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<SEC-DOCUMENT>0000950116-05-001730.txt : 20050505
<SEC-HEADER>0000950116-05-001730.hdr.sgml : 20050505
<ACCEPTANCE-DATETIME>20050505164121
ACCESSION NUMBER:		0000950116-05-001730
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20050505
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050505
DATE AS OF CHANGE:		20050505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEDAR SHOPPING CENTERS INC
		CENTRAL INDEX KEY:			0000761648
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				421241468
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31817
		FILM NUMBER:		05804128

	BUSINESS ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5167676492

	MAIL ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD /MD/
		DATE OF NAME CHANGE:	20001128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNI INVEST USA LTD
		DATE OF NAME CHANGE:	20000407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<div  align="center"><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div  align="center"><font size="5" face="Times New Roman"><b>UNITED STATES <br>  SECURITIES AND EXCHANGE COMMISSION<br><br></b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>WASHINGTON, D.C.&nbsp; 20549</b></font></div>

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

<div  align="center"><font size="5" face="Times New Roman"><b>FORM 8-K</b></font></div>

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

<div  align="center"><font size="3" face="Times New Roman"><b>CURRENT REPORT<br>  PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE<br>  SECURITIES EXCHANGE ACT OF 1934</b></font></div>

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

<div  align="center"><font size="3" face="Times New Roman"><b>Date of Report (Date of Earliest Event Reported):&nbsp; May  5, 2005</b></font></div>

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

<div  align="center" style='text-align:center;'><font size="6" face="Times New Roman"><b>Cedar  Shopping Centers, Inc.<br>  </b><font size="1"><b>(Exact name  of registrant as specified in its charter)</b></font></font></div>

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  <div  align="center"><font size="2" face="Times New Roman"><b>Maryland</b></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>0-14510</b></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>42-1241468</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>(State or    other jurisdiction of<br>    incorporation)</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>(Commission    File No.)</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>(IRS    Employer<br>    Identification No.)</b></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>44 South Bayles Avenue<br>    Port Washington, NY</b></font></div>
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  <div  align="center">&nbsp;</div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>11050</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>(Address    of principal <br>    executive offices)</b></font></div>
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  <div  align="center">&nbsp;</div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>(Zip Code)</b></font></div>
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<div  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>(516) 767-6492</b></font></div>

<div  align="center"><font size="1" face="Times New Roman"><b>(Registrant&#146;s telephone number,<br>  including area code)</b></font></div>

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

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

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  <div><font size="2" face="Times New Roman">Soliciting material    pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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  <div><font size="2" face="Times New Roman">Pre-commencement    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR    240.14d-2(b))</font></div>
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  <div><font size="2" face="Times New Roman">Pre-commencement    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR    240.13e-4(c))</font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Items 2.02  and 7.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results of  Operations and Financial Condition, and Regulation FD.</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  information in this Current Report on Form 8-K is furnished under Item 2.02 &#150;  &#147;Results of Operations and Financial Condition.&#148; This information, including  the exhibits attached hereto, shall not be deemed &#147;filed&#148; for any purpose,  including for the purposes of Section 18 of the Securities Exchange Act of  1934, as amended (the &#147;Exchange Act&#148;), or otherwise subject to the liabilities  of that Section.&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></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;On  May 5, 2005, Cedar Shopping Centers, Inc. (the &#147;Company&#148;) issued a press  release announcing its financial results for the first quarter of 2005.&nbsp;  That press release also referred to certain supplemental financial information  that is available on the Company&#146;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></div>

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

<div><font size="2" face="Times New Roman"><b>Item  9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial  Statements and Exhibits.</b></font></div>

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<div><font size="2" face="Times New Roman">(c) Exhibits.</font></div>

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  <div><font size="2" face="Times New Roman">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press    release dated May 5, 2005.</font></div>
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  <div><font size="2" face="Times New Roman">99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar    Shopping Centers, Inc. Supplemental Financial Information for the quarter    ended March 31, 2005.</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>

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

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

<div><font size="2" face="Times New Roman">Pursuant to the requirements of 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></div>

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  <div><font size="2" face="Times New Roman">C<small>EDAR</small>    S<small>HOPPING</small> C<small>ENTERS</small>,    I<small>NC</small>.</font></div>
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  <div><font size="2" face="Times New Roman">/s/ T<small>HOMAS</small> J. O&#146;K<small>EEFFE</small></font></div>
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  <div><font size="2" face="Times New Roman">Thomas J. O&#146;Keeffe</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">Chief Financial Officer</font></div>
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  <div><font size="2" face="Times New Roman">(Principal    financial officer)</font></div>
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  <div><font size="2" face="Times New Roman">Dated: May 5, 2005</font></div>
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<div  align="right"><font size="2" face="Times New Roman"><b>Exhibit  99.1</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>44 South Bayles Avenue</b></font></div>

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

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  <div><font size="2" face="Times New Roman"><b>Contact:</b></font></div>
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  <div><font size="2" face="Times New Roman"><b>Leo S.    Ullman</b></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="2" face="Times New Roman"><b>President</b></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="2" face="Times New Roman"><b>(516)    767-6492</b></font></div>
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<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b><u>FOR IMMEDIATE RELEASE:</u></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><u>CEDAR SHOPPING CENTERS, INC. ANNOUNCES FIRST QUARTER RESULTS</u></b></font></div>

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

<div><font size="2" face="Times New Roman">Port Washington, New York &#150; May 5, 2005 &#150; Cedar Shopping Centers, Inc.,  (NYSE: &#147;CDR&#148;) (the &#147;Company&#148;), today reported net income for the quarter ended  March 31, 2005 of $2,618,000 compared to $1,343,000 for the same period last  year. Net income applicable to common shareholders for the quarter ended March  31, 2005 was $1,354,000, or $0.07 per share, compared to $1,343,000, or $0.08  per share, for the same period last year.&#160;  The average number of shares of common stock outstanding during the  first quarter of 2005 was 19,351,000 compared to 16,456,000 during the  corresponding quarter of 2004.</font></div>

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

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

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   <td  valign="top"><font size="2" face="Times New Roman">&#149;</font></td>
   <td valign="top"><font size="2" face="Times New Roman">Funds from operations
       (&#147;FFO&#148;) for the first quarter of 2005 increased by 44.6% to
   $4.87 million ($0.25 per share/OP Unit), from $3.37 million ($0.20 per share/OP
        Unit) for the corresponding quarter of 2004. The average number of shares
       of
   common stock/OP Units outstanding during the first quarter of 2005 was 19,805,000
        compared to 16,895,000 during the corresponding quarter of 2004.</font></td>
 </tr>
 <tr>
   <td  valign="top">&nbsp;</td>
   <td valign="top">&nbsp;</td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Total revenues for the first quarter of 2005 were    $16.53 million as compared to $11.28 million for the first quarter of 2004,    an increase of 46.6%.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Net cash flows provided by operating activities    increased to $1.81 million for the three months ended March 31, 2005,    compared with $1.65 million for the corresponding period of 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">The Company&#146;s redevelopment
      projects are proceeding generally on time and within budget.&#160;    The
      largest of these projects is the +/-500,000 sq. ft. Camp Hill Shopping
      Center in Camp Hill, Pennsylvania, where Phase I, the in-line retail portion,
      has been substantially completed, and Phase II, completion of a 91,000
      sq. ft. Giant supermarket replacing a vacant Montgomery Ward store, plus
      construction of a new 40,000 sq. ft. fully-leased medical office building,
      is expected to come &#147;on stream&#148; and contribute meaningfully to
      FFO commencing in the latter half of 2005.&#160; Phase    III, consisting
      of a fitness facility of 41,000-46,000 sq. ft. plus ancillary retail, is
      expected to be completed in mid-2006.&#160; Other redevelopment projects
      include, the Golden Triangle Shopping Center in Lancaster,
      Pennsylvania, Hamburg Commons in Hamburg, Pennsylvania, and the Carbondale
      Shopping Center  in Carbondale, Pennsylvania, all of which involve current
      re-leasing and redevelopment of a former Ames store and other vacancies.&#160;    Other
      redevelopment projects involve Halifax, Newport, Huntingdon
      and Lake Raystown, Pennsylvania. In addition, the Company is developing
      a new Giant supermarket-anchored center in Hanover Township, near Hershey,
      Pennsylvania, which is expected to be completed with tenants in occupancy by year-end.</font></div>
  </td>
 </tr>
</table>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Occupancy for the portfolio as of March 31, 2005,    including the various redevelopment properties, was approximately 88%;    excluding the redevelopment properties, the occupancy level was approximately    97%.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">The Company has approximately 314,000
      sq. ft. of signed leases at March 31, 2005 for tenants who are not yet
      in occupancy, representing approximately
      $4.2
      million
      in annualized
      base rents commencing at various dates throughout the next 15 months.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">The Company is currently paying dividends at the    annual rate of $0.90 per share of common stock, which amounts are expected to    be fully covered by FFO.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">The Company&#146;s total assets as of March 31, 2005 were    $551 million compared to $537 million as of December 31, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Fixed-rate mortgages as of March 31, 2005 were $161    million; variable-rate mortgages, including draw downs under the Company&#146;s    revolving credit facility, were $106 million, and total debt was $267    million, or 48.5% of the Company&#146;s assets. The Company&#146;s pro-rata share of    total debt was 40.2% of its total market capitalization.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">The Company issued 1,200,000 additional shares of    its 8-7/8% Series A Cumulative Redeemable Preferred Stock and 2,990,000 shares of    its Common Stock in April 2005.&#160; The    aggregate proceeds of approximately $70 million were used to repay amounts    outstanding on the Company&#146;s revolving credit facility.&#160; Based on the closing stock prices for the    Preferred and Common Stock at the date of the offerings, the ratio of total    debt to assets would have been 35.8% and the ration of pro-rata debt to total    market capitalization would have been 28.1%.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">The Company has issued &#147;Supplemental Financial    Information&#148; for the period ended March 31, 2005, and has filed such    information today as an exhibit to its Form 8-K, which will also be available    on the Company&#146;s website at http://www.cedarshoppingcenters.com.</font></div>
  </td>
 </tr>
</table>

