<SUBMISSION>
<ACCESSION-NUMBER>0000950116-05-000892
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20050303
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20050304
<DATE-OF-FILING-DATE-CHANGE>20050303
<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>8-K
<ACT>34
<FILE-NUMBER>001-31817
<FILM-NUMBER>05659285
</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>8-K
<SEQUENCE>1
<FILENAME>eightk.htm
<DESCRIPTION>8-K
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<page>
<p align="center"><b><font face="serif" size="5">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center"><font size="2" face="serif"><b>WASHINGTON, D.C.&nbsp; 20549</b></font></p>
<hr align="center" width="150" size="1" noshade>
<p align="center"><b><font face="serif" size="5">FORM 8-K</font></b></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT<br>PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE<br>SECURITIES EXCHANGE ACT OF 1934</b></font></p>
<p align="center"><font size="2" face="serif"><b>Date of Report (Date of Earliest Event Reported):&nbsp; March 3, 2005</b></font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="center"><font size="2" face="serif"><b><font face="serif" size="5">Cedar Shopping Centers, Inc.</font></b></font></td>
</tr>
<tr valign="top">
<td align="center"><font size="2" face="serif">(Exact name of registrant as specified in its charter)</font></td>
</tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#ffffff">
<td align="center"><font size="2" face="serif"><b>Maryland</b></font></td>
<td align="center" width="2%">&nbsp;</td>
<td width="1%" align="center">&nbsp;</td>
<td width="29%" align="center"><font size="2" face="serif"><b>0-14510</b></font></td>
<td width="2%" align="center">&nbsp;</td>
<td width="1%" align="center">&nbsp;</td>
<td width="29%" align="center"><font size="2" face="serif"><b>42-1241468</b></font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">(State or other jurisdiction of<br>incorporation)</font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="2" face="serif">(Commission File No.)</font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="2" face="serif">(IRS Employer Identification<br>No.)</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="center"></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif"><b>44 South Bayles Avenue<br>Port Washington, NY</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><b>11050</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">(Address of principal executive<br>offices)</font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="2" face="serif">(Zip Code)</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#ffffff">
<td align="center"><font size="2" face="serif"><b>(516) 767-6492</b></font></td>
<td align="left" width="2%">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">(Registrant&#8217;s telephone number,<br>
  including area code)</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p align="left"><font size="2" face="serif">&nbsp;<img src="emptybox.gif" width="12" height="12">  Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p align="left"><font size="2" face="serif">&nbsp;<img src="emptybox.gif" width="12" height="12"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p align="left"><font size="2" face="serif">&nbsp;<img src="emptybox.gif" width="12" height="12"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p align="left"><font size="2" face="serif">&nbsp;<img src="emptybox.gif" width="12" height="12"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="left"><font size="2" face="serif"><b>Items 2.02 and 7.01. Results of
      Operations and Financial Condition, and Regulation FD.</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this Current Report on Form 8-K is furnished under Item 2.02 &#150; &#8220;Results of Operations and Financial Condition.&#8221; This information, including the exhibits attached hereto, shall not be deemed &#8220;filed&#8221; for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that Section.&nbsp; The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 3, 2005, Cedar Shopping Centers, Inc. (the &#8220;Company&#8221;) issued a press release announcing its financial results for the fourth quarter and full year of 2004.&nbsp; That press release also referred to certain supplemental financial information that is available on the Company&#8217;s website.&nbsp; The text of the press release and the supplemental financial information are attached hereto as Exhibits 99.1 and 99.2, respectively.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="4" align="left"><font size="2" face="serif"><b>Item 9.01.</b></font><font size="2" face="serif"><b> Financial
      Statements and Exhibits.</b></font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top">
<td align="left"></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="83%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><i>(c) Exhibits.</i></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="right"><font size="2" face="serif">99.1</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Press release dated March 3, 2005.</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="right"><font size="2" face="serif">99.2</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Cedar Shopping Centers, Inc. Supplemental Financial Information for the quarter ended December 31, 2004.</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center"><font size="2" face="serif"><b><u>SIGNATURES</u></b></font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
<p align="left"><font size="2" face="serif">CEDAR SHOPPING CENTERS, INC.</font></p>
<p align="left"><font size="2" face="serif"><u>/s/ THOMAS J. O&#8217;KEEFFE<br></u>Thomas J. O&#8217;Keeffe<br>Chief Financial Officer<br>(Principal financial officer)</font></p>
<p align="left"><font size="2" face="serif">Dated: March 3, 2005</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<page>
<p align="right"><font size="2" face="serif"><b><u>Exhibit 99.1</u></b></font></p>
<p align="center"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.<br>44 South Bayles Avenue<br>Port Washington, New York 11050</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif"><b>Contact:</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="34%" align="left"><font size="2" face="serif"><b>Leo S. Ullman</b></font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>President</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>(516</b><b>) 767-6492</b></font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><b><u>FOR IMMEDIATE RELEASE:</u></b></font></p>
<p align="center"><font size="2" face="serif"><b><u>CEDAR SHOPPING CENTERS REPORTS STRONG 2004 GROWTH IN ASSETS, REVENUES <br>
INCOME AND CASH FLOWS; FFO OF  91 CENTS PER SHARE</u></b></font></p>
<p align="left"><font size="2" face="serif">Port Washington, New York &#150; March 3, 2005 &#150; Cedar Shopping Centers, Inc., a real estate investment trust (NYSE symbol: &#8220;CDR&#8221;) (the &#8220;Company&#8221;), today reported its 2004 financial results.  </font></p>
<p align="left"><font size="2" face="serif"><u>2004 Financial Highlights</u></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">Revenues for the year were $51,144,000 compared to $26,679,000 in 2003, an increase of 92%.</font></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">Net income applicable to common shareholders for 2004 was $5,702,000 ($0.34 per share) compared to a loss of ($21,351,000) ($7.09) per share for 2003.</font></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">Funds From Operations (&#8220;FFO&#8221;) increased to $15,625,000 or $0.91 per share/Operating Partnership Unit (&#8220;OP Unit&#8221;)
from a negative of ($20,588,000) or ($5.79) per share/OP Unit for 2003. This
result was within our guidance. The 2003 results reflected one-time transaction
costs associated with the Company's public offering in October of that year.</font></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">Gross assets increased to $537 million as of December 31, 2004 from $350 million as of December 31, 2003, an increase of more than 53%.  The Company acquired properties during the year with an aggregate purchase price, including closing costs, of $161 million.</font></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">Net cash flows provided by operating activities in 2004 increased to $19,334,000 from a negative ($4,856,000) in 2003.</font></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">Occupancy for the portfolio as of December 31, 2004, including the various redevelopment properties was approximately 88%; excluding the redevelopment properties, the occupancy level was approximately 97%.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">The Company had 19,351,000 shares and 454,000 OP Units outstanding as of December 31, 2004.  </font></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">The Company&#8217;s current annual dividend rate
is $0.90 per share/OP Unit.  </font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><u>Fourth Quarter 2004 Financial Highlights</u></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">For the fourth quarter of 2004, the Company had total revenues of approximately $14.7 million (compared to approximately $8.6 million for the fourth quarter of 2003), net income applicable to common shareholders of $1.2 million compared to a loss of approximately ($20.9 million) in 2003, and net income per share of $0.07 compared to a loss of approximately ($1.86) per share for the fourth quarter of 2003.  (Note with respect to the foregoing that the number of shares outstanding increased greatly after the October 2003 public offering of common stock.)</font></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">FFO for the fourth quarter of 2004 was approximately $4.3 million, or approximately $0.24 per share/OP Unit, compared to a negative of approximately ($20.5 million) and a negative ($1.75) per share/OP Unit for the corresponding quarter of 2003.</font></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">On November 2, 2004, as previously reported, the
Company concluded certain amendments to its secured revolving credit facility.
The amendments included (1) a reduction in the interest rate margin, (2) a reduction
in the unused line fee, (3) a potential increase, subject to certain conditions,
of
the
maximum amount of the line from $100 million to $200 million, and (4) certain
revisions to other financial covenants under the line.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td width="3%">&nbsp;</td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">As of December 31, 2004, $68.2 million
    was borrowed against the credit facility. In January 2005, the amount of
    the facility was increased from $100 million to $140 million, of which the
    Company is permitted to draw, based on collateral in place, up to approximately
    $120
    million.</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">During 2003, the Company raised approximately $162.9 million in a public offering of common stock completed in October of that year.  The Company raised an additional $38.2 million through a common stock offering in December of 2004 and approximately $56.7 million in a preferred stock offering in July of 2004.</font></p>
<p align="left"><font size="2" face="serif"><u>Supplemental Information</u></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%">
<font size="2" face="serif">&#149;</font></td>
<td>
<font size="2" face="serif">The Company has issued &#8220;Supplemental Financial
Information&#8221; for
the period ended December 31, 2004, and has filed such information today as an
exhibit to its Form 8-K filed for this press release. It will also be available
on the Company&#8217;s website at <u>http://www.cedarshoppingcenters.com.</u></font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="left"><font size="2" face="serif"><u>2005 FFO Guidance</u></font></p>
<p align="left"><font size="2" face="serif">The Company re-affirmed its full-year 2005 FFO guidance at $1.10 &#150; $1.20 per share/OP Unit, and provided first quarter 2005 guidance at $0.23 &#150; $0.25 per share/OP Unit.</font></p>
<p align="left"><font size="2" face="serif"><u>Completed Purchase of Two Shopping Center Properties</u></font></p>
<p align="left"><font size="2" face="serif">The Company further reported that the previously announced purchase of the Kenley Village and St. James Square shopping centers in Hagerstown, Maryland, each anchored by a Food Lion supermarket, has now been completed at a purchase price of approximately $8.3 million, including closing costs, representing an approximate 8.8% cap rate on current net operating income.  The purchase was funded from the Company's secured revolving credit facility.</font></p>
<p align="left"><font size="2" face="serif"><u>Management Comments</u></font></p>
<p align="left"><font size="2" face="serif">Leo S. Ullman, the Company&#8217;s CEO stated, &#8220;We are very pleased with our 2004 operating and financial results.  We were able effectively to accomplish and manage very considerable growth while introducing new property reporting systems and internal control mechanisms, meeting Sarbanes-Oxley and New York Stock Exchange requirements, all on a very cost-efficient basis.  We owe our excellent 2004 results to a very fine management team, who will continue to work hard to achieve the projected 2005 results.&#8221;</font></p>
<p align="left"><font size="2" face="serif">Tom O&#8217;Keeffe, the Company&#8217;s CFO, in re-confirming 2005 guidance, stated &#8220;Our 2005 FFO guidance reflects, among other things, certain pending acquisitions as previously announced and the projected completion in the second half of the year of our new development property in Hershey, Pennsylvania, as well as the second phase of our redevelopment at the Camp Hill Mall (PA).  It should be noted that the 2005 guidance is back-loaded with a run rate in the range of $0.30 &#150; $0.35 per share/OP Unit during the fourth quarter.&#8221;</font></p>

