WHEREAS, the Administrative Agent, Lenders and Borrower have agreed to
amend the Loan Agreement as more particularly set forth herein.

        Accordingly, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, it is hereby agreed by and among
the Administrative Agent, Lenders and Borrower as follows:

        1.      Section 7.24 of the Loan Agreement is hereby deleted in its
                entirety and shall be replaced with the following:

                        "7.24 Variable Rate Debt. The aggregate Pro Rata amount
                of the Debt (including the Loan) of the Consolidated CSC
                Entities and the Unconsolidated CSC Entities which is Variable
                Rate Indebtedness shall not exceed fifty percent (50%) of the
                Pro Rata amount of such total Debt."

                                       -1-
<PAGE>

        2.      Exhibit B-1 to the Loan Agreement is hereby deleted in its
                entirety and shall be replaced with the Exhibit B-1 attached
                hereto as Exhibit A.

        3.      Exhibit G to the Loan Agreement is hereby deleted in its
                entirety and shall be replaced with the Exhibit G attached
                hereto as Exhibit B.

        4.      The Borrower hereby ratifies, confirms, and reaffirms all of the
                terms and conditions of the Loan Agreement, and all of the other
                documents, instruments, and agreements evidencing the Loan
                Arrangement including, without limitation, the Note. The
                Borrower further acknowledges and agrees that all of the terms
                and conditions of the Loan Arrangement shall remain in full
                force and effect except as expressly provided in this First
                Amendment.

        5.      Any determination that any provision of this First Amendment or
                any application hereof is invalid, illegal or unenforceable in
                any respect and in any instance shall not effect the validity,
                legality, or enforceability of such provision in any other
                instance, or the validity, legality or enforceability of any
                other provisions of this First Amendment.

        6.      This First Amendment may be executed in several counterparts and
                by each party on a separate counterpart, each of which when so
                executed and delivered shall be an original, and all of which
                together shall constitute one instrument. In proving this First
                Amendment, it shall not be necessary to produce or account for
                more than one such counterpart signed by the party against whom
                enforcement is sought.

        7.      The Loan Agreement, as amended by this First Amendment,
                constitutes the entire agreement of the parties regarding the
                matters contained herein and shall not be modified by any prior
                oral or written communications.

             [The balance of this page is intentionally left blank]

                                       -2-
<PAGE>

        IN WITNESS WHEREOF, this First Amendment has been executed as a sealed
instrument as of the date first set forth above.

                                   BORROWER:

                                   CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
                                   a Delaware limited partnership

                                   By:    Cedar Shopping Centers, Inc.,
                                          its general partner

                                          By:    /s/ Brenda J. Walker
                                                 --------------------
                                          Name:  Brenda J. Walker
                                          Title: Vice President

                                   ADMINISTRATIVE AGENT:

                                   FLEET NATIONAL BANK

                                   By:    /s/ Patrick W. Galley
                                          ---------------------
                                   Name:  Patrick W. Galley
                                   Title: Vice President

                                   LENDERS:

                                   FLEET NATIONAL BANK

                                   By:    /s/ Patrick W. Galley
                                          ---------------------
                                   Name:  Patrick W. Galley
                                   Title: Vice President

                                   COMMERZBANK AG NEW YORK BRANCH

                                   By:    /s/ Steve Rosamilia
                                          -------------------
                                   Name:  Steve Rosamilia
                                   Title: Vice President

                                   By:    /s/ Kerstin Micke
                                          -----------------
                                   Name:  Kerstin Micke
                                   Title: Assistant Treasurer

                                       -3-
<PAGE>

                                   PB CAPITAL CORPORATION

                                   By:    /s/  Perry Forman   /s/ George S. Arau
                                          -----------------   ------------------
                                   Name:  Perry Forman         George S. Arau
                                   Title: Vice President        Associate

                                   MANUFACTURES AND TRADERS TRUST COMPANY

                                   By:    /s/ Peter J. Ostrowski
                                          ----------------------
                                   Name:  Peter J. Ostrowski
                                   Title: Assistant Vice President

                                   SOVEREIGN BANK

                                   By:    /s/ T. Gregory Donohue
                                          ----------------------
                                   Name:  T. Gregory Donohue
                                   Title: Senior Vice President