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

<div><font size="2" face="Times New Roman"><u>Acquisitions Subsequent to March 31, 2005</u></font></div>

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

<div><font size="2" face="Times New Roman">On April 25, 2005, the Company closed
    on purchases of 21 properties included in a portfolio of primarily drug store-anchored
    properties in Ohio, Pennsylvania and New York.&#160; The aggregate consideration
    for the properties, excluding closing costs, was approximately $67.9 million,
    consisting of (i) approximately $27.6 million of new first mortgage financings
    at a weighted average interest rate of approximately 5.2%, fixed for a 10-year
    term; (ii) the assumption of approximately $8.4 million of existing financing
    at a weighted average interest rate of 7.4%, (iii) approximately $13.8 million
    in newly issued Operating Partnership Units (convertible into common stock
    of the Company); and (iv) approximately $18.1 million drawn from the Company&#146;s
    revolving credit facility.</font></div>

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

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

<div><font size="2" face="Times New Roman">The Company, as of this date, has
    a portfolio of 54 properties, mostly supermarket-anchored
    community shopping centers as well as drug store-anchored convenience centers,
    located in seven states, with approximately 5.6 million square feet of GLA.
    The Company expects to conclude additional acquisitions during the balance
    of the year.</font></div>

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

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

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

<div><font size="2" face="Times New Roman">Annual base rents, excluding tenant reimbursements, for leases that  have been signed and for which the tenants have not yet occupied their premises  at properties owned at March 31, 2005, presently amount to approximately $4.2  million.&#160; Revenues from these leases are  expected to commence on the following schedule:</font></div>

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

<table border="0" cellspacing="0" cellpadding="0"  align="center" width="80%">
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Quarter ending</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>Annualized</b><font size="1"><b><br>    base rent</b></font></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="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">June 30, 2005</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">862,000</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">September 30, 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="11%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,525,000</font></div>
  </td>
  <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">December 31, 2005</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,723,000</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">June 30, 2006</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">65,000</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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,175,000</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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

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

<div><font size="2" face="Times New Roman">After giving effect to such new leases, the occupancy rate for the  portfolio of properties held as of March 31, 2005 would have increased from 88%  to approximately 94%.</font></div>

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

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

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

<div><font size="2" face="Times New Roman">The Company continues to expect FFO
    for 2005 to be in the range of $1.10-$1.20 per share/OP Unit, as previously-announced. </font></div>

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

<div><font size="2" face="Times New Roman">Interested parties are urged to review the Form 10-Q filed with the  Securities and Exchange Commission for the quarter ended March 31, 2005 for  further details.</font></div>

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

<div><font size="2" face="Times New Roman"><u>Overview by Management</u></font></div>

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

<div><font size="2" face="Times New Roman">Leo Ullman, CEO, in a statement said:&#160;  &#147;We
    have continued to execute our growth plan, our redevelopment projects and
    other value-added programs.&#160; This has
    been accomplished with an excellent management team, a thorough and a thoughtful
    Board of Directors and an ever-growing and continuously supportive group
    of institutional and individual shareholders.&#160; We are proud of our
    Company&#146;s fine accomplishments to date and of the efforts of our growing
    staff.&#160; We fully expect to continue to  accomplish, and to evidence,
    growth in value for our shareholders.&#148;</font></div>

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

<div><font size="2" face="Times New Roman">Tom O&#146;Keeffe, CFO, noted:&#160; &#147;We  have been able to continue our growth with modest additional equity raises,  while maintaining our guidance which we have reaffirmed today.&#148;</font></div>

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

<div><font size="2" face="Times New Roman"><u>Investor Conference Call</u></font></div>

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

<div><font size="2" face="Times New Roman">The Company, with&#160; Leo S.  Ullman, CEO, and Thomas J. O&#146;Keeffe, CFO, will host a conference call to  discuss first quarter results on May 6 at 11:00 AM (EDT) as follows:</font></div>
<div><font size="2" face="Times New Roman">&nbsp;</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><font size="2" face="Times New Roman"><b><u>Dial-In  Information</u></b></font></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="50%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">U.S. dial-in number</font></div>
  </td>
  <td width="35%" valign="top">
  <div><font size="2" face="Times New Roman">1-800-329-9097</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">International dial-in number</font></div>
  </td>
  <td width="35%" valign="top">
  <div><font size="2" face="Times New Roman">617-614-4929</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">Participant Passcode in each case</font></div>
  </td>
  <td width="35%" valign="top">
  <div><font size="2" face="Times New Roman">87307760</font></div>
  </td>
 </tr>
</table>

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

<div><font size="2" face="Times New Roman"><b><u>Replay  of the Conference Call&#160; </u></b>(Available  from May 6 at 1:00 pm through May 13 at 5:00 pm)</font></div>

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

<table border="0" cellspacing="0" cellpadding="0" width="50%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">U.S. dial-in number</font></div>
  </td>
  <td width="32%" valign="top">
  <div><font size="2" face="Times New Roman">888-286-8010</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">International dial-in number</font></div>
  </td>
  <td width="32%" valign="top">
  <div><font size="2" face="Times New Roman">617-801-6888</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">Participant Passcode in each case</font></div>
  </td>
  <td width="32%" valign="top">
  <div><font size="2" face="Times New Roman">87141939</font></div>
  </td>
 </tr>
</table>

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

<div><font size="2" face="Times New Roman"><u>About Cedar Shopping Centers, Inc.</u></font></div>

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

<div><font size="2" face="Times New Roman">Cedar Shopping Centers, Inc., with
    headquarters in Port Washington, New York, is a fully-integrated, self-administered
    and self-managed real estate investment trust (&#147;REIT&#148;) listed
    on the New York Stock Exchange.&#160; Its  properties, which total
    approximately 5.6 million sq. ft. of GLA, are focused primarily in multi-tenant
    supermarket-anchored
    community shopping centers and drug store-anchored convenience centers in
    eastern and central Pennsylvania (28), Ohio (15), Maryland (3), New York
    (3), southern New Jersey (2), Connecticut (2) and Massachusetts (1).</font></div>

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

<div><font size="2" face="Times New Roman"><u>Forward-Looking Statements</u></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 this press release 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 result of factors
    outside of the Company&#146;s
control. Certain factors that might cause such a difference include, but are
     not limited to, the following: real estate investment considerations, such
    as the effect of economic and other conditions in general and in the Company&#146;s market areas
    in particular; the financial viability of the Company&#146;s
    tenants; the continuing availability of shopping center acquisitions, and
    development and redevelopment opportunities, on favorable terms; the availability
    of equity and debt capital in the public and private markets; changes in
    interest rates; the fact that returns from development, redevelopment and
    acquisition activities may not be at expected levels; the Company&#146;s
    potential inability&#160; to realize the level of  proceeds from property
    sales as initially expected; inherent risks in ongoing 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  market factors involved in the pricing of material and labor;
    the need to renew leases or re-let space upon the expiration of current leases;
    and the financial flexibility to refinance debt obligations when due.&#160; </font></div>

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

<div><font size="2" face="Times New Roman"><u>Non-GAAP Financial Measures &#150; FFO</u></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 Funds From Operations (&#147;FFO&#148;) to be a relevant and meaningful  supplemental measure of the Company&#146;s performance because it is predicated on a  cash flow analysis, contrasted with net income, a measure predicated on GAAP,  which gives effect to non-cash items such as depreciation and amortization. The  Company computes FFO in accordance</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</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><font size="2" face="Times New Roman">with the &#147;White Paper&#148; on FFO published by the National Association of  Real Estate Investment Trusts (&#147;NAREIT&#148;), which defines FFO as income before  allocation to minority interests (computed in accordance with GAAP), excluding  gains or losses from debt restructurings and sales of properties, plus  depreciation and amortization, and after preferred distribution requirements  and adjustments for unconsolidated partnerships and joint ventures. Adjustments  for unconsolidated partnerships and joint ventures are computed to reflect FFO  on the same basis. In computing FFO, the Company does not add back to net  income the amortization of costs incurred in connection with its financing or  hedging activities, or depreciation of non-real estate assets, but does add  back to net income those items that are defined as &#147;extraordinary&#148; under GAAP.  FFO does not represent cash generated from operating activities in accordance  with GAAP
and should not be considered as an alternative to cash flow as a  measure of liquidity. Since the NAREIT White Paper only provides guidelines for  computing FFO, the computation of FFO may vary from one company to another. FFO  is not necessarily indicative of cash available to fund ongoing cash needs. The  following table sets forth the Company&#146;s calculations of FFO for the three  months ended March 31, 2005 and 2004:</font></div>