<p align="left"><font size="2" face="serif"><u>New Leases</u></font></p>
<p align="left"><font size="2" face="serif">Annual base rents, excluding tenant
    reimbursements, for leases that have been signed and for which the tenants
    have not yet occupied their premises amount to approximately $4.78 million.
Rents from these leases are expected to commence based on the following schedule:</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="20%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="18%" align="left"><font size="2" face="serif">Annualized</font></td>
<td width="20%" align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Quarter ending</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">base rent</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">March 31, 2005</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">    274,000</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">June 30, 2005</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">  1,433,000</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">September 30, 2005</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,160,000</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">December 31, 2005 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">845,000</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">June 30, 2006</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">65,000</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 4,777,000</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">After giving effect to such new leases, the occupancy rate for the portfolio of properties held as of December 31, 2004 increases from 88% to approximately 95%.</font></p>
<p align="left"><font size="2" face="serif"><u>Investor Conference Call</u></font></p>
<p align="left"><font size="2" face="serif">The Company will hold a conference call to be held on March 4, 2005 at 11:00 a.m.(EDT) to discuss fourth quarter and full-year 2004 results.  The U.S. dial-in number to call for this teleconference is 1-800-322-5044.  The international dial-in number is 617-614-4927; all callers should use participant passcode 84981051.  A replay of the conference call will be available from March 4, 2005 at 1:00 p.m. through March 11, 2005 at 5:00 p.m. by using U.S. dial-in number 888-286-8010 and entering the passcode 80451799 (international callers may use dial-in number 617-801-6888 and use the same passcode indicated for U.S. callers).  </font></p>
<p align="left"><font size="2" face="serif">Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which to date owns and operates 33 primarily supermarket-anchored shopping centers with approximately 5 million square feet of gross leasable area, located in Pennsylvania, New Jersey, Massachusetts, Maryland, and Connecticut.</font></p>
<p align="left"><font size="2" face="serif"><u>Forward-Looking Statements</u></font></p>
<p align="left"><font size="2" face="serif">Certain statements contained in this press release constitute forward-looking statements within the meaning of the securities laws.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following:  general and specific economic and business conditions, which may, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the
Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; risks of adverse operating results and creditworthiness of current tenants; governmental actions and initiatives; and environmental/safety requirements. Such forward-looking statements speak only as of the date hereof. The Company does not intend, and disclaims any duty or obligation, to update or revise any forward-looking statements set forth in this release to reflect any change in expectations, change in information, new information, future events or circumstances on which such information was based.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="left"><font size="2" face="serif"><u>Non-GAAP Financial Measures &#150; FFO</u></font></p>
<p align="left"><font size="2" face="serif">The Company considers FFO 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 net income,
    a measure predicated on generally accepted accounting principals (&#8220;GAAP&#8221;),
    which gives effect to non-cash items such as depreciation and amortization.
    The Company computes FFO in accordance with the &#8220;White Paper&#8221; on
    FFO published by the National Association of Real Estate Investment Trusts
    (&#8220;NAREIT&#8221;), as income before allocation to minority interests
    (computed in accordance with GAAP), excluding gains or losses from debt restructurings
    and sales of property, plus depreciation and amortization, and after preferred
    stock distribution requirements and adjustments for partially-owned partnerships
    and joint ventures. In computing FFO, the Company does not add back to net
    income the amortization of costs incurred in connection with its financing
    activities or depreciation of non-real estate assets, but would adjust
    net income for those items that are defined as &#8220;extraordinary&#8221; 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></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif"><b>Three months ended December 31,</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif"><b>Years ended December 31,</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td colspan="4" align="center"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td colspan="4" align="center"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2004</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2003</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2004</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2003</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Net income (loss)</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif"> $</font></td>
<td width="12%" align="right"><font size="2" face="serif">                         2,520,000 </font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif"> $</font></td>
<td width="12%" align="right"><font size="2" face="serif">               (20,847,000</font></td>
<td width="2%" align="left"><font size="2" face="serif">)</font></td>
<td width="1%" align="right"><font size="2" face="serif"> $</font></td>
<td width="12%" align="right"><font size="2" face="serif">                 7,860,000 </font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif"> $</font></td>
<td width="12%" align="right"><font size="2" face="serif">                (21,275,000</font></td>
<td width="2%" align="left"><font size="2" face="serif">)</font></td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Add (deduct):</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Depreciation
    and amortization</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                           3,253,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                     1,441,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                 10,622,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                      3,878,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Limited
    partners&#8217; interest</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                                70,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                      (698,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                      217,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                    (1,637,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Preferred
    distribution requirements</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                         (1,307,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                      (124,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                 (2,218,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                       (254,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Minority
    interests</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                              371,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                        193,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                   1,229,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                         983,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Minority
    interests&#8217; share of FFO</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                            (595,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                      (463,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                 (2,085,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                    (2,283,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Funds from (used in) operations</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                         4,312,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">               (20,498,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">               15,625,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                (20,588,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">FFO per common share/OP Unit</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                                  0.24 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                          (1.75</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                          0.91 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                           (5.79</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Average common shares/</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">OP
    Units outstanding (1)</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">17,799,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">11,735,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">17,131,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,557,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="7" align="left"><font size="2" face="serif">(1) Assumes conversion of OP Units.</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.<br>Consolidated Balance Sheets</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif"><b>December 31,</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td colspan="4" align="center"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2004</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2003</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Assets</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Real
    estate:</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Land</font></div></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   97,617,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   61,774,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Buildings
    and improvements</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      423,735,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      269,031,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      521,352,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      330,805,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Less
    accumulated depreciation</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      (16,027,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        (6,274,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Real
    estate, net</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      505,325,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      324,531,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Cash
    and cash equivalents</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          8,457,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          6,154,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Cash
    at joint ventures and restricted cash</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          7,105,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          7,668,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Rents
    and other receivables, net</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          4,483,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,269,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Other
    assets</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          2,379,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          1,540,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Deferred
    charges, net</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          9,411,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          6,485,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Total assets</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   537,160,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   349,647,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Liabilities and shareholders&#8217; equity</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Mortgage
    loans payable</font></div></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   180,430,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   145,458,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Secured
    revolving credit facility</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        68,200,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        17,000,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Accounts
    payable, accrued expenses, and other</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          9,012,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          6,019,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Unamortized
    intangible lease liabilities</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        25,227,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        13,552,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Total liabilities</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      282,869,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      182,029,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Minority interests</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        11,995,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        12,435,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Limited partners&#8217; interest in Operating Partnership</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          6,542,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          4,035,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Shareholders&#8217; equity:</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Preferred
    stock ($.01 par value, $25.00 per share</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">liquidation
    value, 5,000,000 shares authorized, 2,350,000</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">shares
    issued and outstanding)</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        58,750,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Common
    stock ($.06 par value, 50,000,000 shares </font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">authorized,
    19,351,000 and 16,456,000 shares issued</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">and
    outstanding)</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          1,161,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">             987,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Treasury
    stock (339,000 and 319,000 shares, at cost)</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        (3,919,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">        (3,669,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Additional
    paid-in capital</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      215,271,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      181,306,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Cumulative
    distributions in excess of net income</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      (35,139,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      (27,091,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Accumulated
    other comprehensive income (loss)</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           (165,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           (385,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Unamortized
    deferred compensation plans</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           (205,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Total shareholders&#8217; equity</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      235,754,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">      151,148,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Total liabilities and shareholders&#8217; equity</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   537,160,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   349,647,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.<br>Consolidated Statements of Operations</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif"><b>Three months ended December 31,</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif"><b>Years ended December 31,</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
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  <td align="center"><hr size="1" noshade></td>
  <td align="center">&nbsp;</td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2004</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2003</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2004</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2003</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center">&nbsp;</td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="center"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>(unaudited)</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>(unaudited)</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif">&nbsp;</font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Revenues:</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="11%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="11%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Rents:</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Base
    rents</font></div></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">        10,117,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">           6,173,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">       36,118,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">       19,014,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Percentage
    rents</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">131,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">44,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">505,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">215,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Straight-line
    rents</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">428,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">315,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,333,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">835,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Amortization
    of intangible lease liabilities</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">599,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">289,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,154,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">879,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">11,275,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,821,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">40,110,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">20,943,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Expense
    recoveries</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,377,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,597,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         10,565,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           5,509,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Interest
    and other</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">86,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">167,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">              469,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">              227,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Total revenues</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          14,738,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">8,585,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         51,144,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         26,679,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Expenses:</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Operating,
    maintenance and management</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,005,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,406,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         10,751,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           7,190,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Real
    estate and other property-related taxes</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,165,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">966,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           4,872,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           2,861,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">General
    and administrative</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,242,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,619,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           3,575,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           3,161,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Depreciation
    and amortization</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,687,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,279,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         12,401,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           5,196,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Interest </font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,678,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,879,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         10,239,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           9,412,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">One-time
    transaction costs associated</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">with
    2003 public offering</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">20,788,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         20,788,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Total expenses</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          11,777,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           29,937,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         41,838,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         48,608,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Income (loss) before minority and</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">limited
    partners&#8217; interests</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">            2,961,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (21,352,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           9,306,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (21,929,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Minority
    interests</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(371,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(193,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         (1,229,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">            (983,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Limited
    partners&#8217; interest</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(70,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">698,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">            (217,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           1,637,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Net income  (loss)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">            2,520,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (20,847,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           7,860,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (21,275,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Preferred distribution requirements</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,272,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(37,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         (2,158,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">              (76,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Net income (loss) applicable to common</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">shareholders</font></div></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">          1,248,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">        (20,884,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">         5,702,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">     (21,351,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Per common share</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                   0.07 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                   (1.86</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                  0.34 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">                (7.09</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="2" face="serif">Average number of common shares
      outstanding</font></td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="right"><font size="2" face="serif">17,344,000</font></td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="right"><font size="2" face="serif">11,253,000</font></td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="right"><font size="2" face="serif">16,681,000</font></td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="right"><font size="2" face="serif">3,010,000</font></td>
  <td align="right">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right">&nbsp;</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.<br>Consolidated Statements of Cash Flows</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif"><b>Years ended December 31,</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td colspan="4" align="center"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2004</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>2003</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Cash flow from operating activities:</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Net
    income (loss)</font></div></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   7,860,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   (21,275,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Adjustments
    to reconcile net income (loss) to net cash</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">provided
    by (used in) operating activities:</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Non-cash
    provisions:</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Minority
    interests</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">329,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">193,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Limited
    partners&#8217; interest</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">217,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,637,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Straight-line
    rents</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,333,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(835,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Depreciation
    and amortization</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">12,401,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,196,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Amortization
    of intangible lease liabilities</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(2,154,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(879,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Acquisition
    of external advisor for common stock and OP Units</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">11,960,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Early
    extinguishment of debt</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,442,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Other</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">45,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">851,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 6%"><font size="2" face="serif">Increases/decreases
    in operating assets and liabilities:</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Joint
    venture cash</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(190,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">225,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Rents
    and other receivables</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">119,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,698,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Other
    assets</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,180,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,470,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 9%"><font size="2" face="serif">Accounts
    payable and accrued expenses</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,220,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,071,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Net cash provided by (used in) operating activities</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">19,334,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(4,856,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Cash flow from investing activities:</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Expenditures
    for real estate and improvements</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(168,893,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(188,111,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Decrease
    (increase) in construction/improvement escrows</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">830,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(3,427,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Acquisitions
    of minority interests</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(8,360,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Net cash (used in) investing activities</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(168,063,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(199,898,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Cash flow from financing activities:</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Net
    proceeds from public offerings</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">94,899,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">162,508,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Proceeds
    from mortgage financings</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">44,222,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">49,296,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Mortgage
    repayments</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(19,601,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(7,700,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Line
    of credit and other interim financings, net</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">51,200,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">40,573,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Distributions
    to minority interest partners</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(769,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(867,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Distributions
    to limited partners</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(377,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Preferred
    distribution requirements</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(2,218,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           (254,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Distributions
    to common shareholders</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(13,750,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Termination
    of interest rate hedges</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">609,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Repayments
    of interim financings</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(30,037,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Contributions
    from minority interest partners</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         9,665,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Redemption
    of OP Units</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(9,000,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Redemption/sale
    of Preferred OP Units</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(3,000,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%"><font size="2" face="serif">Deferred
    financing, leasing and other costs, net</font></div></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(3,183,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(4,103,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Net cash provided by financing activities</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">151,032,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">207,081,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Net increase in cash and cash equivalents</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,303,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,327,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Cash and cash equivalents at beginning
    of year</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,154,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,827,000</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="1" noshade></td>
  <td align="right"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">Cash and cash equivalents at end
    of year</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   8,457,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   6,154,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr size="2" noshade></td>
  <td align="right"><hr size="2" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99-2.htm
<DESCRIPTION>EX99-2.HTM
<TEXT>
<html>

<head>
<title>Prepared and filed by St Ives Burrups</title>
</head>

<body link=blue vlink=purple>




<div><font size="2" face="Times New Roman"><a href="#toc"></a><b>Click here to Contents</b></font></div>

<div  align="right"><font size="2" face="Times New Roman"><b>Exhibit 99.2</b></font></div>

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

<div  align="center"><font size="2" face="Times New Roman"><b>Supplemental Financial Information</b></font></div>

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

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

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

<div  align="center"><font size="2" face="Times New Roman"><b>(unaudited)</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</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>44 South Bayles Avenue</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Port Washington,
      NY 11050</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Tel: (516) 767-6492&#160;  Fax: (516) 767-6497</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>www.cedarshoppingcenters.com</b></font></div>

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

<div  align="center"><a name=toc></a><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>Supplemental Financial Information</b></font></div>

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

<div  align="center"><font size="2" face="Times New Roman"><b>(unaudited)</b></font></div>

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

<div  align="center"><font size="2" face="Times New Roman"><b><u>TABLE OF CONTENTS</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><font size="2" face="Times New Roman"><a href="#p3">Disclosures</a></font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p3">3</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p5">Summary    Financial Data</a> </font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p5">5</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p7">Consolidated    Balance Sheets Information (wholly-owned and joint venture properties)</a></font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p7">7</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p8">Consolidated    Statements of Operations Information (wholly-owned and joint venture    properties)</a></font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p8">8</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p10">Reconciliation    of Net Income (Loss) to Funds From Operations (&#147;FFO&#148;) and Adjusted Funds From    Operation (&#147;AFFO&#148;)</a></font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p10">10</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p11">Property    Summary</a> </font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p11">11</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p15">Debt    Summary</a></font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p15">15</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p16">Consolidated    Joint Ventures Information</a></font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p16">17</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p20">Tenant    Concentration Schedule</a></font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p20">19</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#p19">Lease    Expiration Schedule</a></font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p19">20</a></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">2</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="#toc">Back to Contents</a></b></font></div>