                                   RAYMOND JAMES BANK, FSB

                                   By:    /s/ William C. Beiler
                                          ---------------------
                                   Name:  William C. Beiler
                                   Title: Executive VP, Chief Credit Officer

                                   CITIZENS BANK

                                   By:    /s/ Robert L. Schopf
                                          --------------------
                                   Name:  Robert L. Schopf
                                   Title: Vice President

                                       -4-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>41
<FILENAME>ex10-10d.txt
<DESCRIPTION>EX10-10D.TXT
<TEXT>
<PAGE>

                        THIRD AMENDMENT TO LOAN AGREEMENT

        This THIRD AMENDMENT TO LOAN AGREEMENT (hereinafter, the "Third
Amendment") is dated as of January 28, 2005, by and among BANK OF AMERICA, N.A.,
a national banking association having an address at IL1-231-10-35, 231 South
LaSalle Street, Chicago, Illinois 60697, as Administrative Agent (hereinafter,
the "Administrative Agent"), BANK OF AMERICA, N.A., COMMERZBANK AG NEW YORK
BRANCH, a lending institution having an address at 2 World Financial Center, New
York, New York 10281, PB CAPITAL CORPORATION, a lending institution having an
address at 590 Madison Avenue, New York, New York 10022, MANUFACTURERS AND
TRADERS TRUST COMPANY, a lending institution having an address at One M & T
Plaza, Buffalo, New York 14240, SOVEREIGN BANK, a lending institution having an
address at 75 State Street, Boston, Massachusetts 02109, RAYMOND JAMES BANK,
FSB, a lending institution having an address at 710 Carillon Parkway, St.
Petersburg, Florida 33716, CITIZENS BANK, a lending institution having an
address at 3025 Chemical Road 194-0245, Suite 245, Plymouth Meeting,
Pennsylvania 19462, and the other lending institutions which are or may
hereafter become parties to the Loan Agreement (as defined below), as the
Lenders (collectively, the "Lenders"), and CEDAR SHOPPING CENTERS PARTNERSHIP,
L.P., a Delaware limited partnership having an address at 44 South Bayles
Avenue, Port Washington, New York 11050, as the Borrower (hereinafter, the
"Borrower"). All capitalized terms not otherwise defined herein shall have the
same meaning ascribed to such terms and set forth under the Loan Agreement.

                                   BACKGROUND

        WHEREAS, Fleet National Bank, as the original administrative agent,
Fleet National Bank, Commerzbank AG New York Branch, PB Capital Corporation,
Manufacturers and Traders Trust Company, Sovereign Bank, Raymond James Bank, FSB
and Citizens Bank, as the original lenders (hereinafter, the "Original
Lenders"), and Borrower entered into a certain loan arrangement (hereinafter,
the "Loan Arrangement") evidenced by, among other documents, instruments and
agreements, that certain Loan Agreement dated as of January 30, 2004, as amended
by that certain First Amendment to Loan Agreement dated as of June 16, 2004, and
as further amended by that certain Second Amendment to Loan Agreement dated as
of November 2, 2004 (hereinafter, collectively, the "Loan Agreement"), and those
certain promissory notes dated as of January 30, 2004 executed by the Borrower
in favor of the Original Lenders in the original aggregate principal amount of
$100,000,000.00 (hereinafter, individually and collectively, the "Note");

        WHEREAS, pursuant to Section 13.1.10 of the Loan Agreement, Fleet
National Bank has resigned from the position of the "Administrative Agent" under
the Loan Arrangement, and the Administrative Agent has accepted the position of
the successor "Administrative Agent" under the Loan Arrangement;

        WHEREAS, pursuant to the terms and conditions of that certain Assignment
and Acceptance Agreement dated as of January 28, 2005 (hereinafter, the
"Assignment Agreement"), by and between Fleet National Bank, as "Assignor", and
the Administrative Agent, as "Assignee", Fleet National Bank has assigned all of
its right, title and interest as a "Lender"

<PAGE>

under the Loan Arrangement including, without limitation, all of its Commitment,
to the Administrative Agent;