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




<table border="0" align=center cellspacing="0" cellpadding="0" width="90%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2005</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="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>
 </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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">Net income</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,618,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,343,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">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>
 </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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,730,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,192,000</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%'><font size="2" face="Times New Roman">Limited partners&#146;    interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">62,000</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">36,000</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%'><font size="2" face="Times New Roman">Preferred distribution    requirements</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">(1,294,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">290,000</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">168,000</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%'><font size="2" face="Times New Roman">Minority interests&#146;    share of FFO</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">(536,000</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">(370,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Funds from operations</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,870,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,369,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">FFO per common share/OP Unit outstanding</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.25</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.20</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Average number of common shares/OP Units outstanding    (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">19,805,000</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">16,895,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="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="89%">
 <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">(1) Assumes conversion of OP Units</font></div>
  </td>
 </tr>
</table>

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

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

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">
  <div  align="center"><font size="1" face="Times New Roman"><b>March 31,<br>    2005<br>    (unaudited)</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="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>December 31,<br>    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>
 </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><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">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 style="margin-left: 3%; 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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Real estate:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%; text-indent:3%'><font size="2" face="Times New Roman">Land</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">98,922,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">97,617,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%; text-indent: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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">439,161,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">423,735,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'>&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">538,083,000</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">521,352,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%; text-indent: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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(19,427,000</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">(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>
 </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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Real estate, net</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">518,656,000</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">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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Cash and cash    equivalents</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,975,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Cash at joint ventures    and restricted cash</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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">6,720,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,105,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Rents and other    receivables, net</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,630,000</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">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,483,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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">Other assets</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">3,781,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,379,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Deferred charges, net</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,406,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,411,000</font></div>
  </td>
  <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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">551,168,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">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>
 </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><font size="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">Liabilities and 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="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Mortgage loans payable</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">179,873,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">180,430,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Secured revolving    credit facility</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">87,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">68,200,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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">Accounts payable,    accrued expenses, 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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,319,000</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">9,012,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">24,878,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="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>
 </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>
 </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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">299,570,000</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">282,869,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </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>
 </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">11,979,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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>
 </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 Operating Partnership</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">5,511,000</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">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>
 </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="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 5%; text-indent:-2%"><font size="2" face="Times New Roman">Preferred stock&#160; ($.01 par value, $25.00 per share    liquidation value, 5,000,000 shares authorized, 2,350,000 shares issued and    outstanding)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">58,750,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">58,750,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
<div style="margin-left: 5%; text-indent:-2%"><font size="2" face="Times New Roman">Common stock&#160; ($.06 par value, 50,000,000 shares    authorized, 19,351,000 shares issued and 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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,161,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,161,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Treasury stock&#160; (339,000 shares, at cost)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">(3,919,000</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">(3,919,000</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">Additional paid-in    capital</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">216,240,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">215,271,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Cumulative    distributions in excess of net income</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">(38,139,000</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">(35,139,000</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">Accumulated other    comprehensive income (loss)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">195,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(165,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Unamortized deferred    compensation plans</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">(180,000</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">(205,000</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="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total 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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">234,108,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="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>
 </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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total liabilities and shareholders&#146; equity</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">551,168,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">537,160,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </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>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</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" style='text-align:center;'><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>Consolidated Statements of Income</b></font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>(unaudited)</b></font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="26%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Three months ended March 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="26%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2005</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>
 </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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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">&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>
 </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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,849,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,809,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Expense recoveries</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">3,673,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,360,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Interest and other</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,000</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">106,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,527,000</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">11,275,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <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">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Operating, maintenance    and management</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,027,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,740,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Real estate and other    property-related taxes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,475,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,100,000</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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">General and    administrative</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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">969,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">642,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Depreciation and    amortization</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,949,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,722,000</font></div>
  </td>
  <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">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">3,137,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,524,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13,557,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,728,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Income before minority and limited partners&#146;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">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">2,970,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,547,000</font></div>
  </td>
  <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">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(290,000</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">(168,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Limited partners&#146;    interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(62,000</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">(36,000</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">
  <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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,618,000</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">1,343,000</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">Preferred distribution requirements (net of limited    partners&#146; share of $30,000)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,264,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income applicable to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,354,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,343,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Per common share (basic and diluted)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.07</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.08</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


  </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">Dividends to common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,354,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,633,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Per common share</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.225</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.160</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


  </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">Average number of common shares outstanding</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">19,351,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,456,000</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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


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

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

<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" style='text-align:center;'><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>Consolidated Statements of Cash Flows</b></font></div>

<div  align="center" style='text-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  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 March 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="26%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2005</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>
 </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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash flow from operating    activities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,618,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,343,000</font></div>
  </td>
  <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">Adjustments    to reconcile net income to net cash provided by operating activities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div 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:6%'><font size="2" face="Times New Roman">Non-cash    provisions:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:9%'><font size="2" face="Times New Roman">Minority    interests</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">113,000</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">11,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:9%'><font size="2" face="Times New Roman">Limited    partners&#146; interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">62,000</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">36,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:9%'><font size="2" face="Times New Roman">Straight-line    rents</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(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">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">(260,000</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:9%'><font size="2" face="Times New Roman">Depreciation    and amortization</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,949,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,722,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:9%'><font size="2" face="Times New Roman">Amortization    of intangible lease liabilities</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(907,000</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">(425,000</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:9%'><font size="2" face="Times New Roman">Other</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">25,000</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">(34,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:6%'><font size="2" face="Times New Roman">Increases/decreases    in operating assets and liabilities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:9%'><font size="2" face="Times New Roman">Joint    venture cash</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(107,000</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">165,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:9%'><font size="2" face="Times New Roman">Rents    and other receivables</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(655,000</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">196,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:9%'><font size="2" face="Times New Roman">Other    assets</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,492,000</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">(1,056,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:9%'><font size="2" face="Times New Roman">Accounts    payable and accrued expenses</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1,306,000</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">(1,051,000</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  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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net cash provided by    operating activities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,808,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,647,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash flow from investing    activities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div 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">Expenditures    for real estate and improvements</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(16,709,000</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">(30,177,000</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">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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">25,000</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">(431,000</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  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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net cash (used in)    investing activities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(16,684,000</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">(30,608,000</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">
  <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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash flow from financing    activities:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Line    of credit, net</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,300,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">36,650,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Proceeds    from mortgage financings</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">723,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Mortgage    repayments</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(557,000</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">(6,243,000</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">Distributions    to minority interest partners</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(129,000</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">(332,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Distributions    to limited partners</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(102,000</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">(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">)</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">(1,294,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Distributions    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">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(4,354,000</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">(2,633,000</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">Deferred    financing costs</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; 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">(470,000</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">(1,417,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net cash provided by    financing activities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,394,000</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">26,678,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net (decrease) in cash and    cash equivalents</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,482,000</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">(2,283,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash and cash equivalents    at beginning of period</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="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>
 </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="10%" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Cash and cash equivalents    at 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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,975,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,871,000</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="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Supplemental disclosure of    cash activities:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Interest    paid (including capitalized interest of $564,000 and $271,000)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,568,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <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">2,489,000</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="10%" valign="bottom">
  <hr noshade size="2">


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


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


  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Supplemental disclosure of    non-cash investing and financing activities:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Purchase    accounting adjustments</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">350,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(202,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Assumption    of mortgage loans payable</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div   align="right"><font size="2" face="Times New Roman">9,993,000</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="2">


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


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


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


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

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




</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99-2.htm
<DESCRIPTION>EX99-2.TXT
<TEXT>
<html>

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

<body link=blue vlink=purple>

<page>


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

<div  align="center"><font size="2" face="Times New Roman"><b>March 31, 2005</b></font></div>

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

<div  align="center"><font size="2" face="Times New Roman"><b>(unaudited)</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>44 South Bayles Avenue</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Port Washington, NY 11050-3765</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">&nbsp;</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=contents></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>March 31, 2005</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  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="#cs_01">Disclosures</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_01">3-4</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_02">Summary Financial Data</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_02">5-6</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_03">Consolidated Balance Sheets Information (wholly-owned and joint    venture properties)</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_03">7</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_04">Consolidated Statements of Income Information (wholly-owned and joint    venture properties)</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_04">8</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_05">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="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_05">9</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_06">Property Summary</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_06">10-13</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_07">Debt Summary</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_07">14-15</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_08">Consolidated Joint Ventures Information</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_08">16-17</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_09">Tenant Concentration Schedule</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_09">18</a></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_10">Lease Expiration Schedule</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="bottom">
  <div><font size="2" face="Times New Roman"><a href="#cs_10">19</a></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">2</font></div>