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

<div><a name=p3></a><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

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

<div><font size="2" face="Times New Roman"><b>December  31, 2004</b></font></div>

<div><font size="2" face="Times New Roman"><b>(unaudited)</b></font></div>

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

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

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

<div><font size="2" face="Times New Roman"><b><u>Forward  Looking Statements</u></b></font></div>

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

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements  made or incorporated by reference in the Supplemental Financial Information  include certain &#147;forward-looking statements&#148;. 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 r
 esult of factors outside
of the Company&#146;s  control. Certain factors that migfht 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 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 to realize the level of proceeds from property  sales as initially expected; inherent risks in ongoing development and  redevelopment projects including, but not limited to, cost overruns resulting  from weather delays, changes in the nature and scope of development and  redevelopment efforts, and marke
 t 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.</font></div>

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

<div><font size="2" face="Times New Roman"><b><u>Basis  of Presentation</u></b></font></div>

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

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  information contained in the Supplemental Financial Information is unaudited  and does not purport to disclose all items required by GAAP. The information  contained herein should be read in conjunction with the Company&#146;s Form 10-K for  the year ended December 31, 2004. </font></div>

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

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar  Shopping Centers Partnership, L.P. (the &#147;OP&#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. As of December 31, 2004  and 2003, respectively, the Company owned approximately a 97.3% and a 97.4%  economic interest in, and was the sole general partner of, the OP. The limited  partners&#146; interest in the OP is evidenced by Operating Partnership Units (&#147;OP  Units&#148;), which are economically equivalent to, and convertible into, shares of  the Company&#146;s common stock on a one-for-one basis. With respect to its joint  ventures, the Company has general partnership interests ranging from 20% to 50%  and, as the Company is the sole general partner and exercises substantial  operating control over these entities, such partnerships are
  consolidated in  the
Company&#146;s 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">3</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></font></div>

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

<div><font size="2" face="Times New Roman"><b><u>Use  of Funds From Operations (&#147;FFO&#148;) as a Non-GAAP Financial Measure</u></b></font></div>

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

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  Company considers FFO 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 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;), as income before  allocation to minority interests (computed in accordance with GAAP), excluding  gains or losses from debt restructurings and sales of property, plus  depreciation and amortization, and after preferred stock distribution  requirements and adjustments for any unconsolidated partnerships and joint  ventures. Adjustments for unconsolidated partnerships and joint ventures would  be computed to re
 flect 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 would adjust net income for 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  align="center"><font size="2" face="Times New Roman">4</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"><a href="#toc"></a><font color=black><font  color=blue><u><b>Back to Contents</b></u></font></font></font></div>

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

<div><a name=p5></a><font size="2" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.</b></font></div>

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

<div><font size="2" face="Times New Roman"><b>(unaudited)</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="30%" 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="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="30%" 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="13%" 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="13%" 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="11%" 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="11%" 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">Equity market    capitalization (end of period):</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,350,981</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="2" face="Times New Roman">16,456,011    </font></div>
  </td>
  <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">OP Units 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="2%" valign="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="2" face="Times New Roman">454,469</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="2" face="Times New Roman">439,421    </font></div>
  </td>
  <td width="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">Closing market price</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14.30</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">8-7/8 Series A Cumulative    Redeemable</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Preferred    Stock 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="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,350,000</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="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:-3%"><font size="2" face="Times New Roman">Closing market price</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">26.39</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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">Equity market    capitalization</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div 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">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">345,234,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">209,841,000    </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">Pro rata share of    outstanding 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">212,142,000</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="2" face="Times New Roman">125,762,000    </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">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total capitalization</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">557,376,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">335,603,000    </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="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Ratio of pro rata share of    outstanding debt to total capitalization</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="2" face="Times New Roman">38.1</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">%</font></div>
  </td>
  <td width="2%" valign="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="2" face="Times New Roman">37.5</font></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>
 </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="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>
 </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="30%" colspan="5"  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>
 </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="30%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Three    months ended December 31,</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>
 </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="30%" colspan="5"  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">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" 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="13%" 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 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="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="11%" 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="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>
 </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="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14,738,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8,585,000    </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 (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="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,248,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(20,884,000</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">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">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.07</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1.86</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>
 </tr>
 <tr>
  <td  valign="bottom">
  <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">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,712,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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">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">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.225</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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">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="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">17,344,000</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="2" face="Times New Roman">11,253,000    </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">FFO</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,312,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(20,498,000</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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Per    common share/OP unit</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.24</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1.75</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%; text-indent:-3%"><font size="2" face="Times New Roman">AFFO</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,815,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(20,953,000</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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Per    common share/OP unit</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.21</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1.79</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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Avg. no. of common    shares/OP units&#160; 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="2%" valign="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="2" face="Times New Roman">17,799,000</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="2" face="Times New Roman">11,735,000    </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>
 </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">
  <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>
 </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="30%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Year ended    December 31,</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>
 </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="30%" colspan="5"  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">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="13%" 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="13%" 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><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="11%" 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="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>
 </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="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">51,144,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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>
 </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="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,702,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,351,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">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">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.34</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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>
 </tr>
 <tr>
  <td  valign="bottom">
  <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">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13,750,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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">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">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.835</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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">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="11%" 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="11%" 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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">FFO</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">15,625,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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 style="margin-left: 3%; text-indent:-3%"><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">Per    common share/OP unit</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.91</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">AFFO</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13,437,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,612,000</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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Per    common share/OP unit</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.78</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(6.08</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%; text-indent:-3%"><font size="2" face="Times New Roman">Avg. no. of common    shares/OP units 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="2%" valign="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="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="2%" valign="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="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>
 </tr>
</table>

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

<div  align="center"><font size="2" face="Times New Roman">5</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"><a href="#toc"></a><font color=black><font  color=blue><u><b>Back to Contents</b></u></font></font></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>Summary Financial Data</b></font></div>

<div><font size="2" face="Times New Roman"><b>(unaudited)</b></font></div>

<div><font size="2" face="Times New Roman"><b>(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="30%" 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="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="30%" 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="13%" 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="13%" 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="11%" 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="11%" 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">Real estate, 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="11%" 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 style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="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="margin-left: 3%; text-indent:-3%"><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="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">31,835,000</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="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="2" face="Times New Roman">25,116,000</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="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <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" bgcolor="#eeeeee">
  <Div style="margin-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">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">537,160,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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 style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total 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="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">248,630,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">162,458,000</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">Other 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">34,239,000</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="2" face="Times New Roman">19,571,000</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">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="11%" 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="11%" 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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Limited partners&#146; interest    in OP</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="2" face="Times New Roman">6,542,000</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="2" face="Times New Roman">4,035,000</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">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="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="2" face="Times New Roman">235,754,000</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><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" 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 style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
 </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    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="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">537,160,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" 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 style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Fixed-rate mortgages</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">161,475,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">116,537,000</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">Variable-rate mortgages</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="2" face="Times New Roman">18,955,000</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="2" face="Times New Roman">28,921,000</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">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total mortgages</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="2" face="Times New Roman">180,430,000</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="2" face="Times New Roman">145,458,000</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">Secured revolving credit    facility</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="2" face="Times New Roman">68,200,000</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="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">17,000,000</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">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total 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="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">248,630,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">162,458,000</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="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Pro rata share of total    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">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">212,142,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">125,287,000</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">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Weighted average interest    rates at year end:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Fixed-rate    mortgages</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="2" face="Times New Roman">6.5</font></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="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7.2</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">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Variable-rate    mortgages</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="2" face="Times New Roman">4.7</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="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4.7</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">Total    mortgages</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="2" face="Times New Roman">6.3</font></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="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6.7</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">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Secured    variable rate 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="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="2" face="Times New Roman">3.9</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="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3.4</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">Total    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="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5.7</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">%</font></div>
  </td>
  <td width="2%" valign="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="2" face="Times New Roman">6.4</font></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>
 </tr>
</table>

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

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

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

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

<div><a name=p7></a><font size="2" face="Times New Roman"><b>CEDAR  SHOPPING CENTERS, INC.</b></font></div>

<div><font size="2" face="Times New Roman"><b>Consolidated  Balance Sheets Information</b></font></div>

<div><font size="2" face="Times New Roman"><b>(unaudited)</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="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="37%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>December 31, 2004</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="37%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>December 31, 2003</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>
 </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="37%" colspan="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="37%" colspan="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>
 </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">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total</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>Joint    venture<br>    properties</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>Wholly-owned<br>    properties</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>Total</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>Joint    venture<br>    properties</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>Wholly-owned<br>    properties</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="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="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="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="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="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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><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="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="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%" 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%" 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%" 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">Real estate:</font></div>
  </td>
  <td width="2%" 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 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 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='text-indent:3%'><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="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">97,617,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14,409,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">83,208,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">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>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14,409,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">47,365,000</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%'><font size="2" face="Times New Roman">Buildings 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="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">423,735,000</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">54,083,000</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">369,652,000</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">269,031,000</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">52,755,000</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">216,276,000</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="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="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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">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="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">68,492,000</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">452,860,000</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">&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>
  <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">67,164,000</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">263,641,000</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%'><font size="2" face="Times New Roman">Less accumulated depreciation</font></div>
  </td>
  <td width="2%" 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">(16,027,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</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">(3,055,000</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">(12,972,000</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">(6,274,000</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">(1,663,000</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">(4,611,000</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="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="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="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="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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Real estate, 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">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="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">65,437,000</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">439,888,000</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">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>
  <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">65,501,000</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">259,030,000</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">Cash and cash equivalents</font></div>
  </td>
  <td width="2%" 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">8,457,000</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="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">8,457,000</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="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="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">6,154,000</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">Cash at joint ventures</font></div>
  </td>
  <td width="2%" valign="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">1,193,000</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="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">1,193,000</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="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%" valign="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">1,003,000</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">1,003,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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">Construction / improvement    and other escrows</font></div>
  </td>
  <td width="2%" 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">5,912,000</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">1,408,000</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">4,504,000</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">6,665,000</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">1,343,000</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">5,322,000</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">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="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">&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="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="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">&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><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="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='text-indent:3%'><font size="2" face="Times New Roman">Rents and other, 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="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">1,929,000</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">216,000</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">1,713,000</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">2,098,000</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">(46,000</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">2,144,000</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="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="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">2,554,000</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">668,000</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">1,886,000</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">1,171,000</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">442,000</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">729,000</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">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="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">2,379,000</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">271,000</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">2,108,000</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">1,540,000</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">109,000</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">1,431,000</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">Deferred charges, 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">&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="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%" 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%" 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%" 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='text-indent:3%'><font size="2" face="Times New Roman">Leasing costs</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">6,163,000</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">226,000</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">5,937,000</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">3,206,000</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">30,000</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">3,176,000</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="2" face="Times New Roman">Financing costs</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">2,994,000</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">675,000</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">2,319,000</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">1,874,000</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">786,000</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">1,088,000</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%'><font size="2" face="Times New Roman">Interest rate swaps/caps</font></div>
  </td>
  <td width="2%" 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">&#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">&#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">1,339,000</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><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">1,339,000</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="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">254,000</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">&#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="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 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">66,000</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">&#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="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">66,000</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="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="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="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 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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">537,160,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">70,094,000</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="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">467,066,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">349,647,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">69,168,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">280,479,000</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="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><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>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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 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="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="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%" 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%" 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">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="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">180,430,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">50,224,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">130,206,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">145,458,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">50,379,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">95,079,000</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">Secured revolving credit    facility</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">68,200,000</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">&#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="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">68,200,000</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">17,000,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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%" 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">17,000,000</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">Accounts payable and    accrued 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">5,549,000</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">464,000</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">5,085,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&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">4,334,000</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="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">691,000</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">3,643,000</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">Tenant advance payments and    security deposits</font></div>
  </td>
  <td width="2%" valign="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">3,463,000</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">533,000</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">2,930,000</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">1,685,000</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">403,000</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">1,282,000</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">Unamortized intangible    lease 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">25,227,000</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">1,185,000</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">24,042,000</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">13,552,000</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">1,345,000</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">12,207,000</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="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="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="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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total 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="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">282,869,000</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">52,406,000</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">230,463,000</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">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>
  <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">52,818,000</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">129,211,000</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="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="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="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="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="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">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><Font size="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="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">11,995,000</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">&#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="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>
  <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">12,435,000</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">&#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">Limited partners&#146; interest    in consolidated OP</font></div>
  </td>
  <td width="2%" valign="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">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="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">154,000</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">6,388,000</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">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>
  <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">102,000</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">3,933,000</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">Equity (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"><font size="2" face="Times New Roman">235,754,000</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="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">5,539,000</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">230,215,000</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">151,148,000</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">3,813,000</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">147,335,000</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="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="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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total liabilities and    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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">537,160,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">70,094,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">467,066,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</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>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">69,168,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">280,479,000</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 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><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>