        WHEREAS, the Lenders and the Borrower have agreed to consent to the (i)
resignation by Fleet National Bank from the position of the "Administrative
Agent" under the Loan Arrangement, and the acceptance by the Administrative
Agent of the position of the successor "Administrative Agent" under the Loan
Arrangement, and (ii) terms and conditions of the Assignment Agreement and the
assignment of interests effected thereby;

        WHEREAS, pursuant to the terms and conditions of Section 2.1.1 (iii) of
the Loan Agreement, the Borrower has the right, on any one (1) or more occasions
prior to the Maturity Date, to elect to increase the Established Loan Amount;

        WHEREAS, the Borrower has elected, and the Administrative Agent and the
Lenders have agreed, to increase the Established Loan Amount in accordance with
Section 2.1.1(iii) of the Loan Agreement; and

        WHEREAS, the Administrative Agent, Lenders and Borrower have agreed to
amend the Loan Agreement as more particularly set forth herein.

        Accordingly, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, it is hereby agreed by and among
the Administrative Agent, Lenders and Borrower as follows:

        1.      The Lenders and the Borrower hereby (i) consent to the
                resignation by Fleet National Bank from the position of the
                "Administrative Agent" under the Loan Arrangement, and the
                acceptance by the Administrative Agent of the position of the
                successor "Administrative Agent" under the Loan Arrangement, and
                (ii) acknowledge and agree to the terms and conditions of the
                Assignment Agreement, and consent to the assignment by Fleet
                National Bank of all of its right, title and interest as a
                "Lender" under the Loan Arrangement including, without
                limitation, all of its Commitment, to the Administrative Agent.

        2.      All references in the Loan Agreement to "Fleet National Bank"
                and "Fleet National Bank, a national banking association with a
                place of business at 100 Federal Street, Boston, Massachusetts
                02110" are hereby deleted and shall be replaced with "Bank of
                America, N.A." and "Bank of America, N.A., a national banking
                association with a place of business at IL1-231-10-35, South
                LaSalle Street, Chicago, Illinois 60697", respectively.

        3.      Section 12.1 of the Loan Agreement is hereby amended by deleting
                the phrase "FleetBoston Financial Corporation" and replacing the
                same with "Bank of America Corporation".

        4.      Section 12.2 of the Loan Agreement is hereby amended by deleting
                all references to the phrase "F1eetBoston Financial Corporation"
                and replacing the same with "Bank of America Corporation".

                                        2
<PAGE>

        5.      Section 15.1 of the Loan Agreement is hereby amended by deleting
                the following text:

                "Fleet National Bank
                c/o Bank of America
                231 South LaSalle Street, 10th Floor
                Chicago, Illinois  60622
                Attention: Mark A. Mokelke
                FAX Number: (312) 828-3600"

                and replacing the same with the following:

                "Bank of America, N.A.
                NC1-007-14-24
                Bank of America Corporate Center
                100 N. Tyson Street
                Charlotte, North Carolina 28255-0001
                Attention: Cindy Fischer
                FAX No.: (704) 409-0180

                And

                Bank of America, N.A.
                IL1-231-10-35
                231 South LaSalle Street, 10th Floor
                Chicago, Illinois 60622
                Attention: Mark A. Mokelke
                FAX Number: (312) 828-3600"

        6.      The definition of the term "Established Loan Amount" is hereby
                deleted in its entirety and shall be replaced with the
                following:

                "Established Loan Amount shall mean, as of January 28, 2005, One
                Hundred Forty Million Dollars ($140,000,000.00)."

        7.      The definition of the term "Note" is hereby deleted in its
                entirety and shall be replaced with the following:

                "Note shall mean, collectively, the Amended and Restated
                Promissory Notes dated January 28, 2005, payable to each Lender
                in the aggregate original principal amount of the Established
                Loan Amount."

        8.      Exhibit F to the Loan Agreement is hereby deleted in its
                entirety and shall be replaced with the Exhibit F attached
                hereto as Exhibit A.

        9.      Exhibit I to the Loan Agreement is hereby deleted in its
                entirety and shall be replaced with the Exhibit I attached
                hereto as Exhibit B.

                                        3
<PAGE>

        10.     Exhibit J to the Loan Agreement is hereby deleted in its
                entirety and shall be replaced with the Exhibit J attached
                hereto as Exhibit C.