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

<div><a name="cs_01"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

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

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

<div><font size="2" face="Times New Roman"><b>March 31, 2005</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</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 result of factors outside
of the Company&#146;s  control. Certain factors that might cause such a difference include, but are  not limited to, the following: real estate investment considerations, such as  the effect of economic and other conditions in general and in the Companies&#146; market areas 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; changes in interest rates; 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
market factors involved in the pricing of  material and labor; the need to renew leases or re-let space upon the  expiration of current leases; and the financial flexibility to refinance debt  obligations when due.</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">&nbsp;</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 and Form 10-Q for the quarter ended March 31,  2005. </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 March 31, 2005,  the Company owned a 97.7% economic interest in, and is 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 shares of the Company&#146;s common stock and convertible into shares of the  Company&#146;s common stock at the option of the holders on a one-for-one basis.  With respect to its joint ventures, the Company has general partnership  interests ranging from 20% to 50% and, since the Company is the sole general  partner and exercises substantial operating control over these entities, such  partnerships are
included in the consolidated financial statements.</font></div>

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

<div  align="center"><font size="2" face="Times New Roman">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 Funds From Operations (&#147;FFO&#148;) to be a relevant and meaningful  supplemental measure of the Company&#146;s performance because it is predicated on a  cash flow analysis, contrasted with net income, a measure predicated on GAAP,  which gives effect to non-cash items such as depreciation and amortization. The  Company computes FFO in accordance with the &#147;White Paper&#148; on FFO published by  the National Association of Real Estate Investment Trusts (&#147;NAREIT&#148;), which  defines FFO as income before allocation to minority interests (computed in  accordance with GAAP), excluding gains or losses from debt restructurings and  sales of properties, plus depreciation and amortization, and after preferred  distribution requirements and adjustments for unconsolidated partnerships and  joint ventures. Adjustments for unconsolidated partnerships and joint ventures  are
computed to reflect FFO on the same basis. In computing FFO, the Company  does not add back to net income the amortization of costs incurred in  connection with its financing or hedging activities, or depreciation of  non-real estate assets, but does add back to net income those items that are  defined as &#147;extraordinary&#148; under GAAP. FFO does not represent cash generated  from operating activities in accordance with GAAP and should not be considered  as an alternative to cash flow as a measure of liquidity. Since the NAREIT  White Paper only provides guidelines for computing FFO, the computation of FFO  may vary from one company to another. FFO is not necessarily indicative of cash  available to fund ongoing cash needs.</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><a name="cs_02"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

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

<div><font  size="2" face="Times New Roman"><b>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="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>March 31,<br>    2005</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>December 31,<br>    2004</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="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">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="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">8-7/8% Series A Cumulative    Redeemable Preferred Stock 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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,350,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,350,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">26.25</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">26.39    </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">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="10%" 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="10%" 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>
 </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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" 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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" 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><font size="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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">14.24</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" 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>
 </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</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">343,717,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">345,234,000    </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">Pro rata share of    outstanding 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">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">231,012,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">212,142,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <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" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">574,729,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">557,376,000    </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="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <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 (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">40.2</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">38.1</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">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <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>
 </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 capitalization without Preferred Stock (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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">45.0</font></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">42.8</font></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="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>
 </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 Company concluded    the sales of 1,200,000 shares of its 8-7/8% Series A Cumulative Redeemable    Preferred Stock and 2,990,000 shares of its common stock on April 4, 2005 and    April 6, 2005, respectively. The aggregate net proceeds of approximately $70    million were used to repay amounts outstanding under the Company&#146;s secured    revolving credit facility. Based on the closing prices on April 6, 2005 of    $26.30 and $13.94, respectively, these ratios would be 28.1% and 33.6%,    respectively.</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 March 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="26%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2005</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>
 </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>
 </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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,527,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,275,000    </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 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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,354,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,343,000    </font></div>
  </td>
  <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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.07</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.08    </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">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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,354,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,633,000    </font></div>
  </td>
  <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%'><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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.225</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.160    </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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,351,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,456,000    </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>
 </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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,870,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,369,000    </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%'><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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.25</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.20    </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>
 </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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,268,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,867,000    </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%'><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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.22</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.17    </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>
 </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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">19,805,000</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">16,895,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div  align="center"><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"><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>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="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>March 31,<br>    2005</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>December 31,<br>    2004</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="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">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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">518,656,000</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">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>
 </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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">32,512,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">31,835,000    </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>
 </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>
 </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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">551,168,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">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>
 </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="2">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">267,373,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">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>
 </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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">32,197,000</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">34,239,000    </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">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">11,979,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="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 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">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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,511,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,542,000    </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">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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">234,108,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="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>
 </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>
 </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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">551,168,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">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>
 </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><font size="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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">160,942,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" 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>
 </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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">18,931,000</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">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>
 </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>
 </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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">179,873,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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 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">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="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">87,500,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><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>
 </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>
 </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">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">267,373,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">248,630,000    </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="2">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" 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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">231,012,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">212,142,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Weighted average interest    rates:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left: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="10%" 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="10%" 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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left: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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5.1</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">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='margin-left: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="10%" 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>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6.3</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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left: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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4.4</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>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3.9</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>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left: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="10%" 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="10%" 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>
 </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><a name="cs_03"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

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

<div><font  size="2" face="Times New Roman"><b>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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><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>March 31, 2005</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>December 31, 2004</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <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">
  <div><font size="2" face="Times New 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%" 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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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><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">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><font size="1" face="Times New Roman">Real estate:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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='margin-left:3%'><font size="1" 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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">98,922,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">14,408,000</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">84,514,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">97,617,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><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">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">14,409,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">83,208,000    </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="1" face="Times New Roman">Buildings    and improvements</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">439,161,000</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="1" face="Times New Roman">54,034,000</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="1" face="Times New Roman">385,127,000</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="1" face="Times New Roman">423,735,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">54,083,000</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="1" face="Times New Roman">369,652,000    </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%'>&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="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><font size="2" face="Times New Roman">&nbsp;</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="1" face="Times New Roman">538,083,000</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="1" face="Times New Roman">68,442,000</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="1" face="Times New Roman">469,641,000</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="1" face="Times New Roman">521,352,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">68,492,000</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="1" face="Times New Roman">452,860,000    </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="1" face="Times New Roman">Less    accumulated depreciation</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">(19,427,000</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="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(3,423,000</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="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(16,004,000</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="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(16,027,000</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="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(3,055,000</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="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(12,972,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'>&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="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><font size="1" face="Times New Roman">Real estate, net</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">518,656,000</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="1" face="Times New Roman">65,019,000</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="1" face="Times New Roman">453,637,000</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="1" 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="1" 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="1" face="Times New Roman">439,888,000    </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><font size="1" face="Times New Roman">Cash and cash equivalents</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">5,975,000</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="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">5,975,000</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="1" face="Times New Roman">8,457,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">8,457,000    </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><font size="1" face="Times New Roman">Cash at joint ventures</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="1" face="Times New Roman">1,300,000</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="1" face="Times New Roman">1,300,000</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="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">1,193,000</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="1" face="Times New Roman">1,193,000</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="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Construction / improvement    and other escrows</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="1" face="Times New Roman">5,420,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,027,000</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="1" face="Times New Roman">4,393,000</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="1" face="Times New Roman">5,912,000</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="1" face="Times New Roman">1,408,000</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="1" face="Times New Roman">4,504,000    </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><font size="1" face="Times New Roman">Receivables:</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%'><font size="1" face="Times New Roman">Rents    and other, net</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="1" face="Times New Roman">2,582,000</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="1" face="Times New Roman">259,000</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="1" face="Times New Roman">2,323,000</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="1" face="Times New Roman">1,929,000</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="1" face="Times New Roman">216,000</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="1" face="Times New Roman">1,713,000    </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="1" face="Times New Roman">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="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="1" face="Times New Roman">3,048,000</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="1" face="Times New Roman">715,000</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="1" face="Times New Roman">2,333,000</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="1" face="Times New Roman">2,554,000</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="1" face="Times New Roman">668,000</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="1" face="Times New Roman">1,886,000    </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><font size="1" face="Times New Roman">Other assets</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="1" face="Times New Roman">3,781,000</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="1" face="Times New Roman">517,000</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="1" face="Times New Roman">3,264,000</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="1" 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="1" 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="1" face="Times New Roman">2,108,000    </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><font size="1" face="Times New Roman">Deferred charges, net:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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%'><font size="1" 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="1" face="Times New Roman">6,391,000</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="1" face="Times New Roman">301,000</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="1" face="Times New Roman">6,090,000</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="1" 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="1" 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="1" face="Times New Roman">5,937,000    </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="1" 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="1" face="Times New Roman">3,258,000</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="1" face="Times New Roman">645,000</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="1" face="Times New Roman">2,613,000</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="1" 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="1" 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="1" face="Times New Roman">2,319,000    </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="1" face="Times New Roman">Other</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">757,000</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="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">757,000</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="1" face="Times New Roman">254,000</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="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">254,000    </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%'>&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="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><font size="1" face="Times New Roman">Total assets</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">551,168,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">69,783,000</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">481,385,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">70,094,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">467,066,000    </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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