<hr size="1" width="25%" noshade color=black align=left>



<div><font size="2" face="Times New Roman">(a) Equity includes net receivable/payable  balances, on open account, between joint venture and wholly-owned properties.</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>

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

<div><font size="2" face="Times New Roman"><a href="#toc"></a><font color=black><font  color=blue><u><b>Back to Contents</b></u></font></font></font></div>

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

<div  align="center"><a name=p8></a><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 Statements of  Operations Information (a)</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>(unaudited)</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="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="37%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Three months ended December 31, 2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="37%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Three months ended December 31, 2003</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>
 </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="37%" colspan="8"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="37%" colspan="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>
 </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="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total</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>Joint venture</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>Wholly-owned</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>Total</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>Joint venture</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>Wholly-owned</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="2%" 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="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="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="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" 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="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">&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><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="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%" 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%" 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='text-indent:3%'><font size="2" face="Times New Roman">Rents:</font></div>
  </td>
  <td width="2%" 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">&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="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%" 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%" 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%" 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:6%'><font size="2" face="Times New Roman">Base 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="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,117,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,813,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8,304,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,173,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,958,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,215,000    </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:6%'><font size="2" face="Times New Roman">Percentage rents</font></div>
  </td>
  <td width="2%" 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">131,000</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">19,000</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">112,000</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">44,000</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">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="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">23,000    </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: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="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">428,000</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">22,000</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">406,000</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">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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">106,000</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">209,000    </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:6%'><font size="2" face="Times New Roman">Amortization of intangible lease 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">599,000</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">47,000</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">552,000</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">289,000</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">10,000</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">279,000    </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:5%'>&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="2%" 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="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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">11,275,000</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">1,901,000</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">9,374,000</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">6,821,000</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">2,095,000</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">4,726,000    </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">Expense recoveries</font></div>
  </td>
  <td width="2%" 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">3,377,000</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">552,000</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">2,825,000</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">1,597,000</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">507,000</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">1,090,000    </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="2" face="Times New Roman">Interest and 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">86,000</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">3,000</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">83,000</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">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="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">2,000</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">165,000    </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:5%'>&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="2%" 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 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="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">14,738,000</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">2,456,000</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">12,282,000</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">8,585,000</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">2,604,000</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">5,981,000    </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:5%'>&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="2%" 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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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">&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="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="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">&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="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="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%'><font size="2" face="Times New Roman">Operating, maintenance and management</font></div>
  </td>
  <td width="2%" 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">3,005,000</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">376,000</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">2,629,000</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">2,406,000</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">546,000</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">1,860,000    </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%'><font size="2" face="Times New Roman">Real estate and other property- related taxes</font></div>
  </td>
  <td width="2%" valign="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">1,165,000</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">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="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">945,000</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">966,000</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">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="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">702,000    </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%'><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">1,242,000</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><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">1,242,000</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">1,619,000</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">&#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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,619,000    </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%'><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">3,687,000</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">409,000</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">3,278,000</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">2,279,000</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">445,000</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">1,834,000    </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%'><font size="2" face="Times New Roman">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">2,678,000</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">982,000</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">1,696,000</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">1,879,000</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">1,131,000</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">748,000    </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%'><font size="2" face="Times New Roman">One-time transaction costs associated with 2003 public 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="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%" 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">&#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="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%" 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">20,788,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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%" 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">20,788,000    </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:5%'>&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="2%" 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 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">11,777,000</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">1,987,000</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>
  <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">9,790,000</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">29,937,000</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">2,386,000</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">27,551,000    </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:5%'>&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="2%" 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="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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Income (loss) before    minority and limited partners&#146; 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">2,961,000</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">469,000</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">2,492,000</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">(21,352,000</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">218,000</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">(21,570,000</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%'><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">(371,000</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><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(371,000</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">&#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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(193,000</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">(193,000</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">&#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%'><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">(70,000</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">(3,000</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">(67,000</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">698,000</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">(4,000</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">702,000    </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:5%'>&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="2%" 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">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="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">2,520,000</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">95,000</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">2,425,000</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">(20,847,000</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">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="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">(20,868,000</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">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">(1,272,000</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">&#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="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">(1,272,000</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">(37,000</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;</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">(37,000</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:5%'>&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="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="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="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">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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,248,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</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 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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,153,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(20,884,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">21,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(20,905,000</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:5%'>&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="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="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%" 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%" 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">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="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.07</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#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="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.07</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1.86</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1.86</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:5%'>&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="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="2%" 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">
  <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="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">17,344,000</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">17,344,000</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">17,344,000</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">11,253,000</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">11,253,000</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">11,253,000    </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:5%'>&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="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="2%" 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="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>
</table>

<div  align="center"><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><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  Statements of Operations Information (a)</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>(unaudited)</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>(continued)</b></font></div>

<div  align="center"><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="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="36%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Year ended December 31, 2004</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="36%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Year ended December 31, 2003</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="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="36%" colspan="8"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="36%" colspan="8"  valign="bottom">
  <hr noshade size="1">


  </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="1%" 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>Total</b></font></div>
  </td>
  <td width="1%" 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>Joint venture</b></font></div>
  </td>
  <td width="1%" 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>Wholly-owned</b></font></div>
  </td>
  <td width="1%" 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>Total</b></font></div>
  </td>
  <td width="1%" 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>Joint venture</b></font></div>
  </td>
  <td width="1%" 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>Wholly-owned</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="1%" 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>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" 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>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" 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>
  <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">Revenues:</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="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 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">&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="10%" 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="10%" 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="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>
  <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='text-indent:3%'><font size="2" face="Times New Roman">Rents:</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="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>
  <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>
  <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>
  <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>
  <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>
  <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>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:6%'><font size="2" face="Times New Roman">Base    rents</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="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">36,118,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,069,000</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="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">29,049,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">19,014,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,068,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,946,000    </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:6%'><font size="2" face="Times New Roman">Percentage    rents</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">505,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">39,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">466,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">215,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">69,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">146,000    </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:6%'><font size="2" face="Times New Roman">Straight-line    rents</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="2" face="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="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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">226,000</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><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,107,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">835,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">456,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">379,000    </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:6%'><font size="2" face="Times New Roman">Amortization    of intangible&#160; lease liabilities</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,154,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">161,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,993,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">879,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">118,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">761,000    </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:6%'>&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">
  <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>
  <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>
  <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>
  <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>
  <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>
  <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" 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="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">40,110,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,495,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">32,615,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">20,943,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,711,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,232,000    </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">Expense    recoveries</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,565,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,809,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,756,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,509,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,137,000</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><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,372,000    </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="2" face="Times New Roman">Interest    and other</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="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">469,000</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="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14,000</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="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">455,000</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="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">227,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" 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="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">207,000    </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%'>&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">
  <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>
  <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>
  <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>
  <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>
  <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>
  <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 revenues</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">51,144,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,318,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">41,826,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">26,679,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,868,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14,811,000    </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="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="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>
  <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>
  <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>
  <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>
  <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>
  <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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Expenses:</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="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 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">&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="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>
  <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>
  <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>
  <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%'><font size="2" face="Times New Roman">Operating,    maintenance and management</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,751,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,432,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,319,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,190,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,124,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,066,000    </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%'><font size="2" face="Times New Roman">Real    estate and other property- related taxes</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><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,872,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">875,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,997,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,861,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,261,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,600,000    </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%'><font size="2" face="Times New Roman">General    and administrative</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,575,000</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="10%" 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>
  <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="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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,161,000</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="10%" 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>
  <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">3,161,000    </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%'><font size="2" face="Times New Roman">Depreciation    and amortization</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="2" face="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="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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,532,000</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="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,869,000</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="2" face="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="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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,139,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,057,000    </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">Interest</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,239,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,931,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,308,000</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><Font size="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="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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,180,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,232,000    </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%'><font size="2" face="Times New Roman">One-time    transaction costs associated with 2003 public offering</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="2" face="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="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="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 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="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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">20,788,000</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="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>
  <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">20,788,000    </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%'>&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">
  <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>
  <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>
  <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>
  <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>
  <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>
  <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 expenses</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><Font size="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="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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,770,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">34,068,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">48,608,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,704,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">37,904,000    </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="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="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>
  <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>
  <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>
  <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>
  <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>
  <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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Income (loss) before    minority and&#160; limited partners&#146;    interests</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,306,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,548,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,758,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,929,000</font></div>
  </td>
  <td width="1%" 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">1,164,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(23,093,000</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='text-indent:3%'><font size="2" face="Times New Roman">Minority    interests</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,229,000</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>
  <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="1%" 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">&#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>
  <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">(983,000</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>
  <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">(983,000</font></div>
  </td>
  <td width="1%" 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">&#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="2" face="Times New Roman">Limited    partners&#146; interest</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="2" face="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="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="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">(9,000</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>
  <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">(208,000</font></div>
  </td>
  <td width="1%" 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">1,637,000</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(111,000</font></div>
  </td>
  <td width="1%" 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">1,748,000    </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%'>&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">
  <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>
  <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>
  <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>
  <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>
  <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>
  <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">Net income&#160; (loss)</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="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>
  <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">310,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,550,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,275,000</font></div>
  </td>
  <td width="1%" 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">70,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,345,000</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">Preferred distribution    requirements</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="2" face="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="1%" 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;</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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,158,000</font></div>
  </td>
  <td width="1%" 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">(76,000</font></div>
  </td>
  <td width="1%" 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;</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="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">&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">
  <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>
  <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>
  <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>
  <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>
  <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>
  <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">Net income (loss)    applicable to&#160; common shareholders</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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,702,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">310,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,392,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</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="1%" 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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">70,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,421,000</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="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="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>
  <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>
  <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>
  <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>
  <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>
  <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">Per common share</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="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.34</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</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="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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.32</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</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="1%" 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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.02</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(7.11</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="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="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>
  <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>
  <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>
  <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>
  <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>
  <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">Average number of    common&#160; shares outstanding</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,681,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,681,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,681,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,010,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,010,000</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,010,000    </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="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="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>
  <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>
  <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>
  <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>
  <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>
  <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>
</table>




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

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  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) In connection with the    public offering concluded during the fourth quarter of 2003, Cedar acquired a    100% interest in several of the properties that were previously owned in    joint venture, as well as the limited partner&#146;s interest in the Operating Partnership.<br>    The results of operations of the properties which remain jointly-owned    througout both years are summarized as follows (for comparability, the    limited partners&#146; interest for all periods reflect the 2004 position):</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="26%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Three    months ended December 31,</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>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="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="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>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>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="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">
  <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>
  <td width="12%" 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">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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,456,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,053,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,318,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,887,000    </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">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="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">1,987,000</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>
  <td width="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">1,863,000</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">7,770,000</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">7,016,000    </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="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">Operating income</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">469,000</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">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">1,548,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" 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">871,000    </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">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">(371,000</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">(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"><font size="2" face="Times New Roman">(1,229,000</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">(748,000</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">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"><font size="2" face="Times New Roman">(3,000</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">(1,000</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">(9,000</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">(3,000</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="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><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 style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">95,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">31,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">310,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">120,000    </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">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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="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">9</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"><a href="#toc"></a><font color=black><font  color=blue><u><b>Back to Contents</b></u></font></font></font></div>

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

<div><a name=p10></a><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div><font size="2" face="Times New Roman"><b>Reconciliation of Net Income (Loss) to</b></font></div>

<div><font size="2" face="Times New Roman"><b>Funds From Operations (&#147;FFO&#148;) and</b></font></div>

<div><font size="2" face="Times New Roman"><b>Adjusted Funds From Operations (&#147;AFFO&#148;)</b></font></div>