        11.     Schedule 6.14.2(i) to the Loan Agreement is hereby deleted in
                its entirety and shall be replaced with the Schedule 6.14.2(i)
                attached hereto as Exhibit D.

        12.     The Borrower hereby ratifies, confirms, and reaffirms all of the
                terms and conditions of the Loan Agreement, and all of the other
                documents, instruments, and agreements evidencing the Loan
                Arrangement including, without limitation, the Note. The
                Borrower further acknowledges and agrees that all of the terms
                and conditions of the Loan Arrangement shall remain in full
                force and effect except as expressly provided in this Third
                Amendment. No novation of the indebtedness evidenced by the
                Note, the Loan Agreement or any other Loan Document shall occur
                as a result of the execution of this Third Amendment.

        13.     Any determination that any provision of this Third Amendment or
                any application hereof is invalid, illegal or unenforceable in
                any respect and in any instance shall not effect the validity,
                legality, or enforceability of such provision in any other
                instance, or the validity, legality or enforceability of any
                other provisions of this Third Amendment.

        14.     This Third Amendment may be executed in several counterparts and
                by each party on a separate counterpart, each of which when so
                executed and delivered shall be an original, and all of which
                together shall constitute one instrument. In proving this Third
                Amendment, it shall not be necessary to produce or account for
                more than one such counterpart signed by the party against whom
                enforcement is sought.

        15.     The Loan Agreement, as amended by this Third Amendment,
                constitutes the entire agreement of the parties regarding the
                matters contained herein and shall not be modified by any prior
                oral or written communications.

        16.     The Borrower acknowledges, confirms and agrees that it has no
                offsets, defenses, claims or counterclaims against the
                Administrative Agent or the Lenders with respect to any of the
                Borrower's liabilities and obligations to the Administrative
                Agent or the Lenders under the Loan Arrangement, and to the
                extent that the Borrower has any such claims under the Loan
                Arrangement, the Borrower affirmatively WAIVES and RENOUNCES
                such claims as of the date hereof.

             [The balance of this page is intentionally left blank]

                                        4
<PAGE>

        IN WITNESS WHEREOF, this Third Amendment has been executed as a sealed
instrument as of the date first set forth above.

                                   BORROWER:

                                   CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.,
                                   a Delaware limited partnership

                                   By:    Cedar Shopping Centers, Inc.
                                          its general-partner

                                          By:    /s/  Brenda J. Walker
                                                 ------------------------------
                                          Name:  Brenda  J.  Walker
                                          Title: Vice President

                                   ADMINISTRATIVE AGENT:

                                   BANK OF AMERICA, N.A.

                                   By:    /s/ Michael Edwards
                                          -----------------------
                                   Name:  Michael Edwards
                                   Title: Managing Director

                                   LENDERS:

                                   BANK OF AMERICA, N.A.

                                   By:    /s/ Michael Edwards
                                          -----------------------
                                   Name:  Michael Edwards
                                   Title: Managing Director

                                   COMMERZBANK AG NEW YORK BRANCH

                                   By:    /s/ James Brett
                                          -----------------------
                                   Name:  James Brett
                                   Title: Assistant Treasurer

                                   By:    /s/ Christian Berry
                                          -----------------------
                                   Name:  Christian Berry
                                   Title: Vice President

                                        5
<PAGE>

                             PB CAPITAL CORPORATION

                             By:    /s/  Perry Forman   /s/  Michael E. Asheroff
                                    -----------------   ------------------------
                             Name:  Perry Forman        Michael E. Asheroff
                             Title: Vice President      Associate

                             MANUFACTURERS AND TRADERS TRUST COMPANY

                             By:    /s/ Peter J. Ostrowski
                                    --------------------------
                             Name:  Peter J. Ostrowski
                             Title: Assistant Vice President

                             SOVEREIGN BANK

                             By:    /s/ T. Gregory Donohue
                                    --------------------------
                             Name:  T. Gregory Donohue
                             Title: Senior Vice President

                             RAYMOND JAMES BANK, FSB

                             By:    /s/ Thomas Macina
                                    --------------------------
                             Name:  Thomas Macina
                             Title: Senior Vice President