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


  </td>
  <td width="2%" 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="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><font size="1" face="Times New Roman">Liabilities and shareholders&#146;    equity:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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><font size="1" face="Times New Roman">Mortgage loans payable</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">179,873,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">50,046,000</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">129,827,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">180,430,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">50,224,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">130,206,000    </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><font size="1" face="Times New Roman">Secured revolving credit    facility</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">87,500,000</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="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">87,500,000</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="1" face="Times New Roman">68,200,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">68,200,000    </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><font size="1" face="Times New Roman">Accounts payable and accrued    expenses</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">3,795,000</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="1" face="Times New Roman">275,000</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="1" face="Times New Roman">3,520,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">5,549,000</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="1" face="Times New Roman">464,000</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="1" face="Times New Roman">5,085,000    </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><font size="1" face="Times New Roman">Tenant advance payments and    security deposits</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="1" face="Times New Roman">3,524,000</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="1" face="Times New Roman">378,000</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="1" face="Times New Roman">3,146,000</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="1" face="Times New Roman">3,463,000</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="1" face="Times New Roman">533,000</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="1" face="Times New Roman">2,930,000    </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><font size="1" face="Times New Roman">Unamortized intangible lease    liabilities</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">24,878,000</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="1" face="Times New Roman">1,149,000</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="1" face="Times New Roman">23,729,000</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="1" face="Times New Roman">25,227,000</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="1" face="Times New Roman">1,185,000</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="1" face="Times New Roman">24,042,000    </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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="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><font size="1" face="Times New Roman">Total liabilities</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="1" face="Times New Roman">299,570,000</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="1" face="Times New Roman">51,848,000</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="1" face="Times New Roman">247,722,000</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="1" face="Times New Roman">282,869,000</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="1" face="Times New Roman">52,406,000</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="1" face="Times New Roman">230,463,000    </font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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><font size="1" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">11,979,000</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="1" face="Times New Roman">11,979,000</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="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="1" face="Times New Roman">11,995,000</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="1" face="Times New Roman">11,995,000</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="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Limited partners&#146; interest    in consolidated OP</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="1" face="Times New Roman">5,511,000</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="1" face="Times New Roman">137,000</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="1" face="Times New Roman">5,374,000</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="1" face="Times New Roman">6,542,000</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="1" face="Times New Roman">154,000</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="1" face="Times New Roman">6,388,000    </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><font size="1" face="Times New Roman">Equity (a)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">234,108,000</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="1" face="Times New Roman">5,819,000</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="1" face="Times New Roman">228,289,000</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="1" face="Times New Roman">235,754,000</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="1" face="Times New Roman">5,539,000</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="1" face="Times New Roman">230,215,000    </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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="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><font size="1" face="Times New Roman">Total liabilities and equity</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">551,168,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">69,783,000</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">481,385,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">537,160,000</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">70,094,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">467,066,000    </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">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


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


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

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


  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(a)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Equity includes net    receivable/payable balances, on open account, between joint venture and    wholly-owned properties.</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">7</font></div>

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

<div><a name="cs_04"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>CEDAR SHOPPING CENTERS, INC.</b></font></div>

<div  align="center" style='text-align:center;'><font  size="2" face="Times New Roman"><b>Consolidated Statements of Income Information</b></font></div>

<div  align="center" style='text-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%'>&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="34%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Three months ended March 31, 2005</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="33%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Three months ended March 31, 2004</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%'>&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="34%" colspan="8"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="33%" 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%'>&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"><b>Total</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Joint venture</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Wholly-owned</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Joint venture</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>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%'>&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">
  <hr noshade size="1">


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div 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">Revenues:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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><font size="2" face="Times New Roman">&nbsp;</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><font size="2" face="Times New Roman">&nbsp;</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><font size="2" face="Times New Roman">&nbsp;</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><font size="2" face="Times New Roman">&nbsp;</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><font size="2" face="Times New Roman">&nbsp;</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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="1" 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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:5%'><font size="1" face="Times New Roman">Base    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="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11,203,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,841,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">9,362,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8,007,000</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,736,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6,271,000    </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%'><font size="1" 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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">247,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">4,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">243,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">117,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">16,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">101,000    </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:5%'><font size="1" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">47,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">445,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">260,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">77,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">183,000    </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%'><font size="1" 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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">907,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">36,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">871,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">425,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">41,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">384,000    </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="9%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12,849,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,928,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,921,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8,809,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,870,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6,939,000    </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="1" 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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,673,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">457,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,216,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,360,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">395,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">1,965,000    </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="1" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">103,000    </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="9%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,527,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,388,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">14,139,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">11,275,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,268,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">9,007,000    </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="9%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="1" 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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,027,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">419,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">3,608,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,740,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">394,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,346,000    </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="1" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,475,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,255,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,100,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">217,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">883,000    </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="1" 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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">969,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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">&#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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">969,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">642,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">642,000    </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="1" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">3,949,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">417,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">3,532,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,722,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">371,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,351,000    </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="1" face="Times New Roman">Interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,137,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">982,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,155,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,524,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">1,064,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">1,460,000    </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%'>&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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Total 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">13,557,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,038,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11,519,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">9,728,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,046,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7,682,000    </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="9%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Income before minority and    limited partners&#146; 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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,970,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">350,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,620,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,547,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">222,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <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">1,325,000    </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="1" face="Times New Roman">Minority    interests</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">(290,000</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">(290,000</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><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">(168,000</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">(168,000</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">&#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%'><font size="1" 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="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">(62,000</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">(1,000</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">(61,000</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">(36,000</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">(1,000</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">(35,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">)</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="1%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Net income</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,618,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">59,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,559,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,343,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">53,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,290,000    </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="1" face="Times New Roman">Preferred distribution    requirements</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">(1,264,000</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">&#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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(1,264,000</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">&#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="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Net income applicable to    common shareholders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,354,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">59,000</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,295,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,343,000</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">53,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,290,000    </font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


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


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


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


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


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Per common share</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">0.07</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">0.07</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">0.08</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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">0.08    </font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


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


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


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


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


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Average number of common    shares outstanding</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">19,351,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">19,351,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">19,351,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">16,456,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">16,456,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">16,456,000    </font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <hr noshade size="2">


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


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


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


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


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


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


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


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


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


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


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


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

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

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

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

<div><a name="cs_05"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

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

<div><font  size="2" face="Times New Roman"><b>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="23%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Three months ended March 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="23%" 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="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2005</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2004</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="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 (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">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,618,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,343,000    </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">Add (deduct):</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,730,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,192,000    </font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">62,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">36,000    </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='margin-left: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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1,294,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">290,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">168,000    </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='margin-left: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 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">(536,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(370,000</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%'>&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="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"><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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,870,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">3,369,000    </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="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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(492,000</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(260,000</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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">34,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">57,000    </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 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(523,000</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(375,000</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 provision for tenant improvements and capital    expenditures (2)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">76,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="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">&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 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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <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="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" 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">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,268,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,867,000    </font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='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="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="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">FFO per common share/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">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.25</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.20    </font></div>
  </td>
  <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">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">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.22</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">0.17    </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="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="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">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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,805,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,895,000    </font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  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) Net income includes    income from amortization of intangible lease liabilities of $907,000 and    $425,000, respectively. The minority interests&#146; share of such amortization    was $27,000 and $31,000, respectively. Net income also includes a charge for    the ineffective portion of the change in the fair value of the Company&#146;s    derivative financial instruments of $0 and $280,000, respectively. Minority    interests did not share in such charge.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <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  valign="top">
  <div><font size="2" face="Times New Roman">(3) Assumes conversion of    OP Units.</font></div>
  </td>
 </tr>
</table>

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

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

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

<div><a name="cs_06"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

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

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

<div><font size="2" face="Times New Roman"><b>As of March 31, 2005</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 style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Property</b></font></div>
  </td>
  <td width="1%" 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="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="1%" 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="6%" 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="1%" 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="6%" 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="1%" 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="6%" 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="1%" 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>Number<br>    of<br>    tenants</b></font></div>
  </td>
  <td width="1%" 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>Percent<br>    occupied</b></font></div>
  </td>
  <td width="1%" 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="1%" rowspan="3"  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="30%" colspan="9"  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>
 </tr>
 <tr>
  <td  colspan="8"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Name</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>SF</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Lease<br>    expiration</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" 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>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" 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="1" face="Times New Roman"><b>STABILIZED    PROPERTIES (1):</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="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">The Point Shopping Center</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2000</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">255,447</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1972/2001</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">$10.01</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">55,000</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2021</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Harrisburg, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Burlington Coat Factory</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">76,665</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">24,000</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">08/31/2013</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">A.C. Moore</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">07/31/2008</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Academy Plaza</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">152,878</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1965/1998</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">34</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" 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">11.24</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Acme Markets</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">50,918</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">09/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Raising Horizons Charter    School</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">20,092</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">08/31/2005</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Port Richmond Village</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">154,908</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1988</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">30</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">99</font></div>
  </td>
  <td width="1%" 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">12.02</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Thriftway</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">40,000</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10/31/2008</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Pep Boys</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">20,615</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2009</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Washington Center Shoppes</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">153,260</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1979/1995</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">29</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">99</font></div>
  </td>
  <td width="1%" 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">7.39</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Acme Markets</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">66,046</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">12/02/2020</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Washington Township, NJ</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Powerhouse Gym</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">20,742</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">12/31/2012</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Red Lion</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20</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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">224,269</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1970/2000</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">17</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">87</font></div>
  </td>
  <td width="1%" 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">12.22</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Best Buy Stores</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">46,000</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2014</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Sports Authority</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">43,825</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">08/15/2005</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">23,942</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2015</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Loyal Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">25</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="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">293,931</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1969/2000</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">26</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" 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">7.31</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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">K-Mart</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">102,558</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">08/31/2006</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Williamsport, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">66,935</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10/31/2019</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">20,661</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">11/30/2014</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">LA Fitness Facility</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">50</font></div>
  </td>
  <td width="1%" 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">41,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">1</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" 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">18.09</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">LA Fitness</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">41,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Fort Washington, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Fairview Plaza</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">30</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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">69,579</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1992</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="1%" 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">11.40</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">59,237</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">02/28/2017</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">New Cumberland, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Halifax Plaza</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">30</font></div>
  </td>
  <td width="1%" 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">54,150</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1994</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" 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">10.27</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">32,000</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10/11/2019</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Halifax, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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><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="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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Newport Plaza</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">30</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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">66,789</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1996</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" 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">10.08</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">43,400</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2021</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Newport, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Pine Grove Plaza</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">79,306</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2001/2002</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">15</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="1%" 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">10.47</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Peebles</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">24,963</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2022</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Pemberton Township, NJ</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom" bgcolor="#eeeeee">
  <div  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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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>
</table>