<div><font size="2" face="Times New Roman"><b>(unaudited)</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>Three months ended December 31,</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>Year 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="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="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>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>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="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">
  <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>
  <td width="12%" 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) (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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,520,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(20,847,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,860,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(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">Add (deduct):</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">&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="2%" valign="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">3,253,000</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">1,441,000</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">10,622,000</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">3,878,000    </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">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">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="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">(698,000</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">217,000</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">(1,637,000</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="2%" valign="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">(1,307,000</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">(124,000</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">(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="2%" valign="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="1%" 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">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">371,000</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">193,000</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">1,229,000</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">983,000    </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&#146; share of FFO</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-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">(595,000</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">(463,000</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">(2,085,000</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">(2,283,000</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='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>
  <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><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>FFO</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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,312,000</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">(20,498,000</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">15,625,000</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">(20,588,000</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">Add (deduct):</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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%'><font size="2" face="Times New Roman">Straight-line rents</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">(428,000</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">(315,000</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">(1,333,000</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">(835,000</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" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Minority interests&#146; share of straight-line rents</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">19,000</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">81,000</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">162,000</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">352,000    </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%'><font size="2" face="Times New Roman">Provision for tenant improvements and capital&#160; expenditures (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="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">(467,000</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">(309,000</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">(1,726,000</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">(946,000</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%'><font size="2" face="Times New Roman">Minority interests&#146; share of provision for tenant&#160; improvements and capital expenditures (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="2%" valign="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">76,000</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">88,000</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">305,000</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">405,000    </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%'><font size="2" face="Times New Roman">Pre-occupancy rents received in connection with&#160; the Camp Hill redevelopment project</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">303,000</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">404,000</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">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left: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>
  <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><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>AFFO</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,815,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(20,953,000</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13,437,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(21,612,000</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="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>
  <td width="2%" 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>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">FFO per common share/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="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.24</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1.75</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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.91</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(5.79</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">AFFO per common share/unit    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="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.21</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1.79</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.78</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(6.08</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="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><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="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 common shares/OP    units outstanding (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="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">17,799,000</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">11,735,000</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">17,131,000</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">3,557,000    </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">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
  <td width="2%" 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=747>
 <tr>

  <td  colspan="6">

<hr size="1" width="25%" noshade color=black align=left>


  </td>
 </tr>
 <tr>

  <td  colspan="6">

  <div><font size="2" face="Times New Roman">(1) Net income (loss)    includes income from amortization of intangible lease liabilities of    $599,000, $289,000, $2,154,000 and $879,000, respectively. The minority    interests&#146; share of such amortization was $30,000, $9,000, $123,000 and    $86,000, respectively. Net income (loss) also includes a charge for the    ineffective portion of the change in the fair value of the Company&#146;s    derivative financial instruments of $134,000, $0, $730,000, and $0,    respectively. Minority interests did not share in such charge.</font></div>
  </td>
 </tr>
 <tr>

  <td  colspan="6">

  <div><font size="2" face="Times New Roman">(2) The provision for    tenant improvements and capital expenditures is calculated at the rate of    $0.55 per sq. ft. per annum on the respective properties, excluding    development/redevelopment properties.</font></div>
  </td>
 </tr>
 <tr>

  <td >

  <div><font size="2" face="Times New Roman">(3) Assumes conversion of    OP Units.</font></div>
  </td>
  <td width=108 height=16 valign="top" >
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width=108 height=16 valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width=19 height=16 valign="top" >
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width=108 height=16 valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width=108 height=16 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">10</font></div>


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<div><a  name=p11></a><font size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.<br>  </b><b>Property Summary<br>  As of December 31, 2004</b></font></div>

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



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 <tr>

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  <div><font size="1" face="Times New Roman"><b>Property</b></font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Year<br>    acquired</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"><font size="1" face="Times New Roman"><b>Percent<br>    owned (2)</b></font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Gross<br>    leasable<br>    area<br>    &#147;GLA&#148;</b></font></div>
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  <td colspan="2" 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>
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  <td rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Number<br>    of<br>    tenants</b></font></div>
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  <td rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    occupied</b></font></div>
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  <td rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td rowspan="3"  valign="bottom" >&nbsp;</td>
  <td colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Average<br>    base rent per<br>    leased SF</b></font></div>
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  <td colspan="7"  height=16 valign="bottom">
  <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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     <td >     <div><font size="1" face="Times New Roman"><b>Name</b></font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td colspan="2" height=16 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>SF</b></font></div>
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  <td height=16 valign="bottom">

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>Lease expiration</b></font></div>
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  <div>&nbsp;</div>
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  <td valign="bottom" bgcolor="#eeeeee">&nbsp;

  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee">    <Font size="1" face="Times New Roman, Times, serif">STABILIZED PROPERTIES (1):</font>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
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  <div  align="right"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
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  <div  align="right"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
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  <div><Font size="1" face="Times New Roman, Times, serif">&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>
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  <div  align="right">&nbsp;</div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="right">&nbsp;</div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
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  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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   </tr>
   <tr>    <td  valign="bottom">    <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman, Times, serif">The Point</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
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  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
  </td>
  <td align="right" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman, Times, serif">2000</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman, Times, serif">100%</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
  </td>
  <td align="right" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman, Times, serif">255.447</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman, Times, serif">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman, Times, serif">1972/2001</font></div>
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  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td align="right" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10.01</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>
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  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td valign="bottom">
  <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="right"><font size="1" face="Times New Roman">55,000</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  align="right"><font size="1" face="Times New Roman">07/31/2021</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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   </tr>   <tr>    <td  valign="bottom">    <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Harrisburg, PA</font></div>
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  <div  align="right">&nbsp;</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><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="1" face="Times New Roman">Burlington Coat Factory</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>
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  <div  align="right"><font size="1" face="Times New Roman">76,665</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>
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  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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   </tr>   <tr>    <td  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  align="right">&nbsp;</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  align="right">&nbsp;</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  align="right">&nbsp;</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 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  align="right">&nbsp;</div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="right">&nbsp;</div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="right">&nbsp;</div>
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  <div  align="right">&nbsp;</div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><font size="1" face="Times New Roman">Staples</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>
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  <div  align="right"><font size="1" face="Times New Roman">24,000</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>
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  <div  align="right"><font size="1" face="Times New Roman">08/31/2013</font></div>
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  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">A.C. Moore</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2008</font></div>
  </td>
  <td 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">Academy Plaza</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">152,878</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1965/1998</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">34</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11.24</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Acme Markets</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">50,918</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">09/31/2018</font></div>
  </td>
  <td 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">Philadelphia, PA</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Raising Horizons Charter    School</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,092</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">08/31/2005</font></div>
  </td>
  <td 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 valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">154,908</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1988</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">31</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">12.07</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">Thriftway</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">40,000</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10/31/2008</font></div>
  </td>
  <td 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">Philadelphia, PA</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">Pep Boys</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20,615</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2009</font></div>
  </td>
  <td 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">Washington Center Shoppes</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">153,260</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1979/1995</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">29</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">99</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7.39</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Acme Markets</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">66,046</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12/02/2020</font></div>
  </td>
  <td 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">Washington Township, NJ</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Powerhouse Gym</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,742</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2012</font></div>
  </td>
  <td 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 valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">224,269</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1970/2000</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">17</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">87</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">12.22</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">Best Buy Stores</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">46,000</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2014</font></div>
  </td>
  <td 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">Philadelphia, PA</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">Sports Authority</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,825</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">08/15/2005</font></div>
  </td>
  <td 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 valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">23,942</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2015</font></div>
  </td>
  <td 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">Loyal Plaza</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">25</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">293,931</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1969/2000</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">26</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7.30</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">K-Mart</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">102,558</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">08/31/2006</font></div>
  </td>
  <td 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">Williamsport, PA</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">66,935</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10/31/2019</font></div>
  </td>
  <td 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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,661</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11/30/2014</font></div>
  </td>
  <td 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 valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">50</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">41,000</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">18.09</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">LA Fitness</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">41,000</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2018</font></div>
  </td>
  <td 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">Fort Washington, PA</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td 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">Fairview Plaza</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">30</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">69,579</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1992</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11.40</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">59,237</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">02/28/2017</font></div>
  </td>
  <td 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">New Cumberland, PA</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td 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 valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">30</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">54,150</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1994</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10.27</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">32,000</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10/11/2019</font></div>
  </td>
  <td 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">Halifax, PA</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td 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">Newport Plaza</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">30</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">66,789</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1996</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">9</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10.08</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">43,400</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2021</font></div>
  </td>
  <td 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">Newport, PA</font></div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <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 valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td 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 valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">79,306</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2001/2002</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">15</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10.47</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">Peebles</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">24,963</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2022</font></div>
  </td>
  <td 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">Pemberton Township, NJ</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
</tr>  </table>
<hr noshade size="1">
<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">11</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"><a href="#toc"></a><font color=black><font  color=blue><u><b>Back to Contents</b></u></font></font></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.<br>  </b><b>Property Summary<br>  As of December 31, 2004<br>  (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><font size="1" face="Times New Roman"><b>&nbsp;</b></font>     </div>
  </td>
  </tr>
<tr>    <td  valign="bottom"  rowspan="3">    <div><font size="1" face="Times New Roman"><b>Property</b></font>     </div>
  </td>
  <td width="1%" valign="bottom"  rowspan="3">
  </td>
  <td width="6%" valign="bottom"  colspan="2" rowspan="3">
  <p align="center"><font size="1" face="Times New Roman"><b>Year<br>
  acquired</b></font>


  </td>
  <td width="1%" valign="bottom"  rowspan="3">
  </td>
  <td width="6%" valign="bottom"  rowspan="3" colspan="2">
  <p align="center"><font size="1" face="Times New Roman"><b>Percent<br>
  owned (2)</b></font>


  </td>
  <td width="1%" valign="bottom"  rowspan="3">
  </td>
  <td width="6%" valign="bottom"  rowspan="3" colspan="2" align="center">
  <font size="1" face="Times New Roman"><b>Gross<br>    leasable<br>    area<br>    &#147;GLA&#148;</b></font>


  </td>
  <td width="1%" valign="bottom"  rowspan="3">
  </td>
  <td width="8%" valign="bottom"  rowspan="3" colspan="2">
  <p align="center"><font size="1" face="Times New Roman"><b>Year    built/<br>    year last<br>    renovated</b></font>


  </td>
  <td width="1%" valign="bottom"  rowspan="3">
  </td>
  <td width="6%" valign="bottom"  rowspan="3" colspan="2" align="center">
  <font size="1" face="Times New Roman"><b>Number<br>    of<br>    tenants</b></font>


  </td>
  <td width="1%" valign="bottom"  rowspan="3">
  </td>
  <td width="6%" valign="bottom"  rowspan="3" colspan="2" align="center">
  <font size="1" face="Times New Roman"><b>Percent<br>    occupied</b></font>


  </td>
  <td width="1%" valign="bottom"  rowspan="3">
  </td>
  <td width="6%" valign="bottom"  rowspan="3" colspan="2">
  <p align="center"><font size="1" face="Times New Roman"><b>Average<br>    base rent per<br>    leased SF</b></font>


  </td>
  <td width="1%" valign="bottom"  rowspan="3">
  </td>
  <td width="1%" valign="bottom" height="21">


  </td>
  <td width="30%" valign="bottom" height="21" colspan="7" align="center">
  <font size="1" face="Times New Roman"><b>Major    tenants [&gt;=20,000 SF of
  GLA]</b></font>


  </td>
  <td width="0%" valign="bottom" height="21">
  </td>
  </tr>   <tr>
  <td width="1%" valign="bottom" height="21">


  </td>
  <td width="30%" valign="bottom" height="21" colspan="7">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom" height="21">
  </td>
   </tr>   <tr>
  <td width="1%" valign="bottom" height="21">


  </td>
  <td width="14%" valign="bottom" height="21">
  <font size="1" face="Times New Roman"><b>Name</b></font>


  </td>
  <td width="1%" valign="bottom" height="21">
  </td>
  <td width="1%" valign="bottom" height="21">


  </td>
  <td width="5%" valign="bottom" height="21">
  <font size="1" face="Times New Roman"><b>SF</b></font>


  </td>
  <td width="1%" valign="bottom" height="21">
  </td>
  <td width="1%" valign="bottom" height="21">


  </td>
  <td width="7%" valign="bottom" height="21">
  <p align="center"><font size="1" face="Times New Roman"><b>Lease expiration</b></font>