                             CITIZENS BANK

                             By:    /s/ Edwin H. Darrah
                                    --------------------------
                             Name:  Edwin H. Darrah
                             Title: Sr. Vice President

                                       6
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>42
<FILENAME>ex21-01.txt
<DESCRIPTION>EX21-01.TXT
<TEXT>
<PAGE>

                          CEDAR SHOPPING CENTERS, INC.
                         SUBSIDIARIES OF THE REGISTRANT

Entity                                          Jurisdiction
-----------------------------------------       -------------
Academy Plaza L.L.C 1                             Delaware
Academy Plaza L.L.C. 2                            Delaware
API Red Lion Shopping Center Associates           New York
Cedar Brickyard, LLC                              Delaware
Cedar-Camp Hill, LLC                              Delaware
Cedar Carbondale, LLC                             Delaware
Cedar Center Holdings L.L.C. 3                    Delaware
Cedar-Columbus LLC                                Delaware
Cedar Dubois, LLC                                 Delaware
Cedar-Fort Washington LLC                         Delaware
Cedar-Franklin Village LLC                        Delaware
Cedar-Franklin Village 2 LLC                      Delaware
Cedar Golden Triangle LLC                         Delaware
Cedar Hamburg, LLC                                Delaware
Cedar Halifax II, LLC                             Delaware
Cedar Hershey, LLC                                Delaware
Cedar Huntingdon, LLC                             Delaware
Cedar-Kingston LLC                                Delaware
Cedar Lake Raystown, LLC                          Delaware
Cedar Lender LLC                                  Delaware
Cedar Norristown, LLC                             Delaware
Cedar Penn Square Tavern, LLC                     Delaware
Cedar-Point Limited Partner LLC                   Delaware
Cedar Raystown Land, LLC                          Delaware
Cedar-Riverview LLC                               Delaware
Cedar-Riverview LP                                Pennsylvania
Cedar-RL LLC                                      Delaware
Cedar Shopping Centers, Inc.                      Maryland
Cedar Shopping Centers Partnership, L.P.          Delaware
Cedar Southington Plaza LLC                       Delaware
Cedar Sunset Crossing LLC                         Delaware
Cedar Townfair, LLC                               Delaware
Cedar Townfair Phase III, LLC                     Delaware
Cedar-Valley Plaza LLC                            Delaware
CIF-Fairport Associates, LLC                      Delaware
CIF-Fairview Plaza Associates, LLC                Delaware
CIF Halifax Plaza Associates, LLC                 Delaware
CIF Newport Plaza Associates, LLC                 Delaware
CIF Loyal Plaza Associates Corp.                  Delaware
CH Swede Square, L.P.                             Delaware
CIF Pine Grove Pad Associates LLC                 Delaware
CIF-Pine Grove Plaza Associates LLC               Delaware
CSC-Columbus LLC                                  Delaware
CSC-Riverview LLC                                 Delaware
Cedar-South Philadelphia II, LLC                  Delaware
Cedar-South Philadelphia I, LLC                   Delaware
Fairport Plaza Associates, L.P.                   Delaware
Fairview Plaza Associates, L.P.                   Delaware
Fort Washington Fitness, L.P.                     Delaware
Greentree Road L.L.C. 1                           Delaware

<PAGE>

                          CEDAR SHOPPING CENTERS, INC.
                         SUBSIDIARIES OF THE REGISTRANT

Entity                                          Jurisdiction
-----------------------------------------       -------------
Greentree Road L.L.C. 2                           Delaware
Halifax Plaza Associates, L.P.                    Delaware
Loyal Plaza Associates, L.P.                      Delaware
Newport Plaza Associates, L.P.                    Delaware
Pine Grove Pad Associates, LLC                    Delaware
Pine Grove Plaza Associates, LLC                  Delaware
Port Richmond L.L.C. 1                            Delaware
Port Richmond L.L.C. 2                            Delaware
Swede Square, LLC                                 Pennsylvania
Swede Square Associates, L.P.                     Pennsylvania
The Point Associates, L.P.                        Pennsylvania
The Point Shopping Center LLC                     Delaware
Washington Center L.L.C. 1                        Delaware
Washington Center L.L.C. 2                        Delaware
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>43
<FILENAME>ex23-1.txt
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<PAGE>


            Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statements
(Form S-3 for the registration of an aggregate maximum offering price of
$200,000,000 of common stock, preferred stock, shares of preferred stock
represented by depositary shares, warrants, stock purchase contracts and units,
No. 333-114710, and Form S-8 pertaining to the 1998 Stock Option Plan and the
2004 Stock Incentive Plan, No. 333-118361) of Cedar Shopping Centers, Inc. and
in the related Prospectuses of our reports dated March 10, 2005, with respect to
the consolidated financial statements and schedule of Cedar Shopping Centers,
Inc., Cedar Shopping Centers, Inc. management's assessment of the effectiveness
of internal control over financial reporting, and the effectiveness of internal
control over financial reporting of Cedar Shopping Centers, Inc., included in
this Annual Report (Form 10-K) for the year ended December 31, 2004.


                                                      /s/ ERNST & YOUNG LLP
                                                      ---------------------

New York, NY
March 10, 2005

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>44
<FILENAME>ex31-01.txt
<DESCRIPTION>EX31-01.TXT
<TEXT>
<PAGE>

                                  CERTIFICATION

I, Leo S. Ullman, Chief Executive Officer of Cedar Shopping Centers, Inc. (the
"Company"), certify that:

1.      I have reviewed this Annual Report on Form 10-K of the Company;

2.      Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

3.      Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

4.      The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

        (a)     Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

        (b)     Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance2 regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

        (c)     Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

        (d)     Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting;
and

5.      The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

        (a)     All significant deficiencies and material weaknesses in the
design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record,
process, summarize and report financial information; and

<PAGE>

        (b)     Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control
over financial reporting.

Date: March 10, 2005

                                                  /s/ LEO S. ULLMAN
                                                  -------------------

Leo S. Ullman, Chief Executive Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>45
<FILENAME>ex31-02.txt
<DESCRIPTION>EX31-02.TXT
<TEXT>
<PAGE>

                                  CERTIFICATION

I, Thomas J. O'Keeffe, Chief Financial Officer of Cedar Shopping Centers, Inc.
(the "Company"), certify that:

1.      I have reviewed this Annual Report on Form 10-K of the Company;

2.      Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

3.      Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

4.      The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

        (a)     Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

        (b)     Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance2 regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

        (c)     Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

        (d)     Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting;
and

5.      The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

        (a)     All significant deficiencies and material weaknesses in the
design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record,
process, summarize and report financial information; and

<PAGE>

        (b)     Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control
over financial reporting.

Date: March 10, 2005

                                                     /s/ THOMAS J. O'KEEFFE
                                                     ---------------------------
                                                     Thomas J. O'Keeffe, Chief
                                                     Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>46
<FILENAME>ex32-01.txt
<DESCRIPTION>EX32-01.TXT
<TEXT>
<PAGE>

                                  CERTIFICATION

I, Leo S. Ullman, Chief Executive Officer of Cedar Shopping Centers, Inc. (the
"Company"), pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, do hereby
certify as follows:

1.      The Annual Report on Form 10-K of the Company for the period ended
December 31, 2004 fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

2.      The information contained in such Form 10-K fairly presents, in all
material respects, the financial condition and results of operations of the
Company.

IN WITNESS WHEREOF, I have executed this Certification this 10th day of March
2005.

                                                  /s/ LEO S. ULLMAN
                                                  --------------------
                                                  Leo S. Ullman, Chief
                                                  Executive Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>47
<FILENAME>ex32-02.txt
<DESCRIPTION>EX32-02.TXT
<TEXT>
<PAGE>

                                  CERTIFICATION

I, Thomas J. O'Keeffe, Chief Financial Officer of Cedar Shopping Centers, Inc.
(the "Company"), pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, do
hereby certify as follows:

1.      The Annual Report on Form 10-K of the Company for the period ended
December 31, 2004 fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

2.      The information contained in such Form 10-K fairly presents, in all
material respects, the financial condition and results of operations of the
Company.

IN WITNESS WHEREOF, I have executed this Certification this 10th day of March
2005.

                                                  /s/ THOMAS J. O'KEEFFE
                                                  -----------------------
                                                  Thomas J. O'Keeffe
                                                  Chief Financial Officer
</TEXT>
</DOCUMENT>
</SUBMISSION>