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

<div  align="center"><font size="2" face="Times New Roman">10</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 March  31, 2005</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>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  rowspan="3"  valign="bottom">
  <div><font size="1" face="Times New Roman"><b>Property</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</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="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" 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="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" 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="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" 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="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" 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="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" 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="1%" valign="bottom">
  <div  align="center">&nbsp;</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="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="29%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Major tenants [&gt;=20,000 SF of GLA]</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="29%" colspan="8"  valign="top">
  <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="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" 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>Name</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>SF</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Lease<br>    expiration</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr noshade size="1">


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


  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="top">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="top">
  <hr noshade size="1">


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


  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="top">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="top">
  <hr noshade size="1">


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


  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="top">
  <hr noshade size="1">


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


  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="top">
  <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="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Swede Square</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">98,792    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1980/2004</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">16    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">88</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">13.13    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">LA Fitness</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">37,200</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">06/30/2016</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">East Norriton, PA</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <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="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Valley Plaza</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">191,189    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1975/1994</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">4.33    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">K-Mart</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">95,810</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2009</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Hagerstown, MD</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">Ollie&#146;s</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">41,888</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">03/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" 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="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Tractor Supply</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">32,095</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Wal-Mart Center</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">155,842    </font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">1972/2000</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">8    </font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">95</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">5.32    </font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">Wal-Mart</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">95,482</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2020</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Southington, CT</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Namco</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">South Philadelphia</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">283,486    </font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">1950/2003</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">26    </font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">12.87    </font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">Shop Rite</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">54,388</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2018</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Bally&#146;s Total Fitness</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">31,000</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2017</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">Ross Stores</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">31,349</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2013</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">National Wholesale    Liquidators</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">26,000</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2016</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">Modell&#146;s</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Strauss Discount Auto</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">20,000</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11/30/2013</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="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">River View Plaza I, II and    III</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">244,225    </font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">1991/1998</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">21    </font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">85</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">18.36    </font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">United Artists</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">77,700</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Pep Boys</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">22,000</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2014</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Columbus Crossing</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">142,166    </font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">2001</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">9    </font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">15.22    </font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">Super Fresh Supermarket</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">61,506</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2020</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Philadelphia, PA</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Old Navy</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">25,000</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2008</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="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">A.C. Moore</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">22,000</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2011</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Sunset Crossing</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">74,142    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">96</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">14.42    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">54,332</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">06/30/2022</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Dickson City, PA</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <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="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">The Commons</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">175,121    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2000    - 2003</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">21    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">98</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10.03    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Elder-Beerman Stores</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">54,500</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2017</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">DuBois, PA</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">Shop &#145;n Save</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">52,654</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">10/07/2015</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Townfair Center</font></div>
  </td>
  <td width="1%" 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="1%" 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="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">203,531    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1995    - 2002</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7.68    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Lowe&#146;s Home Centers</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">95,173    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">12/31/2015</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">White Township, PA</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="1" face="Times New Roman">Shop &#145;n Save</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">50,000    </font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="1" face="Times New Roman">02/08/2012</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Lake Raystown Plaza</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">84,292    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1995</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">9    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8.58    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">39,244    </font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">07/31/2015</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Huntingdon, PA</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
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  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
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  <div  align="right">&nbsp;</div>
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  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

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

<div  align="center"><font size="2" face="Times New Roman">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"><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 March  31, 2005</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><font size="1" face="Times New Roman"><b>Property</b></font></div>
  </td>
  <td width="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</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="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" 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="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</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="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" 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="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" 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="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" 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="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" 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="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="29%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Major tenants [&gt;=20,000 SF of GLA]</b></font></div>
  </td>
  <td width="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="8"  valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" colspan="2" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


  </td>
  <td width="1%" 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>
  <td width="7%" colspan="2" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Franklin Village Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">303,772    </font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">(3)</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">1987/1989</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">63</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">96</font></div>
  </td>
  <td width="1%" 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">17.90</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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Stop &amp; Shop (3)</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">75,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">10/31/2025</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Franklin, MA</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="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Marshalls</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">26,890</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2009</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">The Brickyard</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">274,553</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1989 - 1990</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">98</font></div>
  </td>
  <td width="1%" 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="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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Sam&#146;s Club</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">109,755</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Berlin, CT</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">The Home Depot</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">103,003</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">10/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Syms</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">38,000</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">03/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Kenley Village</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2005</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" 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">51,894</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1988</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" 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">7.57</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Food Lion</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">29,000</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">02/11/2009</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Hagerstown, MD</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">St. James Square</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2005</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">100</font></div>
  </td>
  <td width="1%" 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">39,903</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">4</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">93</font></div>
  </td>
  <td width="1%" 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">10.98</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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Food Lion</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">33,000</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11/14/2020</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Hagerstown, MD</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,868,425</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="5%" 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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">412</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">97</font></div>
  </td>
  <td width="1%" 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">10.98</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="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman"><b>DEVELOPMENT/REDEVELOPMENT    PROPERTIES:</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="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Camp Hill</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2002</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">419,042</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1958/2004</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">24</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">72</font></div>
  </td>
  <td width="1%" 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="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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Boscov&#146;s</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">167,597</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">09/30/2010</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Camp Hill, PA</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">42,070</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Barnes &amp; Noble</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">24,908</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">01/31/2011</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Golden Triangle</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">191,581</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1960/2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">16</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">86</font></div>
  </td>
  <td width="1%" 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="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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">LA Fitness</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">44,796</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">04/30/2020</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Lancaster, PA</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="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Marshalls</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">30,000</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">05/31/2010</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Staples</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">24,060</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">05/31/2012</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="1" face="Times New Roman">Artesian Outlet</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">22,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">04/30/2009</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Carbondale Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">129,915</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1972</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">61</font></div>
  </td>
  <td width="1%" 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="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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Weis Markets</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">52,720</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">02/29/2016</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Carbondale, PA</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="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Huntingdon Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">151,277</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1972 - 2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">13</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">50</font></div>
  </td>
  <td width="1%" 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">6.52</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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Peebles</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">22,060</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">01/31/2018</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Huntingdon, PA</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Hamburg Commons</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">97,633</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1988 - 1993</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">14</font></div>
  </td>
  <td width="1%" 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="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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">Hamburg, PA</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="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Meadows Marketplace</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2004</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">100</font></div>
  </td>
  <td width="1%" 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">91,250</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1972 - 2003</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">Giant Foods (4)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">65,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">09/30/2025</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">South Hanover Township, PA</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="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" 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="5%" 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="5%" 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="5%" 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="5%" 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="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,080,698</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="5%" 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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">67</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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">59</font></div>
  </td>
  <td width="1%" 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">8.17</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="11%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="1" face="Times New Roman">TOTAL PORTFOLIO</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="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,949,123</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="5%" 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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">479</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="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">88</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">$10.52</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="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <hr noshade size="2">


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


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


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="11%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="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="5%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

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

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

<div><font size="2" face="Times New Roman"><b>31,  2005</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="95%">
 <tr>
  <td  colspan="2" valign="top">
  <hr size="1" width="25%" noshade color=black align=left>


  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(1)</font></div>
  </td>
  <td width="95%" valign="bottom">
  <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="95%" valign="bottom">
  <div><font size="2" face="Times New Roman">Other than    the partnership owning the Red Lion property, the terms of the several joint    venture agreements provide, among other things, that the minority interest    partners receive certain preferential returns on their investments prior to    any distributions to the Company.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(3)</font></div>
  </td>
  <td width="95%" valign="bottom">
  <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="95%" valign="bottom">
  <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    October 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">13</font></div>

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

<div><a name="cs_07"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

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

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

<div><font size="2" face="Times New Roman"><b>As of March 31, 2005</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  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="9%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    Owned</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Maturity<br>    Date</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Int. rate<br>    Mar 31,<br>    2005</b></font></div>
  </td>
  <td width="2%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="21%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Balances</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="21%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Pro rata    share</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="21%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Mar 31<br>    2005</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Dec 31<br>    2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Mar 31<br>    2005</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Dec 31<br>    2004</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="9%" colspan="2" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