  </td>
  <td width="0%" valign="bottom" height="21">
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <hr noshade size="1">
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="14%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom" height="21">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><font size="1" face="Times New Roman">Swede Square</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">98,792</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">1980/2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">16</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">88</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">13.13</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">LA Fitness</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">37,200</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">06/30/2016</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><font size="1" face="Times New Roman">East Norriton, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">Valley Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">191,189</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">1975/1994</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">7</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">4.33</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">K-Mart</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">95,810</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2009</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">Hagerstown, MD</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Ollie&#146;s</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">41,888</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">03/31/2011</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Tractor Supply</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">32,095</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2010</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><font size="1" face="Times New Roman">Wal-Mart Center</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">155,842</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">1972/2000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">8</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">95</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">5.32</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">Wal-Mart</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">95,482</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2020</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><font size="1" face="Times New Roman">Southington, CT</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">Namco</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">South Philadelphia</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">283,486</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">1950/2003</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">26</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">12.87</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Shop Rite</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">54,388</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2018</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Bally&#146;s Total Fitness</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">31,000</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2017</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Ross Stores</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">31,349</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2013</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="19">    <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="19">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="19">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="19">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="19">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="19">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="19">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="19">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="19">
  <div><font size="1" face="Times New Roman">National Wholesale    Liquidators</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="19">
  <div  align="right"><font size="1" face="Times New Roman">26,000</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="19">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2016</font></div>
  </td>
  <td width="0%" valign="bottom" height="19">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Modell&#146;s</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2018</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Strauss Discount Auto</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">11/30/2013</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <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" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">244,225</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">1991/1998</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">22</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">95</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">18.43</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">United Artists</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">77,700</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2018</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">DA Lease Co.</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">25,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2005</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">Pep Boys</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">22,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2014</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">Columbus Crossing</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">142,166</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">9</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">15.22</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Super Fresh Supermarket</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">61,506</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2020</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Old Navy</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">25,000</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2008</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">A.C. Moore</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">22,000</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2011</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><font size="1" face="Times New Roman">Sunset Crossing</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">74,142</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">6</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">96</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">14.42</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">54,332</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">06/30/2022</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><font size="1" face="Times New Roman">Dickson City, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">The Commons</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">175,121</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2000    - 2003</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">21</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">98</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">10.03</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Elder-Beerman Stores</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">54,500</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2017</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">DuBois, PA</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Shop &#145;n Save</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">52,654</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">10/07/2015</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><font size="1" face="Times New Roman">Townfair Center</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">203,531</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">1995    - 2002</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">11</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">7.68</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">Lowe&#146;s Home Centers</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">95,173</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2015</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" bgcolor="#eeeeee" height="21">    <div><font size="1" face="Times New Roman">White Township, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><font size="1" face="Times New Roman">Shop &#145;n Save</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">50,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div  align="right"><font size="1" face="Times New Roman">02/08/2012</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">Lake Raystown Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">84,292</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">1995</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">9</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">8.58</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">39,244</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2015</font></div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
   </tr>   <tr>    <td  valign="bottom" height="21">    <div><font size="1" face="Times New Roman">Huntingdon, PA</font></div>
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  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="right">&nbsp;</div>
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  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
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  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="5%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="14%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div  align="right">&nbsp;</div>
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  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="1%" valign="bottom" height="21">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" height="21">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" height="21">
  <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">12</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></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.<br>  </b><b>Property Summary<br>  As of December 31, 2004<br>  (continued)</b></font></div>

<div  align="center"><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</b></font></div>
  </td>

  <td width="0%" rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Year<br>    acquired</b></font></div>
  </td>
  <td width="0%" rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" colspan="2" 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="0%" rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Gross<br>    leasable<br>    area<br>    &#147;GLA&#148;</b></font></div>
  </td>
  <td width="0%" rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" colspan="2" 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="0%" rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Number<br>    of<br>    tenants</b></font></div>
  </td>
  <td width="0%" rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    occupied</b></font></div>
  </td>
  <td width="0%" rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Average<br>    base rent per<br>    leased SF</b></font></div>
  </td>
  <td width="0%" rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" rowspan="3"  valign="bottom" >

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="26%" colspan="7"  height=16 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="0%" rowspan="3"  valign="bottom" >

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


 <tr>

  <td  colspan="7">

<hr noshade size="1">
</td>

</tr>

<tr>     <td >     <div><font size="1" face="Times New Roman"><b>Name</b></font></div>
  </td>
  <td width="0%" height=16 valign="bottom">

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" colspan="2" height=16 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>SF</b></font></div>
  </td>
  <td width="0%" height=16 valign="bottom">

  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" colspan="2" height=16 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Lease expiration</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" 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"><b>Franklin Village Plaza</b></font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="0%" 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">303772    (3</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">)</font></div>
  </td>
  <td width="0%" 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">1987/1989</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">64</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">96</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">17.93</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Stop &amp; Shop (3)</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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"><b>Franklin, MA</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
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  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <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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  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><font size="1" face="Times New Roman"><b>Marshalls</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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"><b>26,890</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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"><b>The Brickyard</b></font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="0%" 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">274,553</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">1989    - 1990</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">98</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8.13</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Sam&#146;s Club</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">109,755</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">10/31/2010</font></div>
  </td>
  <td width="0%" 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"><b>Berlin, CT</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><font size="1" face="Times New Roman"><b>The Home Depot</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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"><b>103,003</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">10/31/2010</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman"><b>Syms</b></font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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"><b>38,000</b></font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">03/31/2010</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" 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="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">3,776,628</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman"><b>400</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><font size="1" 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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11.03</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" 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="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  colspan="31"  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman"><b>DEVELOPMENT/REDEVELOPMENT PROPERTIES:</b></font></div>
  </td>
  <td width="0%" 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">Camp Hill Mall</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="0%" 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">448,613</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">1958/2004</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">24</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">67</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><font size="1" 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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8.12</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><font size="1" face="Times New Roman">Boscov&#146;s</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">09/30/2010</font></div>
  </td>
  <td width="0%" 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">Camp Hill, PA</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">42,070</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><font size="1" face="Times New Roman">Barnes &amp; Noble</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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">Golden Triangle</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="0%" 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">191,581</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">1960/2004</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">16</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">86</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10.33</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">LA Fitness</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">44,796</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">04/30/2020</font></div>
  </td>
  <td width="0%" 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">Lancaster, PA</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><font size="1" face="Times New Roman">Marshalls</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">30,000</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">05/31/2012</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><font size="1" face="Times New Roman">B&amp;G Inc.</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">04/30/2009</font></div>
  </td>
  <td width="0%" 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">Carbondale Plaza</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="0%" 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">129,915</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">1972</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">61</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5.23</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Weis Markets</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">52,720</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">02/29/2016</font></div>
  </td>
  <td width="0%" 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">Carbondale, PA</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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">Huntingdon Plaza</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="0%" 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">151,277</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">1972    - 2003</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">13</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">50</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6.51</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Peebles</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">01/31/2018</font></div>
  </td>
  <td width="0%" 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">Huntingdon, PA</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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">Hamburg Commons]</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="0%" 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">97,633</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">1988    - 1993</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">14</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">9.64</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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">Hamburg, PA</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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">Meadows Marketplace</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="0%" 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">91,250</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">1972    - 2003</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="0%" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">N/A</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods (4)</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">09/30/2025</font></div>
  </td>
  <td width="0%" 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 Hanover Township, PA</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" 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="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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"><b>1,110,269</b></font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman"><b>67</b></font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman"><b>57</b></font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman"><b>%</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8.17</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" 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="5%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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">TOTAL PORTFOLIO</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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">4,886,897</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">467</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">88</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10.61</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
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  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <hr noshade size="2">


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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="0%" valign="bottom">
  <hr noshade size="2">


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


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  <td width="5%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="0%" 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="0%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="0%" 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="0%" valign="bottom">
  <div><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">13</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></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>Property Summary</b></font></div>

<div><font size="2" face="Times New Roman"><b>As Of December 31,  2004</b></font></div>

<div><font size="2" face="Times New Roman"><b>(continued)</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  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="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">(2)</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>
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 <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">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>
  </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">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 competed in September 2005. At present, it is anticipated    that this property will contain a total of approximately 91,000 sq. ft. of    GLA.</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">14</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></font></div>

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

<div><a name=p15></a><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

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

<div><font size="2" face="Times New Roman"><b>As Of December 31, 2004</b></font></div>

<div><font size="2" face="Times New Roman"><b>(unaudited)</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  rowspan="5"  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Property</b></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>
  </td>
  <td width="9%" colspan="2" rowspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    Owned</b></font></div>
  </td>
  <td width="2%" rowspan="5"  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" colspan="2" rowspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Maturity<br>    Date</b></font></div>
  </td>
  <td width="1%" rowspan="5"  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="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Int. rate<br>    Dec 31,<br>    2004</b></font></div>
  </td>
  <td width="2%" rowspan="5"  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">&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="9%" 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="20%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Pro rata    share</b></font></div>
  </td>
  <td width="0%" 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="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>
  <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>
  <td width="20%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>

  <td  colspan="5">

  <div  align="center"><font size="1" face="Times New Roman"><b>Balance,    December 31,</b></font></div>
  </td>
  <td width="1%" valign="bottom"  >
  <div  align="center">&nbsp;</div>
  </td>
  <td width="20%" colspan="5"  height=12 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>December    31,</b></font></div>
  </td>
  <td width="0%" rowspan="3"  valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td  colspan="5">

<hr noshade size="1">


  </td>
  <td width="1%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="20%" colspan="5"  height=12 valign="bottom">
  <hr noshade size="1">