  </td>
  <td width="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="1" face="Times New Roman"><u><b>Fixed-rate    mortgages:</b></u></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">The Point</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">Sep    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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7.63</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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,182,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,264,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,182,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">19,264,000    </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="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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">Mar    2013</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7.28</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,238,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,278,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,238,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,278,000    </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="1" face="Times New Roman">Port Richmond Village</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">Apr    2008</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">7.17</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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,091,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,135,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,091,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">11,135,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">Nov    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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7.53</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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,727,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,749,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,727,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,749,000    </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="1" face="Times New Roman">Red Lion</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">20.0</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">Feb    2010</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8.86</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,418,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,459,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,284,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,292,000    </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="1" face="Times New Roman">Loyal Plaza</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="7%" 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><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">Jun    2011</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7.18</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">13,490,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">13,532,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">3,373,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">3,383,000    </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="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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">Feb    2013</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5.71</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="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,920,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,941,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,776,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,782,000    </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="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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">Feb    2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6.83</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">4,077,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">4,100,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,223,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,230,000    </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="1" face="Times New Roman">Newport Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">Feb    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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6.83</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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">3,773,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">3,792,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,132,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,138,000    </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="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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">Feb    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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6.83</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,437,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,445,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">431,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">433,000    </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="1" face="Times New Roman">Pine Grove Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="2%" 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">Apr    2010</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6.24</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,700,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,738,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,700,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,738,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">Mar    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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8.50</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">388,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">388,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Golden Triangle</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">Apr    2008</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6.00</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="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,898,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,987,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,898,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">9,987,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">Mar    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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6.00</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,103,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,167,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,103,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">10,167,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Franklin Village Plaza</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">Nov    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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4.81</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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,500,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Total    fixed-rate debt</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="7%" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5.6    years</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6.53</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">160,942,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">161,475,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">127,046,000</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">127,464,000    </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">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="9%" colspan="2" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg    maturity</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%" 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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" 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="7%" 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="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">LA Fitness Facility</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">Dec    2007</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">6.25</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,931,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,955,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,466,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,478,000    </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="1" face="Times New Roman">Camp Hill</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">(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="7%" 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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">Apr    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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">4.70</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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>
 </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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Total    variable rate 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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2.9    years</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5.10</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="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">18,931,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">18,955,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,466,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">16,478,000    </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">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" 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="7%" 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">
  <hr noshade size="1">


  </td>
  <td width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="9%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg    maturity</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">]</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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  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">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5.3    years</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">6.38</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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">179,873,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">143,512,000</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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">143,942,000    </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">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="9%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg    maturity</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="9%" colspan="2" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg&#160; 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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><u><b>Secured    revolving credit facility</b></u></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">(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="7%" 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="2%" 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">Jan    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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4.35</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">87,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">68,200,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">87,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">68,200,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </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">
  <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="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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">1.8    years</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">4.35</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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">87,500,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">87,500,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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>
 </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="7%" 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="7%" 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="7%" 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">
  <hr noshade size="1">


  </td>
  <td width="7%" 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="7%" 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="7%" 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="7%" 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">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="9%" colspan="2" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg    maturity</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" face="Times New Roman">]</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><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="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">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" 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="7%" 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">
  <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="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><u><b>Total debt</b></u></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">4.2    years</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5.72</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">267,373,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">248,630,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">231,012,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">212,142,000    </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">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" 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="9%" colspan="2" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">[wtd-avg    maturity</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%" 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="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

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

<div  align="center"><font size="2" face="Times New Roman">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><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 March 31, 2005</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><font size="1" face="Times New Roman"><b>Maturity schedule by year</b></font></div>
  </td>
  <td width="2%" rowspan="4"  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>Mortgage    debt</b></font></div>
  </td>
  <td width="2%" rowspan="4"  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>Secured<br>    revolving<br>    credit facility (b)</b></font></div>
  </td>
  <td width="2%" rowspan="4"  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>Total</b></font></div>
  </td>
  <td width="2%" rowspan="4"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
 </tr>
 <tr>
  <td  colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Scheduled<br>    amortization</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>Balloon<br>    payments</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


  </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="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">2005</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,604,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" 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">1,604,000    </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%'><font size="2" face="Times New Roman">2006</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td 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">2,236,000</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">431,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,667,000    </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%'><font size="2" face="Times New Roman">2007</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,389,000</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">10,225,000</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">87,500,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">100,114,000    </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%'><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="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,648,000</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">42,644,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">44,292,000    </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%'><font size="2" face="Times New Roman">2009</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">1,542,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#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">1,542,000    </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%'><font size="2" face="Times New Roman">2010</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,118,000</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">28,833,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">29,951,000    </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%'><font size="2" face="Times New Roman">2011</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">992,000</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">55,786,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" 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">56,778,000    </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%'><font size="2" face="Times New Roman">2012</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td 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">759,000</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">15,901,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&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">16,660,000    </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%'><font size="2" face="Times New Roman">2013</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">54,000</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">13,711,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">13,765,000    </font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&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">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,342,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">167,531,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">87,500,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">267,373,000    </font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


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


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


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


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


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


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


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


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

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

<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) Reflects the new    construction loan facility, concluded on April 12, 2005, for the renovation    of the retail facilities and construction of additional buildings at Camp    Hill. The $49.5 million aggregate facility includes $14.0 million    representing the original acquisition loan from the same lender, which has    been amended to conform to the terms of the new facility, and up to $35.5    million for reconfiguration and renovation of in-line retail space, and    construction of new space. The facility is for a three-year period; draws    thereunder will bear interest at LIBOR plus 185 basis points.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(b) The Company has the    option to extend the facility for one year beyond the scheduled maturity date    of January 2007.</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">15</font></div>

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

<div><a name="cs_08"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <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>
  <td width="2%" rowspan="5"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" rowspan="5"  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="5"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="64%" colspan="17"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>As&#160; of March 31,    2005</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="17"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Real    estate,<br>&#160;net</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" 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%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Other    assets<br>    liabilities,<br>&#160;net</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="31%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Equity (a)</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="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="31%" 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="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Partners</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Cedar (b)    (c)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">75</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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">19,574,773</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">(13,490,199</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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,090,550</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">4,633,808</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,541,316</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">7,175,124    </font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">80</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">18,785,769</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(16,417,681</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,700,443</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,691,514</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,377,017</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">4,068,531    </font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Fairview Plaza (d)</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">70</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8,825,515</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">(5,919,674</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">(343,251</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,562,161</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,000,429</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,562,590    </font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">70</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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,541,420</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">(4,077,500</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="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">(14,390</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="1" 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,160,416</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">289,114</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,449,530    </font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" 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="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">6,470,419</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">(5,209,284</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" 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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">194,155</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,051,165</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">404,125</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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">1,455,290    </font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">50</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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">5,821,521</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">(4,931,344</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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">335,101</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">879,754</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">345,524</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">1,225,278    </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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">65,019,417</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">(50,045,682</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">2,962,608</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">11,978,818</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">5,957,525</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">17,936,343    </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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" valign="bottom">
  <hr noshade size="2">


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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  rowspan="7"  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="1%" rowspan="7"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" colspan="2" rowspan="7"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Partners&#146;<br>    percent</b></font></div>
  </td>
  <td width="1%" rowspan="7"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="79%" colspan="26"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>For the three months ended March 31, 2005</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="26"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="17"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Property-level operations</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="24%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Share of property net income</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="17"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="24%" colspan="8"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="0%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Revenues</b></font></div>
  </td>
  <td width="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Operating<br>    expenses</b></font></div>
  </td>
  <td width="1%" 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>Depreciation/<br>    amortization</b></font></div>
  </td>
  <td width="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Interest</b></font></div>
  </td>
  <td width="1%" 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>Total<br>    expenses</b></font></div>
  </td>
  <td width="1%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Net income</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="15%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Partners</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="15%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="0%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Regular</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Preference</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="7%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Cedar (b)</b></font></div>
  </td>
  <td width="0%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr noshade size="1">


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


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


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


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


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


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


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


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


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


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


  </td>
  <td width="0%" 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="1" face="Times New Roman">Loyal Plaza</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">75</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="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">734,391</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">213,135</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">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">139,959</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">268,172</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">$</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">621,266</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">113,125</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">84,844</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">28,281</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="6%" 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">Red Lion</font></div>
  </td>
  <td width="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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">80</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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">803,010</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">264,701</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">129,980</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">364,991</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">759,672</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,338</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">34,670</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="6%" 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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">8,668    </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">Fairview Plaza (d)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">70</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="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">236,707</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">40,941</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">47,383</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">84,618</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">172,942</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">63,765</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="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="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="6%" 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="7%" 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="6%" 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="7%" 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="6%" 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="7%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center"><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="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="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 (d)</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">70</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="1%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><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">192,637</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">43,258</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">31,490</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">70,416</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">145,164</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">47,473</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div  align="center"><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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">104,532</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">8,960</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="6%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="1" face="Times New Roman">35,839    </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">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom"><div align="center"><font size="1" face="Times New Roman">)</font></div></td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
 </tr>
 <tr bgcolor="#eeeeee">
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%">
    <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">Newport Plaza (d)</font></div>
  </div>
  </td>
  <td width="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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">70</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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">236,147</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">72,972</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">36,009</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">89,073</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">198,054</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">38,093</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center"><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="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="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">LA Fitness Facility</font></div>
  </td>
  <td width="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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">50</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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><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">185,400</font></div>
  </td>
  <td width="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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">3,708</font></div>
  </td>
  <td width="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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">32,304</font></div>
  </td>
  <td width="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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">104,763</font></div>
  </td>
  <td width="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="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">140,775</font></div>
  </td>
  <td width="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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">44,625</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">22,313</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">6,427</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">15,886    </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">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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="6%" 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">
  <hr noshade size="1">