  </td>
 </tr>
 <tr>

  <td  colspan="2">

  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="1%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" height=12 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="1%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" height=12 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="1%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" height=12 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 style="margin-left: 3%; text-indent:-3%"><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="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%" 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="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" 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="10%" 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="10%" 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="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" 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><u>Fixed-rate    mortgages:</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="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="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="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="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="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>
  <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>
  <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>
  <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="0%" 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="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">100.0</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="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="center"><font size="1" face="Times New Roman">Sep 2012</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">7.625</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="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,264,066</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,575,315</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,264,066</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,575,315</font></div>
  </td>
  <td width="0%" 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">Academy 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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100.0</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="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="center"><font size="1" face="Times New Roman">Mar 2013</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="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">7.275</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="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="1" face="Times New Roman">10,278,394</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,422,358</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,278,394</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,422,358</font></div>
  </td>
  <td width="0%" 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="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">100.0</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="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">Apr 2008</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">7.174</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="1" face="Times New Roman">11,135,398</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,291,886</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,135,398</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,291,886</font></div>
  </td>
  <td width="0%" 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">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="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">100.0</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="center"><font size="1" face="Times New Roman">Nov 2007</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">7.530</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="1" face="Times New Roman">5,749,062</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,826,179</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,749,062</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,826,179</font></div>
  </td>
  <td width="0%" 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="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">20.0</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="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="center"><font size="1" face="Times New Roman">Feb 2010</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">8.860</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="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="1" face="Times New Roman">16,458,559</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,590,396</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,291,712</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,318,079</font></div>
  </td>
  <td width="0%" 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">Loyal 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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">25.0</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="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="center"><font size="1" face="Times New Roman">Jun 2011</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">7.180</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="1" face="Times New Roman">13,532,016</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">13,676,519</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">3,383,004</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">3,419,130</font></div>
  </td>
  <td width="0%" 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="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">30.0</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="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="center"><font size="1" face="Times New Roman">Feb 2013</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">5.710</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="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="1" face="Times New Roman">5,940,932</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,017,539</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,782,280</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><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">1,805,262</font></div>
  </td>
  <td width="0%" 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</font></div>
  </td>
  <td width="2%" valign="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">30.0</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="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="center"><font size="1" face="Times New Roman">Jan 2010</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="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">6.830</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="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="1" face="Times New Roman">4,100,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">4,190,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,230,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,257,000</font></div>
  </td>
  <td width="0%" 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="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">30.0</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="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="center"><font size="1" face="Times New Roman">Feb 2010</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">6.830</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="1" face="Times New Roman">3,792,000</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,870,000</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,137,600</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,161,000</font></div>
  </td>
  <td width="0%" 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">Newport 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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">30.0</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="center"><font size="1" face="Times New Roman">Feb 2010</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">6.830</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="1" face="Times New Roman">1,444,584</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,475,784</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">433,375</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">442,735</font></div>
  </td>
  <td width="0%" 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="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">100.0</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="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="center"><font size="1" face="Times New Roman">Apr 2010</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">6.240</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="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="1" face="Times New Roman">5,737,500</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,887,500</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,737,500</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,887,500</font></div>
  </td>
  <td width="0%" 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</font></div>
  </td>
  <td width="2%" valign="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">100.0</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="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="center"><font size="1" face="Times New Roman">Mar 2006</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="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">8.500</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="1" face="Times New Roman">387,807</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">387,807</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">387,807</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">387,807</font></div>
  </td>
  <td width="0%" 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><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">100.0</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="center"><font size="1" face="Times New Roman">Apr 2008</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">6.000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="1" face="Times New Roman">9,987,070</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10,325,318</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,987,070</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10,325,318</font></div>
  </td>
  <td width="0%" 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">Townfair Center</font></div>
  </td>
  <td width="2%" valign="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">100.0</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="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="center"><font size="1" face="Times New Roman">Mar 2008</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="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">6.000</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="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="1" face="Times New Roman">10,167,275</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="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">&#151;</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,167,275</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="0%" 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="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">100.0</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="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="center"><font size="1" face="Times New Roman">Nov 2011</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">4.810</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="1" face="Times New Roman">43,500,000</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="9%" 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>
  <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="1" face="Times New Roman">43,500,000</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="0%" 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">
  <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="1%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="0%" 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>Total    fixed-rate debt</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="8%" 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="9%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">5.8 years</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">6.530</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="1" face="Times New Roman">161,474,663</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">109,536,601</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">127,464,543</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">75,119,569</font></div>
  </td>
  <td width="0%" 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="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="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="center">&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="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>
  <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>
  <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>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" 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">
  <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="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">[wtd-avg maturity]</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" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg rate]</font></div>
  </td>
  <td width="2%" 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>
  <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>
  <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>
  <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="0%" 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><u>Variable-rate    mortgages:</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="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="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="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="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="2%" valign="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>
  <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><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>
  <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="0%" 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="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">50.0</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="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="center"><font size="1" face="Times New Roman">Dec 2007</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">5.750</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="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="1" face="Times New Roman">4,955,346</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,558,803</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,477,673</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,279,402</font></div>
  </td>
  <td width="0%" 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">Camp Hill Mall </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">(a)</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">100.0</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="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="center"><font size="1" face="Times New Roman">Nov 2005</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">4.368</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="1" face="Times New Roman">14,000,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">14,000,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">14,000,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">14,000,000</font></div>
  </td>
  <td width="0%" 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="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">100.0</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="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="center"><font size="1" face="Times New Roman">N/A</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">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="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>
  <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="1" face="Times New Roman">5,560,000</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="9%" 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>
  <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="1" face="Times New Roman">5,560,000</font></div>
  </td>
  <td width="0%" 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">Valley 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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100.0</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="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="center"><font size="1" face="Times New Roman">N/A</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="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">N/A</font></div>
  </td>
  <td width="2%" valign="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="1" face="Times New Roman">&#151;</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><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">6,361,583</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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>
  <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="1" face="Times New Roman">6,361,583</font></div>
  </td>
  <td width="0%" 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="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">100.0</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="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="center"><font size="1" face="Times New Roman">N/A</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><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="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="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>
  <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="1" face="Times New Roman">5,440,988</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="9%" 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>
  <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="1" face="Times New Roman">5,440,988</font></div>
  </td>
  <td width="0%" 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">
  <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="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>
  <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="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>
  <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>
  <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>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" 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>Total    variable rate mortgages</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="8%" 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="9%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">1.4 years</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">4.730</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="1" face="Times New Roman">18,955,346</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">35,921,374</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,477,673</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">33,641,973</font></div>
  </td>
  <td width="0%" 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">
  <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="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="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="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="2%" 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="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="9%" 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="9%" 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="9%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" 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">
  <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="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">[wtd-avg maturity]</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" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg rate]</font></div>
  </td>
  <td width="2%" 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>
  <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>
  <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>
  <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="0%" 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">
  <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="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" 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="2%" 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="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="9%" 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="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>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" 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>Total    mortgages</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="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="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="center"><font size="1" face="Times New Roman">5.4 years</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">6.340</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="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="1" face="Times New Roman">180,430,009</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">145,457,975</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">143,942,216</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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">108,761,541</font></div>
  </td>
  <td width="0%" 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">
  <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="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="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="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="2%" 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="1%" 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>
  <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>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" 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">
  <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="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman">[wtd-avg maturity]</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" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg rate]</font></div>
  </td>
  <td width="2%" 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">&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="9%" 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="9%" 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="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="0%" 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><u>Secured    revolving credit facility </u></b></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">(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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100.0</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="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="center"><font size="1" face="Times New Roman">Jan 2007</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">3.918</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="1" face="Times New Roman">68,200,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">17,000,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">68,200,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">17,000,000</font></div>
  </td>
  <td width="0%" 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">
  <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="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="9%" 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="2%" 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="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="9%" 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="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>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" 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>Secured    revolving credit 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="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="2%" valign="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="center"><font size="1" face="Times New Roman">2.1 years</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="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">3.918</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="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="1" face="Times New Roman">68,200,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">17,000,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">68,200,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">17,000,000</font></div>
  </td>
  <td width="0%" 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">
  <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="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="center">&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="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>
  <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>
  <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>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="0%" 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="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="10%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">[wtd-avg maturity]</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%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg rate]</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="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="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>
  <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>
  <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="0%" 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">
  <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="12%" colspan="3"  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="9%" 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="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>
  <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>
  <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>
  <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="0%" 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"><b><u>Total    debt</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="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="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="center"><font size="1" face="Times New Roman">4.5 years</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="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">5.680</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="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">248,630,009</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">162,457,975</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">212,142,216</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">125,761,541</font></div>
  </td>
  <td width="0%" 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">
  <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="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="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="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="2%" 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="1%" 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>
  <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>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


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


  </td>
  <td width="0%" 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="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="10%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="1" face="Times New Roman">[wtd-avg maturity]</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%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg rate]</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="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="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>
  <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>
  <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="0%" valign="bottom" bgcolor="#eeeeee">
  <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">15</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"><a href="#toc"></a><font color=black><font  color=blue><u><b>Back to Contents</b></u></font></font></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>Debt Summary</b></font></div>

<div><font size="2" face="Times New Roman"><b>As Of December 31, 2004</b></font></div>

<div><font size="2" face="Times New Roman"><b>(unaudited)</b></font></div>

<div><font size="2" face="Times New Roman"><b>(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  align="center"><font size="1" face="Times New Roman"><b>Maturity    schedule by year</b></font></div>
  </td>
  <td width="2%" rowspan="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%" rowspan="3"  valign="bottom" >

  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="4%" rowspan="3"  valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom" >

  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="26%" colspan="5"  height=12 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Mortgage    debt</b></font></div>
  </td>
  <td width="2%" rowspan="3"  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" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Secured<br>    revolving<br>    credit facility</b></font></div>
  </td>
  <td width="2%" rowspan="3"  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" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom" >

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

  <td  colspan="5">

<hr noshade size="1">

  </td>
 </tr>
 <tr>

  <td  colspan="2">

  <div  align="center"><font size="1" face="Times New Roman"><b>Scheduled<br>    amortization</b></font></div>
  </td>
  <td width="2%" height=12 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" height=12 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Balloon<br>    payments</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">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="4%" 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="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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><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><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="4%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">(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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,093,992</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14,000,000</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">&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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,093,992</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"><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="4%" 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">2,163,478</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">431,119</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,594,597</font></div>
  </td>
  <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  align="center"><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="4%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><font size="2" face="Times New Roman">(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="2%" valign="bottom" 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">2,311,180</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">10,443,063</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">68,200,000</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">80,954,243</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"><font size="2" face="Times New Roman">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="4%" 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">1,647,180</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">28,644,387</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">30,291,567</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  align="center"><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="4%" valign="bottom" bgcolor="#eeeeee">
  <div  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">1,542,018</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">&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">1,542,018</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"><font size="2" face="Times New Roman">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 style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="4%" 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">1,117,717</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">28,832,891</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">29,950,608</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  align="center"><font size="2" face="Times New Roman">2011</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="4%" 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">44,492,470</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">12,285,642</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">56,778,112</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"><font size="2" face="Times New Roman">2012</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="4%" 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">759,348</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div 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">15,900,641</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">16,659,989</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  align="center"><font size="2" face="Times New Roman">2013</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="4%" 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">53,733</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">13,711,150</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">13,764,883</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 style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="4%" 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">
  <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>
 </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="4%" 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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">56,181,116</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">124,248,893</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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">68,200,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">248,630,009</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">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="4%" 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">
  <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>
  <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>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  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) 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    acquisiton 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. At December 31, 2003, $7,000,000 of    this obligation bore interest&#160; at a    variable rate.</font></div>
  </td>
 </tr>
</table>

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

<div><font size="2" face="Times New Roman">&#160;(b)  The Company has the option to extend the facility for one year beyond the  scheduled maturity date of January 2007.</font></div>

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

<div  align="center"><font size="2" face="Times New Roman">16</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"><a href="#toc"></a><font color=black><font  color=blue><u><b>Back to Contents</b></u></font></font></font></div>

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

<div><a name=p16></a><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC</b></font></div>

<div><font size="2" face="Times New Roman"><b>Consolidated Joint Ventures Information<br>  (unaudited)</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 >

  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" colspan="2" height=12 valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="73%" colspan="17"  height=12 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>As&#160; of December 31, 2004</b></font></div>
  </td>
  <td width="1%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td >

  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" colspan="2" height=12 valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="73%" colspan="17"  height=12 valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td  rowspan="3"  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%" rowspan="3"  valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="8%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Partners&#146;<br>    percent</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>Real    estate,<br>    net</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>Mortgage<br>    loans<br>    payable</b></font></div>
  </td>
  <td width="2%" rowspan="3"  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>Other    assets<br>    liabilities,<br>    net</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="35%" colspan="8"  height=12 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Equity (a)</b></font></div>
  </td>
  <td width="1%" rowspan="3"  valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td  colspan="8">

<hr noshade size="1">             </td>   </tr>

<tr>

<td  colspan="2">
<div  align="center"><font size="1" face="Times New Roman"><b>Partners</b></font></div>
  </td>

  <td width="2%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" height=12 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Cedar (b)(c)</b></font></div>
  </td>
  <td width="2%" height=12 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" height=12 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="8%" 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="11%" 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="11%" 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="10%" 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="11%" 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="10%" 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="11%" 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">Loyal 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  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">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="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">19,594,588</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13,532016</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">971,027</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,520,684</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">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,512,915</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,033,599</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">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  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">80</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">18,994,194</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="2" face="Times New Roman">16,458,559</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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,696,776</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="2" face="Times New Roman">2,815,665</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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,416,749</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="2" face="Times New Roman">4,232,413</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">Fairview Plaza (d)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">70</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8,871,938</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="2" face="Times New Roman">5,940,932</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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(327,522</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,561,199</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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">982,285</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="2" face="Times New Roman">2,543,484</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">Halifax Plaza (d)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div 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="6%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">70</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,570,758</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">4,100,000</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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(109,082</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,162,462</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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">199,214</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="2" face="Times New Roman">1,361,676</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">Newport Plaza (d)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">70</font></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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,474,162</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">5,263,584</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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">60,251</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="2" face="Times New Roman">1,053,464</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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">244,365</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="2" face="Times New Roman">1,297,829</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">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  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">50</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,930,789</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="2" face="Times New Roman">4,955,346</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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">243,549</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="2" face="Times New Roman">881,015</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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">337,977</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="2" face="Times New Roman">1,218,992</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">
  <div  align="center">&nbsp;</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="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>
  <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>
  <td width="2%" 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="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>
  <td width="2%" 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="2%" 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 style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div 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="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="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">65,436,431</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">50,223,437</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,474,999</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,994,488</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">$</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,693,505</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">17,687,993</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">
  <div  align="center">&nbsp;</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="2%" 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="2%" 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="2%" 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="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>
  <td width="2%" 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="2%" 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 width="100%" border="0" cellpadding="0" cellspacing="0">
 <tr>

  <td >

  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom">

  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="2" height=9 valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom">

  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="26"  height=9 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>For the year
        ended December 31, 2004</b></font></div>
  </td>
  <td height=9 valign="bottom">

  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>

  <td >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="2" height=9 valign="bottom">
  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="26"  height=9 valign="bottom">
  <hr noshade size="1">
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
 </tr>
 <tr>

  <td  rowspan="5"  valign="bottom"
 >

  <div  align="center"><font size="1" face="Times New Roman"><b>Property</b></font></div>
  </td>
  <td rowspan="5"  valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="2" rowspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Partners&#146;<br>
    percent<br>
    Cedar</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="17"  height=9 valign="bottom">
  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="8"  height=9 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Share of property net income</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
 </tr>
 <tr>

  <td >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="17"  height=9 valign="bottom">
  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom">

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="8"  height=9 valign="bottom">
  <hr noshade size="1">
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
 </tr>
 <tr>

  <td  rowspan="3"  valign="bottom"
 >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="17"  height=9 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Property-level operations</b></font></div>
  </td>
  <td height=9 valign="bottom">

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="8"  height=9 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Partners</b></font></div>
  </td>
  <td rowspan="3"  valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
 </tr>
 <tr>

  <td  colspan="17">

<hr noshade size="1">

  </td>
  <td height=9 valign="bottom">

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td colspan="8"  height=9 valign="bottom">
  <hr noshade size="1">
  </td>
 </tr>
 <tr>

  <td >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1" face="Times New Roman"><b>Revenues</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1"><b>Operating<br>
expenses</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom">

  <div  align="center"><font size="1"><b>Depreciation/<br>
amortization</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1"><b>Interest</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1" face="Times New Roman"><b>Total<br>
expenses</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1" face="Times New Roman"><b>Net income</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1" face="Times New Roman"><b>Regular</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1" face="Times New Roman"><b>Preference</b></font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom" >

  <div  align="center"><font size="1">&nbsp;</font></div>
  </td>
  <td height=9 valign="bottom">

  <div  align="center"><font size="1" face="Times New Roman"><b>Cedar (b)</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="2" valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="2" valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><hr align="left" width="100%" size=1 noshade></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><hr align="left" width="100%" size=1 noshade></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><hr align="left" width="100%" size=1 noshade></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="2" valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="2" valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="2" valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="2" valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td colspan="2" valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" 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">Loyal Plaza</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">75</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,773,959</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">756,499</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">435,848</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">2,223,689</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,617,582</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">550,270</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">412,703</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">137,567</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" 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 valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">80</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,190,854</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">971,678</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">520,518</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">1,614,653</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,106,849</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">84,005</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">67,204</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,801</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" 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">Fairview Plaza (d)</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">70</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">957,259</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">158,007</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">192,192</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">346,940</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">697,123</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">260,136</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">}</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1"> &nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" 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 (d)</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">70</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">749,001</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">178,034</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">127,991</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">286,870</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">592,895</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">156,106</font></div>
  </td>
  <td valign="bottom">
  <div><font size="1" face="Times New Roman">}</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">417,724</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">35,805</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">143,220</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" 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">Newport Plaza (d)</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">70</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">902,403</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">213,562</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">146,510</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">361,824</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">721,896</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">180,507</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">}</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" 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 valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">50</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">743,702</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">29,177</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">109,522</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">288,866</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">427,565</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">316,137</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">158,068</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">158,069</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" 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">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <hr noshade size="1">
  </td>
  <td valign="bottom">
  <div><Font size="1" 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">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">9,317,178</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">2,306,957</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">1,532,201</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1">3,930,859</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7,770,017</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,547,161</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,055,699</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">173,372</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">318,090</font></div>
  </td>
  <td valign="bottom" bgcolor="#eeeeee">
  <div><Font size="1" 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">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div  align="right"><font size="1">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <div><Font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <hr noshade size="2">
  </td>
  <td valign="bottom">
  <div><Font size="1" 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">&nbsp;</font></div>

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

<div  align="center"><font size="2" face="Times New Roman">17</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"><a href="#toc"></a><font color=black><font  color=blue><u><b>Back to Contents</b></u></font></font></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>Consolidated Joint Ventures Information</b></font></div>

<div><font size="2" face="Times New Roman"><b>(unaudited)</b></font></div>

<div><font size="2" face="Times New Roman"><b>(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  align="center"><font size="1" face="Times New Roman"><b>Property</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>Partners&#146;<br>    percent</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>Cedar</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="4%" rowspan="3"  valign="top">

  <div  align="center">&nbsp;</div>
  </td>
  <td width="40%" colspan="8"  height=10 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Share of    FFO</b></font></div>
  </td>
  <td width="1%" rowspan="3"  valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>

  <td  colspan="8">

<hr noshade size="1">
</td>
</tr>

<tr>     <td  colspan="2">     <div  align="center"><font size="1" face="Times New Roman"><b>Partners</b></font></div>

  </td>
  <td width="2%" height=10 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" height=10 valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Cedar (b)</b></font></div>
  </td>
  <td width="2%" height=10 valign="bottom" >

  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" height=10 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="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="4%" valign="top">
  <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">Loyal 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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">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="2%" valign="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</font></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="4%" valign="top" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">726,442</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">245,618</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">972,060</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">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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">80</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">20</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="4%" 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="bottom">
  <Div style="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">413,334</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">103,334</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">516,668</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">Fairview Plaza (d)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">70</font></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">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">%</font></div>
  </td>
  <td width="4%" valign="top" 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">&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">Halifax Plaza (d)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">70</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">30</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="4%" valign="top">
  <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">735,662</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">309,800</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">1,045,462</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">Newport Plaza (d)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">70</font></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">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">%</font></div>
  </td>
  <td width="4%" valign="top" 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">&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">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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">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="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">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="4%" 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="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">209,258</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">209,258</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">418,516</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">
  <Div style="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="4%" 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="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="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="2%" valign="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="4%" valign="top" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,084,696</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">868,010</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">2,952,706</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="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="4%" 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="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="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="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) The Partners/Cedar    shares of equity, as presented, differ from amounts calculated using the    stated ownership percentages because of (1) non-proportionate initial    investments (per the respective joint venture agreements), and (2) the    cumulative effect of preference returns to joint venture partners.</font></div>
  </td>
 </tr>
</table>

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

<div><font size="2" face="Times New Roman">&#160;(b)  Includes limited partners&#146; share.</font></div>

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

<div><font size="2" face="Times New Roman">&#160;( c)  Equity includes net receivable/payable balances, on open account, between joint  venture and wholly-owned entities.</font></div>

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

<div><font size="2" face="Times New Roman">&#160;(d) As  each of these three properties is under an umbrella partnership, any shortfall  in required preference payments by any one of the properties will be offset by  excess cash flow from any of the other properties.</font></div>

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

<div  align="center"><font size="2" face="Times New Roman">18</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></font></div>

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

<div><a name=p20></a><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div><font size="2" face="Times New Roman"><b>Tenant Concentration Schedule</b></font></div>

<div><font size="2" face="Times New Roman"><b>As Of December 31, 2004</b></font></div>

<div><font size="2" face="Times New Roman"><b>(unaudited)</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="1" face="Times New Roman"><b>Tenant</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>Number<br>    of stores</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>Sq ft</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>Percentage<br>    Sq ft</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>Annualized<br>    base rents</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>Annualized<br>    base rents<br>    per sq ft</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>Percentage<br>    Annualized<br>    base rents</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  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>
  <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>
  <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">Giant Foods/Stop &amp; Shop</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" 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">467,218</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">9.56</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">4,977,671</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">10.65</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">10.90</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">LA Fitness</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">122,996</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.52</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">1,743,072</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">14.17</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">3.82</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">Staples</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">110,663</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">2.26</font></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">1,419,992</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">12.83</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">3.11</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">United Artists Theatre    Group</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">77,700</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">1.59</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">1,328,950</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">17.10</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">2.91</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">Wal-Mart/Sam&#146;s Club</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="2%" valign="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">205,237</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">4.20</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">1,255,618</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">6.12</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">2.75</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">Shop &#145;n Save</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">102,654</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">2.10</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">854,151</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">8.32</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">1.87</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">Boscov&#146;s</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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="2%" valign="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">167,597</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">3.43</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">742,071</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">4.43</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">1.62</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">Home Depot</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</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">103,003</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">2.11</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">669,520</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">6.50</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">1.47</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">Super Fresh Super Markets</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</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">61,506</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">1.26</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">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="2%" valign="bottom" 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">10.57</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">1.42</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">Best Buy</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">46,000</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">0.94</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">619,083</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">13.46</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">1.36</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="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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="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>Sub-total top ten tenants</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"><font size="2" face="Times New Roman">26</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">1,464,574</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">29.97</font></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">14,260,128</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">9.74</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">31.21</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">Remaining tenants</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">441</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,841,931</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div 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">58.15</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">31,426,631</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">11.06</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">68.79</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="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
  <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>Sub-total all tenants</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"><font size="2" face="Times New Roman">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="2%" valign="bottom" 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">4,306,505</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">88.12</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">45,686,759</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">10.61</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" 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">100.00</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">Vacant</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">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="2" face="Times New Roman">580,392</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">11.88</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">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="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="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">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>
 </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%" 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>
  <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>Total (including vacant)</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"><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="2%" valign="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">4,886,897</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">100.00</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="2%" valign="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">45,686,759</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">9.35</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" 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>
 </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 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><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="left"><font size="2" face="Times New Roman">(a) Includes locations presently undergoing development and/or redevelopment activities.</font></div><br>

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


<hr noshade align="center" width="100%" size="2">




<PAGE>

<div><font size="2" face="Times New Roman"><a href="#toc"></a><font color=black><font color=blue><u><b>Back to Contents</b></u></font></font></font></div>

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

<div><a name=p19></a><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div><font size="2" face="Times New Roman"><b>Lease Expiration Schedule</b></font></div>

<div><font size="2" face="Times New Roman"><b>As Of December 31, 2004</b></font></div>

<div><font size="2" face="Times New Roman"><b>(unaudited)</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="1" face="Times New Roman"><b>Number of tenants</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</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 total<br>    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>Year<br>    leases<br>    expire</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</b></font></div>
  <div  align="center"><font size="1" face="Times New Roman"><b>expiring<br>    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>    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="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">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="2%" valign="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">16,408</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">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">%</font></div>
  </td>
  <td width="2%" valign="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">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="2%" valign="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">222,204</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-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="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="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">0.49</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">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="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">261,006</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">5.34</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2005</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,834,964</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="2" face="Times New Roman">14.69</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="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">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="2%" valign="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">338,070</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">6.92</font></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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2006</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="2" face="Times New Roman">4,052,099</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="2" face="Times New Roman">11.99</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="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">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="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">256,746</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">5.25</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2007</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="2" face="Times New Roman">3,500,779</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="2" face="Times New Roman">13.64</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="2" face="Times New Roman">7.66</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">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="2%" valign="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">315,159</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6.45</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2008</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,501,449</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="2" face="Times New Roman">14.28</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="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">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="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">365,089</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">7.47</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2009</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="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">3,456,886</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">9.47</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="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">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">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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">548,188</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">11.22</font></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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2010</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,968,642</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">7.24</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">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">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="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">307,169</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">6.29</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2011</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,615,937</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">8.52</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="2" face="Times New Roman">5.73</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">22</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">206,248</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">4.22</font></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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2012</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="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">2,166,175</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="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="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">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">15</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">124,287</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.54</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2013</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,438,628</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="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="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">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">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="2%" valign="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">150,311</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">3.08</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11/30/2014</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="2" face="Times New Roman">1,963,743</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="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="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">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">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="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">229,774</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="2" face="Times New Roman">4.70</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12/31/2015</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="2" face="Times New Roman">1,966,064</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="2" face="Times New Roman">8.56</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="2" face="Times New Roman">4.30</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">4</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">125,924</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="2" face="Times New Roman">2.58</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6/30/2016</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="2" face="Times New Roman">943,548</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="2" face="Times New Roman">7.49</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.07</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">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="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">144,737</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.96</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">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5/31/2017</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">1,452,867</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">10.04</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3.18</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">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="2%" valign="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">266,066</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">5.44</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">%</font></div>
  </td>
  <td width="2%" valign="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">12/31/2018</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">3,410,374</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="2" face="Times New Roman">12.82</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="2" face="Times New Roman">7.46</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">4</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">113,493</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.32</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10/31/2019</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,018,169</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="2" face="Times New Roman">8.97</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="2" face="Times New Roman">2.23</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">4</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">267,830</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">5.48</font></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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12/2/2020</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="2" face="Times New Roman">1,668,279</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="2" face="Times New Roman">6.23</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="2" face="Times New Roman">3.65</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">5</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">107,005</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.19</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10/23/2021</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="2" face="Times New Roman">1,441,367</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="2" face="Times New Roman">13.47</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="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">3</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">82,995</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.70</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6/30/2022</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="2" face="Times New Roman">1,046,586</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="2" face="Times New Roman">12.61</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.29</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">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="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">5,000</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="2" face="Times New Roman">0.10</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7/31/2024</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">68,000</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="2" face="Times New Roman">13.60</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">0.15</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">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="2%" valign="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">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="2%" valign="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">1.53</font></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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10/31/2025</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">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="2%" valign="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">12.67</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="2" face="Times New Roman">2.08</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="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="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>
  <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>
  <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>
  <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>
  <td width="2%" 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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">467</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">4,306,505</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">88.12</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="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="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">45,686,759</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="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="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">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" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">580,392</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">11.88</font></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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">Vacant</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="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="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">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="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">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>
  </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>
  <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>
  <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>
  <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>
  <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>
  <td width="2%" 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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">467</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">4,886,897</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100.00</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">Total<br>    portfolio</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="2" face="Times New Roman">45,686,759</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="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="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">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="2%" 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="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>
  <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>
  <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>
  <td width="2%" valign="bottom">
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<div align="left"><font size="2" face="Times New Roman">(a) Includes locations presently undergoing development and/or redevelopment activities.</font></div><br>

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

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