  </td>
  <td width="7%" 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="6%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="1">


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


  </td>
  <td width="6%" 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 bgcolor="#eeeeee">
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="6%" 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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,388,292</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">638,715</font></div>
  </td>
  <td width="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="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">417,125</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">982,033</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">2,037,873</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">350,419</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">246,358</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="1" face="Times New Roman">$</font></div>
  </td>
  <td width="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">43,668</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="6%" valign="bottom">
  <div  align="right"><font size="1" face="Times New Roman">60,393    </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="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="6%" 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">
  <hr noshade size="2">


  </td>
  <td width="7%" 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="6%" 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="7%" valign="bottom">
  <hr noshade size="2">


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


  </td>
  <td width="6%" 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="7%" valign="bottom">
  <hr noshade size="2">


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


  </td>
  <td width="6%" valign="bottom">
  <hr noshade size="2">


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


  </td>
  <td width="6%" 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="6%" 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="6%" 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>
</table>

<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"><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>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 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="10%" 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="10%" colspan="2" rowspan="3"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Cedar</b></font></div>
  </td>
  <td width="4%" rowspan="3"  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="33%" colspan="8"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Share of    FFO</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  colspan="8"  valign="bottom">
  <hr noshade size="1">


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


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


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


  </td>
  <td width="4%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <hr noshade size="1">


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


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


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div 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="8%" 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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">25</font></div>
  </td>
  <td width="4%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">183,338</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">62,145</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">245,483    </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="8%" 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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">20</font></div>
  </td>
  <td width="4%" 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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">121,084</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">30,271</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">151,355    </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="8%" 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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">30</font></div>
  </td>
  <td width="4%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%&nbsp;&nbsp;)</font></div>
  </td>
  <td width="2%" valign="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="2%" valign="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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
   <td  valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
 </tr>
 <tr bgcolor="#eeeeee">
  <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="8%" 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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">30</font></div>
  </td>
  <td width="4%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%&nbsp;&nbsp;)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">183,058</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">76,609</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">259,667    </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">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</td>
   <td valign="bottom">&nbsp;</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="8%" 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="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">30</font></div>
  </td>
  <td width="4%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%&nbsp;&nbsp;)</font></div>
  </td>
  <td width="2%" valign="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="2%" valign="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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="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="8%" 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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">50</font></div>
  </td>
  <td width="4%" 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="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">48,372</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">26,772</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">75,144    </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="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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="4%" valign="bottom">
  <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="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="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" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="4%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">535,852</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">195,797</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">731,649    </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="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="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="4%" valign="bottom">
  <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 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 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="1%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  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>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(b) Includes limited    partners&#146; share.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(c) Equity includes net    receivable/payable balances, on open account, between joint venture and    wholly-owned entities.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(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>
  </td>
 </tr>
</table>

<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><a name="cs_09"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

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

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

<div><font size="2" face="Times New Roman"><b>As of March 31, 2005</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="11%" 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="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>    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>Annualized<br>    base rents</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="11%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annualized<br>    base rents<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>    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">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="9%" 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="9%" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9.44</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">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,977,671</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10.83</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">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="9%" 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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2.49</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">1,743,072</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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3.79</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">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="9%" 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="9%" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2.24</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="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">1,419,992</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="9%" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3.09</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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="9%" 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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.57</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">1,328,950</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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2.89</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4.15</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">1,255,618</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="9%" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2.73</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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="9%" 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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2.07</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">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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.86</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">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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3.39</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">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="9%" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.61</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">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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2.08</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">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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.46</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">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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.24</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">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="9%" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.41</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">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="9%" 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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.93</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">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="9%" 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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.35</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="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 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="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>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="9%" 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="9%" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">29.59</font></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="9%" 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="9%" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">31.02</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">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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">453</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,904,153</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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">58.68</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">31,714,062</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">10.92</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">68.98</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="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" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">479</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">4,368,727</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">88.27</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">45,974,190</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">10.52</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">100.00</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Vacant (a)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">580,396</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">11.73</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">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="9%" valign="bottom">
  <div  align="right"><font size="2" 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>
 </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="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="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" 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="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">479</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">4,949,123</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">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">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">45,974,190</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9.29</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="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="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="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) Includes locations    presently undergoing development and/or redevelopment activities.</font></div>
  </td>
 </tr>
</table>

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

<div  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><a name="cs_10"></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

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

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

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

<div><font size="2" face="Times New Roman"><b>As of March 31, 2005</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  colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Number<br>    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" align="center">
  <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<br>    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="10%" 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" align="center">
  <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  align="right"><font size="2" face="Times New Roman">10</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">39,581</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">0.80</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" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">M-T-M</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">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">510,534</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12.90</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">1.11</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  align="right"><font size="2" face="Times New Roman">52</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">207,040</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">4.18</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" align="center">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2005</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,939,606</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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">14.20</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">6.39</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  align="right"><font size="2" face="Times New Roman">76</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">343,939</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">6.95</font></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" align="center">
  <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" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">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">4,126,063</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">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12.00</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">8.97</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  align="right"><font size="2" face="Times New Roman">70</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">257,946</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">5.21</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">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">3,514,519</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">13.63</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">7.64</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  align="right"><font size="2" face="Times New Roman">65</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">331,378</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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">6.70</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" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">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">4,616,845</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">13.93</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">10.04</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  align="right"><font size="2" face="Times New Roman">66</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">395,996</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="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8.00</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" align="center">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2009</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">3,695,382</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">9.33</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">8.04</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  align="right"><font size="2" face="Times New Roman">23</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">552,608</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">11.17</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee" align="center">
  <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" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2010</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">4,049,954</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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">7.33</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">8.81</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  align="right"><font size="2" face="Times New Roman">20</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">6.21</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" align="center">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2011</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2,615,937</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">8.52</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">5.69</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  align="right"><font size="2" face="Times New Roman">22</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">4.17</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2012</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&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">4.71</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  align="right"><font size="2" face="Times New Roman">15</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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><font size="2" face="Times New 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">2.51</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">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">3.13</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  align="right"><font size="2" face="Times New Roman">20</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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">151,711</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">3.07</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" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">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">1,980,543</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">13.05</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">4.31</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  align="right"><font size="2" face="Times New Roman">8</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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 style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">4.64</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" align="center">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2015</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">1,966,064</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">8.56</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">4.28</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  align="right"><font size="2" face="Times New Roman">4</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">125,924</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">2.54</font></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" align="center">
  <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" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2016</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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">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">2.05</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  align="right"><font size="2" face="Times New Roman">3</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.92</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2017</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">1,452,867</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">10.04</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">3.16</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  align="right"><font size="2" face="Times New Roman">6</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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><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">5.38</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" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2018</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">3,410,374</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">7.42</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  align="right"><font size="2" face="Times New Roman">4</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.29</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" align="center">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">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 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">1,018,169</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">8.97</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.21</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  align="right"><font size="2" face="Times New Roman">5</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">300,830</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">6.08</font></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" align="center">
  <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" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2020</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">2,023,029</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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">6.72</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">4.40</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  align="right"><font size="2" face="Times New Roman">5</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">2.16</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" align="center">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2021</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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">1,441,367</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">3.14</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  align="right"><font size="2" face="Times New Roman">3</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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 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">1.68</font></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" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">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">2.28</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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><font size="2" face="Times New 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">0.10</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2024</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">68,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13.60</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">0.15</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  align="right"><font size="2" face="Times New Roman">1</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-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">75,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1.52</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" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">2025</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">950,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="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">2.07</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">
  <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="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" align="center">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"></div>
  </td>
  <td width="2%" valign="bottom">
  <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="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">479</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">4,368,727</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">88.27</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" align="center">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">45,974,190</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div 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">10.52</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">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  align="right"><font size="2" face="Times New Roman">N/A</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">580,396</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="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">11.73</font></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" align="center">
  <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" align="center">
  <div  align="center">
    <p style="text-indent: 0; margin-left: 0" align="center"><font size="2" face="Times New Roman">Vacant    (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="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">&nbsp;</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">
  <hr size="1" width="100%" noshade color=black align="right">


  </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="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" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"></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="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  align="right"><font size="2" face="Times New Roman">479</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="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">4,949,123</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
  <td width="2%" valign="bottom" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="center">
    <p style="text-indent: 0; margin-left: 0" align="center"><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">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">45,974,190</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="9%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9.29</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New 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">
  <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="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" align="center">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="9%" valign="bottom" align="center">
  <div  align="right">
    <p style="text-indent: 0; margin-left: 0" align="center"></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="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="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) Includes    locations presently undergoing development and/or redevelopment activities.</font></div>
  </td>
 </tr>
</table>

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

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

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



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